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

%