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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025


						Weighted		Weighted
				Weighted		average		remaining		Aggregate
		Number of		average		grant-date		contractual		intrinsic
		shares		exercise price		fair value		years		value
				US$		US$				US$
Outstanding as of December 31, 2024		13,570,227		2.89		2.31		8.39		27,354

Granted		2,674,523		2.89		0.82		—		—
Forfeited		(4,193,612)		2.89		2.36		—		—

Outstanding as of December 31, 2025		12,051,138		2.89		2.05		7.79		—
Vested and expected to vest as of December 31, 2025		12,051,138		2.89		2.05		7.79		—
Exercisable as of December 31, 2025		12,028,990		2.89		2.05		7.79		—

Schedule of compensation expenses


	Years ended December 31,
	2025		2024		2023
	US$		US$		US$
Research and development expenses	950		16,241		—
Selling and marketing expenses	176		1,247		—
General and administrative expenses	1,148		14,442		—
	2,274		31,930		—

Schedule of assumptions of share options granted


		Years ended December 31,
Grant dates:		2025		2024		2023
Risk‑free interest rate ⁽ⁱ⁾		4.20%-4.53	%	3.71%-4.58	%	3.4%-4.79	%
Expected volatility ⁽ⁱⁱ⁾		55.58%-56.22	%	54.11%-55.59	%	54.06%-54.48	%
Expected dividend yield ⁽ⁱⁱⁱ⁾		0.00	%	0.00	%	0.00	%
Exercise multiple ^(iv)		2.20-2.80		2.20-2.80		2.20-2.80
Expected terms^(v)		10.00 years		10.00 years		10.00 years
Fair value of underlying ordinary share ^(vi)		US$1.87-US$3.61		US$4.06-US$9.81		US$5.91-US$8.93

(i)The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date.

(ii)The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options.

(iii)Expected dividend yield was zero as the Company does not anticipate any dividend payments in the foreseeable future.

(iv)The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication.

(v)Expected term was the contract life of the share options.

(vi)The estimated fair value was determined using the discounted cash flow method based on the equity allocation model before the consummation of the Merger Transaction, and open market price after the consummation of the Merger Transaction, respectively.