Convertible Preferred Stock and Stockholders' Deficit (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Convertible Preferred Stock and Stockholders' Deficit

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	%

Schedule of convertible preferred stock consisted

The convertible preferred stock consisted of the following at December 31, 2025:



				Issued and
		Authorized		Outstanding		Liquidation			Carrying
		Shares		Shares		Value			Value
Series A-1		2,631,119		1,933,605		$	12,125,830		$	11,525,242
Series A-2		223,336		223,336			125,000			844,210
Series A-3		223,246		223,246			209,999			880,929
Series A-4		1,262,162		1,262,162			2,770,293			5,670,894
Series A-5		12,756		12,756			29,998			58,180
Series A-6		5,978		5,978			29,991			34,218
Total		4,358,597		3,661,083		$	15,291,111		$	19,013,673

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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