v3.26.3
Fair Value Measurements
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4.

Fair Value Measurements

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis:

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December 31, 2024

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Level 1

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Level 2

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Level 3

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Total Fair Value

Liabilities:

 

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SAFE Liabilities

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$

—

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$

—

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$

3,965,000

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$

3,965,000

Total liabilities

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$

—

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$

—

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$

3,965,000

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$

3,965,000

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The following table provides a summary of changes in the estimate fair value of the SAFE liability:

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SAFE

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Liability

Balance at January 1, 2024

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$

125,000

Additions

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3,010,300

Change in fair value

​

 

829,700

Balance at December 31, 2024

​

 

3,965,000

Additions

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30,000

Change in fair value

​

 

3,493,431

Conversion into convertible preferred stock

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(7,488,431)

Balance at December 31, 2025

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$

—

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The fair value of the SAFEs was equal to the fair value of the underlying Series A-2 through Series A-6 convertible preferred stock that they converted into in September 2025 (see Note 6). The fair value of the underlying Series A-2 through Series A-6 convertible preferred stock was estimated using a Hybrid Method that combines a Probability-Weighted Expected Return Method (“PWERM”) and an Option-Pricing Model (“OPM”) using the following inputs:

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Multiple scenarios expected term (in years)

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2.80

 

Probability of initial public offering

 

40

%

Probability of stay private

 

60

%

Equity volatility

 

59

%

Risk-free rate

 

3.5

%

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The fair value of the SAFEs was estimated using a PWERM using the following inputs at December 31, 2024:

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Discount rate

  ​ ​ ​

14.1

%

Multiple scenarios expected term (in years)

 

1.00

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Probability of equity financing

 

65

%

Probability of liquidity event

 

30

%

Probability of event of default

 

50

%

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