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CONDENSED CONSOLIDATED BALANCE SHEETS
Sep. 30, 2025
USD ($)
Current assets  
Cash $ 27,739,256
Short-term prepaid insurance 466,050
Total current assets 28,205,306
Total assets 31,657,231
Current Liabilities  
Total current liabilities 7,187,434
Total liabilities 38,016,326
Commitments and Contingencies (Note 8)
Stockholders' deficit  
Preferred shares, $0.001 par value; 4,000,000 authorized shares; 200,592 and 137,672 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 201
Common shares, $0.001 par value; 6,000,000 authorized shares; 738,331 shares issued and outstanding as of September 30, 2025 and December 31, 2024 738
Additional paid-in capital 111,927,736
Accumulated deficit (118,388,467)
Total stockholders' deficit (6,359,095)
Total liabilities and stockholders' deficit 31,657,231
HCM II ACQUISITION CORP  
Current assets  
Cash 350,389
Due from Sponsor 4,466
Short-term prepaid insurance 75,208
Prepaid expenses 31,594
Total current assets 461,657
Marketable securities held in Trust Account 242,642,972
Total assets 243,104,629
Current Liabilities  
Accrued expenses 3,539,988
Total current liabilities 4,277,990
Forward purchase agreement liability 0
Deferred underwriting fee 10,720,000
Total liabilities 14,997,990
Commitments and Contingencies (Note 8)
Class A ordinary shares subject to possible redemption, 23,000,000 shares at redemption value of $10.55 and $10.23 per share at September 30, 2025 and December 31, 2024, respectively 242,642,972
Stockholders' deficit  
Preferred shares, $0.001 par value; 4,000,000 authorized shares; 200,592 and 137,672 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
Additional paid-in capital
Accumulated deficit (14,536,908)
Total stockholders' deficit (14,536,333)
Total liabilities and stockholders' deficit 243,104,629
Related party | HCM II ACQUISITION CORP  
Current Liabilities  
Advance from related party 338,002
Promissory note - related party 400,000
Class A Ordinary Shares | HCM II ACQUISITION CORP  
Stockholders' deficit  
Common shares, $0.001 par value; 6,000,000 authorized shares; 738,331 shares issued and outstanding as of September 30, 2025 and December 31, 2024
Class B Ordinary Shares | HCM II ACQUISITION CORP  
Stockholders' deficit  
Common shares, $0.001 par value; 6,000,000 authorized shares; 738,331 shares issued and outstanding as of September 30, 2025 and December 31, 2024 $ 575