In 2017, the Company adopted a stock compensation plan (the “Plan”) pursuant to which the Company’s Board of Directors may grant stock options or nonvested shares to its full-time employees, directors, and advisors to purchase common stock of the Company. The Plan was amended in 2024 to authorize 1,669,550 shares issuable. The Plan was subsequently amended in 2025 to authorize grants to purchase up to 2,185,560 shares. Stock options can be granted with an exercise price equal to or greater than the stock’s fair value at the date of grant. All awards have 10-year terms and vest based on terms defined in each individual grant agreement, and the expense is recognized on a straight-line basis over the vesting period, which is generally the service period.

In 2025, the Company adopted a stock compensation plan (“2025 Incentive Plan”) pursuant to which the Company’s Board of Directors may grant stock options or nonvested shares to its full-time employees, directors, and advisors to purchase common stock of the Company. The 2025 Incentive Plan authorizes 2,493,739 shares issuable, with a 5% annual refresh of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year. Stock options can be granted with an exercise price equal to or greater than the stock’s fair value at the date of grant. All awards have 10-year terms and vest based on terms defined in each individual grant agreement, and the expense is recognized on a straight-line basis over the vesting period, which is generally the service period.

Because the Company’s shares only recently started trading on a public market and shares were rarely traded privately, expected volatility is estimated based on the average historical volatility of similar entities with publicly traded shares. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant.

The Company uses a simplified method to determine the expected term for the valuation of employee options. This method effectively assumes that exercise occurs over the period from vesting until expiration, and therefore the expected term is the midpoint between the service period and the contractual term of the award. The simplified method is applicable to options with service conditions.

For the options granted in 2025, which were all issued prior to the completion of the Company’s IPO, the Company utilized a third-party valuation firm to assist in the estimation of the fair value of the underlying shares of the Company utilizing option pricing models (“OPM”). Under the OPM, shares are valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class. The estimated fair values of the convertible preferred stock and common stock are inferred by analyzing these options. This method is appropriate to use when the range of possible future outcomes is so difficult to predict that estimates would be highly speculative, and dissolution or liquidation is not imminent. The Company accounts for forfeitures as they occur. Shares of the Company’s


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2023	1,205,113	$	2.10	8.03
Granted	210,585	$	2.11	—
Exercised	(26,528)	2.48		—
Forfeited	(54,367)	0.76		—
Options Outstanding December 31, 2024	1,334,803	$	2.29	7.47
Granted	466,986	$	2.86	—
Exercised	(329,670)	2.11		—
Forfeited	(12,362)	2.49		—
Options Outstanding December 31, 2025	1,459,757	$	2.45	7.49
Options Exercisable, December 31, 2025	684,423	$	2.17	6.10

The aggregate intrinsic value of stock options is calculated as the pre-tax difference between the weighted-average exercise price of the stock options and the valuation of the Company’s common shares of $11.78 and $2.86 as of December 31, 2025 and 2024, respectively. The calculation excludes any stock options with an exercise price higher than the valuation of shares of the Company’s common stock, if any. The stock options were valued under an option pricing model, which considers the estimated volatility of the Company’s common stock at the date of measurement based on selected metrics of applicable volatility calculations from guideline public companies. Stock compensation expense related to the stock options issued totaled $996 in 2025, and $754 in 2024 and is recognized as selling, general, and administrative expenses in the statements of operations and comprehensive loss. The total intrinsic value of options exercised was $3,187 and $15 for the years ended December 31, 2025 and 2024, respectively.