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SHARE OPTIONS (Tables) | 12 Months Ended
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Dec. 31, 2025
SHARE OPTIONS |
Schedule of assumptions used for estimating the fair value of options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, | ​
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​
Risk-free interest rate per annum |  | ​ | 3.85 | % | ​ | 4.57 | % | ​ | 4.27 | %
Exercise multiple |  | ​ | 2.8 | ​ | ​ | 2.8 | ​ | ​ | 2.8 | ​
Expected volatility |  | ​ | 78.0 | % | ​ | 109.3 | % | ​ | 107.38 | %
Expected dividend yield | ​ | ​ | 0 | % | ​ | 0 | % | ​ | 0 | %
Fair value of ordinary shares | ​ | $ | 0.52 | ​ | $ | 0.32 | ​ | $ | 0.12 | ​
Expected terms (in years) | ​ | ​ | 10 | ​ | ​ | 10 | ​ | ​ | 10 | ​
Summary of share option activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | average
​ | ​ | Options | ​ | exercise price
​ | ​ ​ ​ | granted | ​ ​ ​ | per option
​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2025 |  | 6,842,494 | ​ | $ | 0.34
Granted |  | 165,552 | ​ | $ | —
Exercised |  | (121,104) | ​ | $ | —
Forfeited | ​ | (1,069,900) | ​ | $ | 0.31
Outstanding at December 31, 2025 |  | 5,817,042 | ​ | $ | 0.34
Summary of information regarding the share options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2025
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Weighted- | ​ ​ ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | average remaining | ​ | Weighted-
​ | ​ | ​ | ​ | average exercise | ​ | contractual | ​ | Average
​ | ​ | Options Number | ​ | price per option | ​ | life (years) | ​ | intrinsic value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding |  | 5,817,042 | ​ | $ | 0.34 |  | 6.75 | ​ | $ | 0.01
Exercisable |  | 5,407,042 | ​ | $ | 0.34 |  | 6.63 | ​ | $ | 0.01
Expected to vest |  | 410,000 | ​ | $ | 0.33 |  | 8.43 | ​ | $ | —

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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