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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value

December 31, 2025

Total

Level 1

Level 2

Level 3

Investments in money market fund – financial assets, included in cash and cash equivalents

$

4,218

$

4,218

$

$

Convertible Loan– financial liabilities

153,860

153,860

December 31, 2024

Total

Level 1

Level 2

Level 3

Investments in money market fund – financial assets, included in cash and cash equivalents

$

4,955

$

4,955

$

$

Convertible Loan– financial liabilities

32,897

32,897

Schedule of estimated the fair value of its Convertible Loan using inputs

December 31, 2025

December 31, 2024

Discount rate

18.43%-24.37%

15.67%-28.28%

Probabilities of settlement scenarios

0%-100%

0%-75%

Volatility

76.40%-101.30%

83.30%-111.60%

Expected term (in years)

0.20-1.00

0.10-1.20

Risk-free rate

3.63%-4.19%

4.08%-5.33%

Schedule of changes in the fair value of its Convertible Loan

The following table presents a summary of the changes in the fair value of its Convertible Loan for the years ended December 31, 2025 and 2024 (in thousands):

Year Ended December 31,

2025

2024

Convertible Loan at the beginning of the period

$

32,897

$

58,633

Change in fair value

120,963

 

(31,399)

Loss on the Convertible Loan extinguishment

5,663

Convertible Loan at the end of the period

$

153,860

$

32,897