v3.26.3
Simple Agreement for Future Equitys (SAFE) (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Fair Value Disclosures [Abstract]    
Summary of Fair Value of SAFEs Estimated Using Probability -Weighted Expected Return Method

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

%