v3.26.3
Fair Value Measurements (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Schedule of assets measured at fair value on a recurring basis  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total Fair Value

Liabilities:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

SAFE Liabilities

​

$

—

​

$

—

​

$

3,965,000

​

$

3,965,000

Total liabilities

​

$

—

​

$

—

​

$

3,965,000

​

$

3,965,000

Summary of changes in the estimate fair value of the SAFE liability  

​

​

​

​

​

​

  ​ ​ ​

SAFE

​

 

Liability

Balance at January 1, 2024

​

$

125,000

Additions

​

 

3,010,300

Change in fair value

​

 

829,700

Balance at December 31, 2024

​

 

3,965,000

Additions

​

 

30,000

Change in fair value

​

 

3,493,431

Conversion into convertible preferred stock

​

 

(7,488,431)

Balance at December 31, 2025

​

$

—

Summary of fair value assumptions

​

​

​

​

​

Multiple scenarios expected term (in years)

  ​ ​ ​

0.38 - 0.50

​

Volatility

 

60.0

%

Discount rate

 

18.3

%

Probability of equity financing

 

75.0

%

Probability of liquidity event

 

20.0

%

Probability of dissolution

 

5.0

%

​

​

​

​

​

Multiple scenarios expected term (in years)

  ​ ​ ​

2.80

 

Probability of initial public offering

 

40

%

Probability of stay private

 

60

%

Equity volatility

 

59

%

Risk-free rate

 

3.5

%

​

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

​

​

​

​

Discount rate

  ​ ​ ​

14.1

%

Multiple scenarios expected term (in years)

 

1.00

​

Probability of equity financing

 

65

%

Probability of liquidity event

 

30

%

Probability of event of default

 

50

%

​

​

​

​

​

​

​

Stock price per share

  ​ ​ ​

$

1.68

 

Term (years)

​

 

1.50

​

Volatility

​

 

59.0

%

Dividend yield

​

 

0.0

%

Risk-free interest rate

​

 

3.5

%