Fair Value Measurement (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Fair Value Measurements [Abstract] |
|
| Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
As of September 30, 2026 and December 31, 2025, the Company’s financial assets and liabilities measured at fair value on a recurring basis, were as follows (in thousands): | | | As of September 30, 2026 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Liabilities: | | | | | | | | | | | | | | Convertible notes due to related parties held at fair value | | $ | — | | | $ | — | | | $ | 3,743 | | | $ | 3,743 | | | Convertible loans payable at fair value | | | — | | | | — | | | | 2,627 | | | | 2,627 | | | Warrant liabilities - Private Placement Warrants | | | — | | | | — | | | | — | | | | — | | | Warrant liabilities - Representative’s Warrants | | | — | | | | — | | | | — | | | | — | | | Total liabilities measured at fair value | | $ | — | | | $ | — | | | $ | 6,370 | | | $ | 6,370 | | | | | As of December 31, 2025 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Assets: | | | | | | | | | | | | | | Digital assets (Bitcoin) | | $ | 1,445 | | | $ | — | | | $ | — | | | $ | 1,445 | | | Liabilities: | | | | | | | | | | | | | | | | | | Convertible notes due to related parties held at fair value | | $ | — | | | $ | — | | | $ | 4,160 | | | $ | 4,160 | | | Convertible loans payable at fair value | | | — | | | | — | | | | 7,877 | | | | 7,877 | | | Warrant liabilities - Private Placement Warrants | | | — | | | | — | | | | 277 | | | | 277 | | | Warrant liabilities - Representative’s Warrants | | | — | | | | — | | | | 21 | | | | 21 | | | Total liabilities measured at fair value | | $ | — | | | $ | — | | | $ | 12,335 | | | $ | 12,335 | |
|
| Schedule of Inputs into the Monte Carlo Simulation Model for the Warrant Liabilities and Convertible Loans Payable |
The key inputs into the Monte Carlo simulation model for the Private Placement and the Representative’s warrant liabilities, as affected by the Reverse Stock Splits, were as follows at September 30, 2026 and December 31, 2025: | | | September 30,
2026 | | | December 31,
2025 | | | Input | | | | | | | | Risk-free interest rate | | | 5.04 | % | | | 3.79 | % | | Expected term (years) | | | 3.78 | | | | 4.53 | | | Expected volatility | | | 134.50 | % | | | 139.20 | % | | Exercise price | | $ | 86,250.00 | | | $ | 86,250.00 | | | Fair value of Common stock | | $ | 1.98 | | | $ | 786.00 | | The key inputs into the Monte Carlo simulation model for the convertible loans payable were as follows at September 30, 2026 and December 31, 2025, as affected by the Reverse Stock Splits: | | | September 30,
2026 | | | December 31,
2025 | | | Input | | | | | | | | Risk-free interest rate | | | 4.21% - 4.35 | % | | | 3.48 | % | | Expected term (years) | | | 0.08 - 0.55 | | | | 1.03 | | | Expected volatility | | | 62.6% - 71.2 | % | | | 68.30 | % | | Fair value of Common stock | | $ | 1.98 | | | $ | 786.00 | |
|
| Schedule of Financial Instruments that are Measured at Fair Value on a Recurring Basis |
The following table provides a summary of the changes in the fair value of the Company’s Level 3 warrant liabilities that are measured at fair value on a recurring basis for the three and nine months ended September 30, 2026 (in thousands): | | | Private Placement
Warrants | | | Representative’s
Warrants | | | Ascent
Warrants(1) | | | Total Level 3
Warrant liabilities | | | Fair value at January 1, 2026 | | $ | 277 | | | $ | 21 | | | $ | — | | | $ | 298 | | | Gain in fair value of warrant liabilities | | | (240 | ) | | | (18 | ) | | | — | | | | (258 | ) | | Fair value at March 31, 2026 | | $ | 37 | | | $ | 3 | | | $ | — | | | $ | 40 | | | Issuance of warrants | | | — | | | | — | | | | 2,178 | | | | 2,178 | | | Gain in fair value of warrant liabilities | | | (35 | ) | | | (3 | ) | | | (380 | ) | | | (418 | ) | | Reclassification of warrant liability to additional paid-in capital | | $ | — | | | $ | — | | | $ | (1,798 | ) | | | (1,798 | ) | | Fair value at June 30, 2026 | | $ | 2 | | | $ | — | | | $ | — | | | $ | 2 | | | Gain in fair value of warrant liabilities | | $ | (2 | ) | | $ | — | | | $ | — | | | $ | (2 | ) | | Fair value at September 30, 2026 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | (1) | On April 29, 2026, the Ascent Warrants were reclassified from liabilities to additional paid-in capital following an amendment that resulted in the warrants meeting the criteria for equity classification under ASC 815-40. Accordingly, the Ascent Warrants were no longer subject to recurring fair value remeasurement subsequent to the reclassification date, and no related warrant liability was outstanding as of June 30, 2026 or September 30, 2026. See Note 9 for the key inputs used in the Black-Scholes option pricing model during the three and nine months ended September 30, 2026 in calculating the fair value of the Ascent Warrants after the April 29, 2026 reclassification. |
|
| Schedule of Key Inputs into the Monte Carlo Simulation Model for the Convertible Promissory Note |
The ranges reflect separate fair value measurements performed in connection with amendments to the note on July 31, 2026 and August 12, 2026, as well as the subsequent fair value remeasurement as of September 30, 2026: | Input | | | | | | Debt rate | | | 14.51% - 16.72% | | | Remaining term (years) | | | 0.25 - 0.42 | | | Expected volatility | | | 300.0% - 536.0% | | | Fair value of Common stock | | | $ 1.98 - $ 4.24 | |
|
| Schedule of Fair Value of the Company’s Level 3 Related Party Convertible Notes Payable |
Collectively, the Tasly Convertible Note and the Convertible Promissory Note - Related Party are referred to as “Related Party Convertible Notes”. The following table provides a summary of the changes in the fair value of the Company’s Level 3 Related Party Convertible Notes for the three and nine months ended September 30, 2026 and 2025 (in thousands): | | | Tasly Convertible
Note -
Related Party | | | Convertible
Promissory Note -
Related Party | | | Total Level 3
Related Party Convertible
Notes | | | Fair value as of January 1, 2026 | | $ | 2,290 | | | $ | 1,870 | | | $ | 4,160 | | | Loss on change in the fair value of related party convertible debt | | | 242 | | | | — | | | | 242 | | | Fair value as of March 31, 2026 | | $ | 2,532 | | | $ | 1,870 | | | $ | 4,402 | | | Loss on change in the fair value of related party convertible debt | | | 97 | | | | 244 | | | | 341 | | | Fair value as of June 30, 2026 | | $ | 2,629 | | | $ | 2,114 | | | $ | 4,743 | | | Loss (gain) on change in the fair value of related party convertible debt | | | 98 | | | | (1,411 | ) | | | (1,313 | ) | | Conversion of debt to equity | | | — | | | | (1,166 | ) | | | (1,166 | ) | | Debt extinguishment | | | — | | | | 1,479 | | | | 1,479 | | | Fair value as of September 30, 2026 | | $ | 2,727 | | | $ | 1,016 | | | $ | 3,743 | | | | | Tasly Convertible
Note -
Related Party | | | Convertible
Promissory Note -
Related Party | | | Total Level 3
Related Party Convertible
Notes | | | Fair value as of January 1, 2025 | | $ | 2,234 | | | $ | — | | | $ | 2,234 | | | Loss on change in the fair value of related party convertible notes | | | 156 | | | | — | | | | 156 | | | Fair value as of March 31, 2025 | | $ | 2,390 | | | $ | — | | | $ | 2,390 | | | Loss on change in the fair value of related party convertible notes | | | 153 | | | | — | | | | 153 | | | Fair value as of June 30, 2025 | | $ | 2,543 | | | $ | — | | | $ | 2,543 | | | Assumption of related party convertible note upon closing of the Business Combination | | | — | | | | 2,162 | | | | 2,162 | | | Gain on change in the fair value of related party convertible notes | | | (336 | ) | | | (242 | ) | | | (578 | ) | | Fair value as of September 30, 2025 | | $ | 2,207 | | | $ | 1,920 | | | $ | 4,127 | |
|
| Schedule of Changes in the Fair Value of the Company’s Level 3 Loans Payable |
The following table provides a summary of the changes in the fair value of the Company’s Level 3 convertible loans payable for the three and nine months ended September 30, 2026 (in thousands): | | | Convertible
Loans Payable | | | Fair value as of January 1, 2026 | | $ | 7,877 | | | Repayments of debt | | | (195 | ) | | Conversion of debt to equity | | | (1,260 | ) | | Loss on change in the fair value of convertible loans payable | | | 555 | | | Fair value as of March 31, 2026 | | $ | 6,977 | | | Proceeds received | | | 1,500 | | | Repayments of debt | | | (765 | ) | | Loss on change in the fair value of convertible loans payable | | | 3,910 | | | Conversion of debt to equity | | | (3,460 | ) | | Fair value as of June 30, 2026 | | $ | 8,162 | | | Proceeds received | | | 1,300 | | | Conversion of debt to equity | | | (7,204 | ) | | Loss on change in the fair value of convertible loans payable | | | (6,038 | ) | | Debt extinguishment | | | 6,407 | | | Fair value as of September 30, 2026 | | $ | 2,627 | | The following table provides a summary of the changes in the fair value of the Company’s Level 3 convertible loans payable for the three and nine months ended September 30, 2025 (in thousands): | | | Convertible Loans Payable | | | Fair value as of January 1, 2025 | | $ | — | | | Proceeds Received | | | — | | | Repayments of debt | | | — | | | Conversion of debt to equity | | | — | | | Loss on change in the fair value of convertible loans payable | | | — | | | Fair value as of March 31, 2025 | | $ | — | | | Proceeds received | | | — | | | Repayments of debt | | | — | | | Loss on change in the fair value of convertible loans payable | | | — | | | Conversion of debt to equity | | | — | | | Fair value as of June 30, 2025 | | $ | — | | | Proceeds received | | | 11,000 | | | Repayments of debt | | | (610 | ) | | Loss on change in the fair value of convertible loans payable | | | 3,969 | | | Fair value as of September 30, 2025 | | $ | 14,359 | |
|