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true true true true false true In addition to the services provided by our MSP, we have also formed an IT Steering Committee, whose members include representatives from our management team as well as our MSP, to review our cybersecurity program initiatives and related program metrics. P6Y P2Y false false false false P5Y 10-K true 2025-12-31 false 001-36747 Vivani Medical, Inc. DE 02-0692322 1350 S. Loop Road Alameda 94502 415 506-8462 Common Stock, par value $0.0001 per share VANI NASDAQ No No Yes Yes Non-accelerated Filer true false false false 45900000 84647803 Portions of the registrant’s Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders (the “2026 Proxy Statement”) are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The registrant intends to file a Proxy Statement pursuant to Regulation 14A with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of registrant’s fiscal year end of December 31, 2025. <div style="margin: 0pt; text-indent: 0pt;"><a href="#TOC" id="BDJ5_25102024134849680" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;">Item 1C. Cybersecurity Risk Management.</a></div> Overview <p style="margin: 0pt 0px; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <p style="margin: 0pt 0px; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in;">We recognize the critical importance of maintaining the safety and security of our information technology systems and data and maintain a cybersecurity risk management program as a part of our overall risk management strategy that is focused on identifying, assessing and managing cybersecurity risks. We engage a Managed Services Provider (“MSP”), with a highly experienced and responsive staff including a virtual Chief Information Officer (“vCIO”), to assist us with the identification, monitoring and management of risks from cybersecurity threats. They assist us with our technology, infrastructure and risk management through the deployment of a number of security controls and tools. We also take steps to limit third-party vendors’ access to our systems, and we are in the process of developing additional vendor risk management procedures. <p style="margin: 0pt 0px; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in;"> <div id="fs_O0JCRDFN8000000000000000000000B"> Board Oversight of Cyber Risk <p style="margin: 0pt 0px; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <p style="margin: 0pt; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 18pt;">The Audit Committee of our Board of Directors oversees our policies and procedures with respect to risk management, including our management of risks from cybersecurity threats. The Audit Committee administers this cybersecurity risk oversight function through the receipt and review of reports from the management team and the vCIO on the Company’s information technology systems and the status of the cybersecurity risk management tools. </div> <div style="border-left: none; border-right: none;"> Cybersecurity Risk Management and Strategy We rely on information technology systems and data processing so that we and our service providers, collaborators, consultants, contractors or partners can operate to collect, process, transmit and store electronic information in our day-to-day operations. Our internal computer systems and data processing along with those of our third-party vendors, consultants, collaborators, contractors or partners may be vulnerable to risks from cybersecurity threats. To help manage these risks, we convene a monthly IT Steering Committee and engage and rely on external experts, including an Information Technology MSP. In 2025, we adopted an IT Business Continuity and Disaster Recovery Plan, and we are currently in the process of developing additional cybersecurity policies and procedures as we continually work to enhance and evolve our program in light of the constantly evolving threats to our environment. Our MSP assists us with our technology, infrastructure and risk management through the deployment of a number of security controls and tools, including, but not limited to, endpoint protection tools, phishing protection and access controls. We also take steps to limit third-party vendors’ access to our systems, and we are in the process of developing additional vendor risk management procedures. Program highlights include: <ul style="list-style-type: disc; margin-left: 18px; margin-bottom: 0px;"> <li class="mylistitemclass" style="font: 10pt / 1.2 'Times New Roman', Times, serif;"> Aligning with various government and industry standards such as the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and others,</li> <li class="mylistitemclass" style="font: 10pt / 1.2 'Times New Roman', Times, serif;">Conducting ongoing security awareness training to keep employees informed of threats and how to spot them,</li> <li class="mylistitemclass" style="font: 10pt / 1.2 'Times New Roman', Times, serif;">Evaluating the cybersecurity policies of third-party vendors and service providers,</li> <li class="mylistitemclass" style="font: 10pt / 1.2 'Times New Roman', Times, serif;">Implementing redundant systems for mission critical operations,</li> <li class="mylistitemclass" style="font: 10pt / 1.2 'Times New Roman', Times, serif;">Developing and implementing Business Continuity/Disaster Recovery plans and procedures, and</li> <li class="mylistitemclass" style="font: 10pt / 1.2 'Times New Roman', Times, serif;">Incorporating robust protective and mitigating security measures </li> </ul> To date, we have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, like other companies in our industry, we and our third-party vendors may, from time to time, experience threats and security incidents that could affect our information or systems. </div> <div style="border-left: none; border-right: none;"> Governance Related to Cybersecurity Risks <div id="fs_1YIURWS74W00000000000000000000"> In addition to the services provided by our MSP, we have also formed an IT Steering Committee, whose members include employees with relevant experience, representatives from our management team and MSP, as well as our vCIO, to review our cybersecurity program initiatives and related program metrics. Our IT Steering Committee provides cybersecurity updates and reports to our Audit Committee at each quarterly meeting or more frequently as needed. </div> </div> Board Oversight of Cyber Risk <p style="margin: 0pt 0px; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <p style="margin: 0pt; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 18pt;">The Audit Committee of our Board of Directors oversees our policies and procedures with respect to risk management, including our management of risks from cybersecurity threats. The Audit Committee administers this cybersecurity risk oversight function through the receipt and review of reports from the management team and the vCIO on the Company’s information technology systems and the status of the cybersecurity risk management tools. The Audit Committee administers this cybersecurity risk oversight function through the receipt and review of reports from the management team and the vCIO on the Company’s information technology systems and the status of the cybersecurity risk management tools. To help manage these risks, we convene a monthly IT Steering Committee and engage and rely on external experts, including an Information Technology MSP. In 2025, we adopted an IT Business Continuity and Disaster Recovery Plan, and we are currently in the process of developing additional cybersecurity policies and procedures as we continually work to enhance and evolve our program in light of the constantly evolving threats to our environment. To date, we have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, like other companies in our industry, we and our third-party vendors may, from time to time, experience threats and security incidents that could affect our information or systems. In addition to the services provided by our MSP, we have also formed an IT Steering Committee, whose members include employees with relevant experience, representatives from our management team and MSP, as well as our vCIO, to review our cybersecurity program initiatives and related program metrics. Our IT Steering Committee provides cybersecurity updates and reports to our Audit Committee at each quarterly meeting or more frequently as needed. we have also formed an IT Steering Committee, whose members include employees with relevant experience, representatives from our management team and MSP, as well as our vCIO, to review our cybersecurity program initiatives and related program metrics. Our IT Steering Committee provides cybersecurity updates and reports to our Audit Committee at each quarterly meeting or more frequently as needed. Our IT Steering Committee provides cybersecurity updates and reports to our Audit Committee at each quarterly meeting or more frequently as needed. 207 BPM LLP Walnut Creek, California

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1. Organization and Business Operations Vivani Medical, Inc. (“Vivani,” the “Company,” “we,” “us,” “our” or similar terms) is a clinical stage biopharmaceutical company which develops miniature, ultra long-acting subdermal drug implant candidates utilizing its proprietary NanoPortal™ technology, which is designed to enable reversible, ultra long-acting, near constant-rate delivery of a broad range of medicines to treat chronic diseases. Vivani uses this platform technology to develop, and potentially commercialize, drug implant candidates, alone or in collaboration with pharmaceutical company partners, to address leading causes of poor clinical outcomes in the treatment of chronic diseases, including medication non-adherence, drug tolerability and administration challenges faced by certain patients. According to the U.S. Centers for Disease Control and Prevention, adherence is defined as the extent to which an individual’s behavior, including taking medications, corresponds to recommendations from a health care provider. An alarmingly high proportion of patients, approximately 50%, do not, or cannot, take their medicine as prescribed in the real world, a statistic that applies to both daily oral as well as weekly injectable medicines. For example, a recent study has shown that 64% of patients taking Wegovy® (semaglutide injection) discontinue treatment within the first year, a number that increases to 76% by the second year. Unfortunately, GLP-1 discontinuation may result in failure to achieve target outcomes and a quick reversal of the health benefits in the majority of patients. At Vivani, we are developing a portfolio of miniature, ultra long-acting subdermal drug implant candidates based on our NanoPortal technology that, unlike most oral and injectable medicines, are designed with the goal of guaranteeing medication adherence by delivering therapeutic drug levels for up to six months or longer. Our NanoPortal implant technology has the potential to enable patients to maintain continuous and therapeutic drug exposure levels with convenient once or twice yearly administration and the ability to stop receiving therapy at any time, if necessary, by removing the implant. In addition, we aim to minimize fluctuations in patients’ drug levels which may improve the tolerability of medicines, including GLP-1 receptor agonists which produce side effects that are associated with fluctuating drug levels in the blood. Our emerging portfolio of miniature, ultra long-acting drug implant candidates have the potential to revolutionize the treatment of chronic diseases by directly addressing poor medication adherence and improving drug tolerability in patients, both of which may translate into better health outcomes for patients in the real-world setting. Vivani's lead program, NPM-139, is a miniature, six-month, GLP-1 (semaglutide) implant currently in development for chronic weight management in obese and overweight patients. NPM-139 achieved encouraging preclinical data in rats showing approximately 20% weight loss, as compared to a control group receiving sham implants, which was maintained for a full year after a single administration. We are also developing NPM-133, a miniature, six-month, GLP-1 (semaglutide) implant for the treatment of type-2 diabetes. Preliminary feasibility data support the additional potential benefit of once yearly dosing for both semaglutide implant programs, NPM-139 and NPM-133. In addition, we are also developing NPM-115 (exenatide implant) for the treatment of chronic weight management, and OKV-119, a GLP-1-based implant in development for chronic weight management and related conditions in companion cats and dogs. OKV-119 is being developed in collaboration with animal health partner Okava Pharmaceuticals, Inc. (“Okava”). Vivani resulted from the business combination of Second Sight Medical Products, Inc. (“Second Sight”) and Nano Precision Medical, Inc. (“NPM”). On August 30, 2022, Second Sight and NPM completed their merger pursuant to which NPM became a wholly owned subsidiary of Second Sight and the combined company of NPM and Second Sight was renamed Vivani Medical, Inc. Vivani’s main priority is the further development of its miniature, ultra long-acting drug implant candidate programs. In parallel, Vivani’s management team remains committed to identifying and exploring strategic options that will enable further development of its pioneering neurostimulation systems from legacy company Second Sight which are aimed at helping patients recover critical body functions. As noted below, we subsequently contributed our Second Sight assets and certain liabilities to Cortigent, Inc. (“Cortigent”), our wholly owned subsidiary to advance our pioneering neurostimulation technology. <p style="margin: 0pt 0px; color: #000000; font: 10pt / 1.2 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in;"> Preclinical and <i style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">NanoPortal™ Platform Development <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;">In February 2024, Vivani announced positive preclinical weight loss data with its exenatide implant, NPM-115, that was comparable to semaglutide, the active ingredient in Ozempic® and Wegovy®, and a strategic shift to prioritize the Company's obesity portfolio. In a study of high-fat diet-induced obese mice, the exenatide implant generated weight loss of approximately 20% compared to a sham implant control after a 28-day treatment duration, comparable to the extent of weight loss observed in mice treated with semaglutide injections in the same study. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; font-family: 'Times New Roman', serif;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;">In February 2024, the Company also disclosed that semaglutide, the active ingredient in Ozempic®, Wegovy® and Rybelsus®, is the active pharmaceutical ingredient in NPM-139, another miniature, ultra long-acting subdermal GLP-1 implant in development for chronic weight management, further prioritizing our obesity treatment portfolio. NPM-139 has the added potential benefit of once-yearly administration. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;">On May 28, 2024, Vivani announced the publication of positive weight loss data supporting the potential veterinary use of OKV-119, the Company's miniature, ultra long-acting GLP-1 implant under development with partner Okava for the treatment of pre-diabetes, diabetes and obesity in companion felines. The device is intended to be conveniently inserted under the skin during routine veterinary visits and is being designed to deliver six months of GLP-1 therapy with a single administration. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;">On September 4, 2024, Vivani announced positive preclinical liver fat results with its miniature, ultra long-acting GLP-1 (exenatide) implant, NPM-115, under development for chronic weight management in obese and overweight individuals. The implant produced sham-implant adjusted liver fat reduction of 82% at Week 12 in an obese mouse model from a single administration with expected twice-yearly dosing. These liver fat data are consistent with published results from similar investigations with semaglutide. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;">On August 5, 2025, Vivani <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">announced positive weight loss data from an ongoing preclinical study of NPM-139, an <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">ultra long-acting subdermal GLP-1<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> (semaglutide) implant in development for chronic weight management, in rats, which<span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times;"> showed approximately 20% sham-controlled weight loss, maintained for longer than 6 months after administration of a single implant. <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The Company also announced the successful completion of LIBERATE-1, the first-in-human application of Vivani’s NanoPortalTM implant technology, which showed a positive safety and tolerability profile, along with encouraging performance data. Based on the promising preclinical feasibility of the semaglutide implant and the successful completion of LIBERATE-1, Vivani announced its intention to focus our resources and prioritize efforts to accelerate NPM-139 into clinical-stage development. Clinical Development <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;">On July 14, 2023, we filed an Investigational New Drug Application (“IND”) for NPM-119 (exenatide implant) with the U.S. Food and Drug Administration (the “FDA”) to support the initiation of a first-in-human study of our GLP-1 implant in patients with type 2 diabetes. On August 18, 2023, FDA provided written notification that the study was on full clinical hold, primarily due to insufficient Chemistry, Manufacturing, and Controls (“CMC”) information to assess the risk to human subjects. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; line-height: 1.2; font-family: 'Times New Roman', serif;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;">On June 13, 2024, Vivani announced that the FDA cleared the IND and lifted the clinical hold for NPM-119, the Company's miniature, six-month GLP-1 implant proposed for development for the treatment of patients with type 2 diabetes. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;">On July 11, 2024, the Company provided an update of the clinical development plans for NPM-115, the clinical program associated with the miniature, ultra long-acting GLP-1 (high-dose exenatide) implant for chronic weight management in obese and overweight individuals. The Company redesigned the first-in-human study, LIBERATE-1™, initially intended to explore the safety, tolerability and pharmacokinetics of NPM-119, its low-dose exenatide implant in patients with type 2 diabetes, to instead evaluate NPM-115, its high dose exenatide implant in obese and overweight individuals. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;">On September 26, 2024, the Company reported receiving regulatory approval to initiate its first-in-human clinical trial with NPM-115, a miniature, ultra long-acting GLP-1 (exenatide) implant in obese and overweight individuals in Australia. This clinical trial, known as LIBERATE-1, investigated the safety, tolerability and full pharmacokinetic profile of our exenatide implant. The trial also represented the first clinical application of the Company’s proprietary NanoPortal drug implant technology. LIBERATE-1 was redesigned to enroll participants who were titrated on weekly semaglutide injections for 8 weeks (0.25 mg/week for 4 weeks followed by 0.5 mg/week for 4 weeks) before being randomized to receive a single administration of Vivani’s exenatide implant (n=8), weekly exenatide injections (n=8), or weekly 1 mg semaglutide injections (n=8) for a 9-week treatment duration. The trial was initiated at the end of 2024 and top-line data was released in August 2025. <div> </div> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;">On December 19, 2024, Vivani announced that screening and enrollment of LIBERATE-1, the first-in-human clinical trial with a GLP-1 implant in obese and overweight patients, was initiated at two study centers in Australia. The primary objective of the study was to investigate the safety, tolerability and full pharmacokinetic profile of an exenatide implant in obese or overweight individuals. <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;"> <p style="margin: 0in; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-family: 'Times New Roman', serif; line-height: 1.2;">On March 13, 2025, the Company announced the successful administration of its first GLP-1 (exenatide) implant in the LIBERATE-1 clinical trial. This milestone marked a critical step toward potentially addressing one of healthcare’s most pressing challenges: medication adherence in metabolic diseases including chronic weight management and type 2 diabetes. The Company also announced full enrollment in the LIBERATE-1 study, which was achieved in just four weeks after enrollment of the first subject, signaling early potential interest for this six-month, subdermal GLP-1 implant. <div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1; margin: 0pt;"> <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;">On August 5, 2025, Vivani announced plans to support the rapid advancement of NPM-139, a novel semaglutide implant, based on promising results from the LIBERATE-1 clinical study and additional positive data from a preclinical study with a semaglutide implant. LIBERATE-1, the first-in-human application of Vivani's proprietary NanoPortal implant technology, demonstrated a positive safety and tolerability profile and encouraging performance data, thus meeting the study's primary objectives. This study provided information on the GLP-1 exposure levels obtained with an exenatide configuration, thereby paving the road for future clinical development of the technology, not only for exenatide implants (NPM-115 and OKV-119), but also for semaglutide implants (NPM-139 and NPM-133) and other applications of NanoPortal technology that the Company may pursue in the future. Vivani also announced new NPM-139 (semaglutide implant) preclinical feasibility data that demonstrated approximately 20% sham-adjusted weight loss with a single implant, which had been maintained for more than six months at the time of the announcement. These semaglutide data also support the potential for a semaglutide implant with annual dosing. Based on the LIBERATE-1 data supporting the clinical application of the NanoPortal platform technology, and the preclinical weight loss data with a semaglutide implant configuration, Vivani announced plans to prioritize advancement of NPM-139, with clinical development expected to begin in 2026. <p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0.25in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"> </div> <div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px;"> On September 4, 2025, Vivani announced plans to initiate a Phase 1 clinical study for the NPM-139 semaglutide implant program in the first half of 2026, pending regulatory clearance, along with high-level details of the anticipated study design. The Company also announced parallel preparations to initiate a Phase 2 clinical study of NPM-139 pending enabling results from the Phase 1 study and regulatory feedback. The Company currently expects the Phase 1 study to initiate in mid-2026. </div> <div style="border-top: none; border-right: none; border-bottom: none; border-image: initial; border-left: 1pt none windowtext; padding: 0in 0in 0in 22pt; margin-left: 22.5pt; margin-right: 0in;"> </div> Cortigent, Inc. <p style="margin: 0pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 13.3333px; float: none; display: inline !important;">In December 2022, we contributed our neurostimulation assets and certain liabilities from legacy company Second Sight to Cortigent, our wholly owned subsidiary, to advance our pioneering neurostimulation technology. Cortigent had <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">5,000,000<span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 13.3333px; float: none; display: inline !important;"> shares of common stock outstanding, all owned by Vivani<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">. On March 21, 2023, Vivani announced a proposed initial public offering ("IPO") to be registered on a Form S-1 registration statement for Cortigent to fund its operations separately from Vivani’s. <p style="margin: 0pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;"> <p style="margin: 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;">On August 25, 2023, the Company and Cortigent entered into an Amendment No. 1 (the “Amendment”) to the Transition Funding, Support and Services Agreement dated March 19, 2023 (the “TFSSA”). Pursuant to the TFSSA, Vivani agreed to advance funds and provide or cause to be provided to Cortigent the services and funding intended to cover salaries and related costs, rent and other overhead in order to permit Cortigent to operate in substantially the same manner as Second Sight prior to the formation of Cortigent. Efforts to support a successful IPO of Cortigent were paused in March 2025 and efforts were focused at that time on a potential spin-off transaction with the filing of a Form 10 registration statement. On March 12, 2025, the Company announced the proposed spin-off of Cortigent into a fully independent, publicly traded company, subject to the satisfaction of certain conditions, including, among others, final approval of Vivani’s board of directors, receipt of a favorable opinion that the transaction will qualify for non-recognition of gain or loss as a result of receipt of Cortigent shares for U.S. Federal Income Tax purposes, and SEC and Nasdaq approval. The TFSSA terminated effective December 31, 2024. Vivani continues to pursue a path forward to unlock stockholder value associated with this asset. If Cortigent is spun off through a Form 10 registration statement, the loan payable from Cortigent to Vivani will be forgiven. A Form 10 registration statement was filed with the U.S. Securities and Exchange Commission (“SEC”) on May 29, 2025. <p style="margin: 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;"> <p style="margin: 0pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: medium; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;">On September 17, 2025, Vivani announced that its board of directors had set a record date for the approved spin-off of Cortigent. Vivani's stockholders holding common stock as of that record date would receive common stock in Cortigent. This record date was withdrawn on October 3, 2025, due to delays arising from the shutdown of the U.S. federal government. Thereafter, Cortigent filed amendments to its registration statement on Form S-1 on December 2, 2025 and January 9, 2026. If Cortigent<span style="color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> successfully completes an IPO, it <span style="font-size: 13.3333px; color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">will<span style="font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"> repay to Vivani $1.5 million of transition funding from the proceeds of that offering and issue a five-year promissory note requiring repayment of $2 million at five percent per year upon maturity of the promissory note. <p style="margin: 0pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: medium; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;"> <p style="margin: 0pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: medium; text-indent: 18pt; line-height: 12pt; font-family: 'Times New Roman', serif;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman', serif;">Currently, both a spin-off to be registered on a Form 10 and an IPO to be registered on a Form S-1 registration statement are approaches being considered <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">to transition Cortigent<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> to becoming a separate reporting company that may provide an opportunity for Vivani's stockholders to potentially realize value in Cortigent’s assets. In the IPO scenario, Vivani would retain an ownership stake in Cortigent. In the Form 10 spin-off scenario, shares of Cortigent’s common stock would be distributed to the holders of Vivani's common stock.<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> The strategic goal of either transaction is to create two<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> focused companies dedicated to driving current and future value in their respective therapeutic areas of expertise. <div> </div> Okava Pharmaceuticals, Inc. On April 12, 2025, Vivani entered into an amendment to its License and Supply Agreement with Okava which expanded Vivani's ongoing collaboration to include dogs in the development of OKV-119, a long-acting GLP-1 therapy for weight management, type 2 diabetes, and other cardiometabolic conditions. The amendment added $5M in regulatory milestone payments related to the development of products for the treatment of obesity in dogs. Liquidity and Capital Resources From inception, our operations have been funded primarily through the sales of our common stock and warrants. Our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are subject to the risks and uncertainties associated with a business with no revenue that is developing novel medical devices, including limitations on our operating capital resources. We have incurred recurring operating losses and negative operating cash flows since inception, and we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future. To support our future operations, the Company entered into three private equity purchase agreements in March 2025, May 2025 and August 2025. These agreements will bring an additional $12.6 million of committed capital into the Company between December 31, 2025 and July 15, 2026. Additionally, o<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">n January 25, 2026, <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">the Company entered into a share purchase agreement with an entity affiliated with <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: inherit;">one<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> of its <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">independent directors for the purchase of an aggregate of 1,351,351<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> shares of common stock of the Company at a purchase price of $1.48<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> per share, the last reported sale price of the common stock on January 23, 2026. This private placement of common stock resulted in gross proceeds of approximately $2.0<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> million to the Company. Concurrent with the private placement, the Company also entered into a Placement Agency Agreement with ThinkEquity,<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> LLC relating to the sale by the Company of 1,689,200<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> shares of the Company’s common stock in a registered direct offering, also at a purchase price of $1.48 per share. The gross proceeds from the Registered Offering were approximately $2.5<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> million, before placement agent fees and other estimated offering expenses. For additional information, refer to Note 15 Subsequent Event. We estimate that currently available cash will provide sufficient funds to enable the Company to meet its planned obligations for at least the next twelve months. Our ability to continue as a going concern is dependent on our ability to develop profitable operations through implementation of our business initiatives and/or raise additional capital, however, there can be no assurances that we will be able to do so<span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0.25in; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.

0.50 0.64 0.76 P6M 0.20 0.20 P28D P6M 0.82 0.20 8 9 2 0.20

5000000

1500000

2000000

0.05 5000000

3 12600000

1351351

1.48

2000000

1689200 1.48 2500000

2. Summary of Significant Accounting Policies <div id="fof168c30a0024470294b4947ddc73299d"> Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the accounts of the Company and its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. </div> <div id="fo5b409162670645cf9db3b280235a55bd"> Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base our estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments and stock-based compensation, and the realization of deferred tax assets. Actual results could differ materially from those estimates. </div> <div id="fo578e8200016f4aaeaae9a647085c428b"> Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash is carried at cost, which approximates fair value, and cash equivalents are carried at fair value. We generally invest funds that are in excess of current needs in high credit quality instruments such as money market funds. As of December 31, 2025 and 2024 restricted cash of $1.3 million and $1.3 million, respectively, relates to a letter of credit as a condition of our facilities lease guarantee requirements and is classified as long-term restricted cash on the consolidated balance sheets. </div> <div id="fo8c918b6879ca4de39f26bbcc014006a0"> Property and Equipment Property and equipment are recorded at historical cost less accumulated depreciation. <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheets and any resulting gains or losses are reflected in the consolidated statements of operations in the period realized. Maintenance and repairs are charged to operations as incurred. Depreciation <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">is computed using the straight-line method over the estimated useful lives of the respective assets: <div id="fof19f85a99d6040bab63f68afbb18f47b"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%; border-collapse: collapse; height: 42px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; width: 46%; box-shadow: none;">Lab equipment</td> <td style="height: 16px; width: 1%; box-shadow: none;"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_z6yysO2BLdMd" title="Estimated useful lives::XDX::P5Y">5</td> <td style="padding-left: 1pt; height: 16px; width: 53%; box-shadow: none;">– <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_z3nrI9Zh3cI" title="Estimated useful lives::XDX::P7Y">7 years</td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;">Computer hardware and software</td> <td style="height: 10px; box-shadow: none;"> <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zIjGtBoXivjg" title="Estimated useful lives::XDX::P3Y">3 </td> <td style="padding-left: 1pt; height: 10px; box-shadow: none;">– <span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zBjhQKCsXxrg" title="Estimated useful lives::XDX::P7Y">7 years</td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Furniture, fixtures and equipment</td> <td style="height: 16px; box-shadow: none;"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zB4nKNFg2C65" title="Estimated useful lives::XDX::P5Y">5</td> <td style="padding-left: 1pt; height: 16px; box-shadow: none;">– <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zOODIjnIpk01" title="Estimated useful lives::XDX::P10Y">10 years</td> </tr> </tbody> </table> </div> <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We review our property and equipment for impairment annually or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Depreciation of property and equipment amounted to $0.4 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively. </div> <div id="foe160d0f8bf4e40238c7d70e9f14c823a" style="line-height: 1.2;"> Leases Leases are accounted for under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). Under ASC 842, the Company determines if an arrangement contains a lease at inception. Right of use assets (“ROU assets”) represent the right to use an underlying asset for the lease term while lease liabilities represent the obligation to make lease payments for the lease term. Leases are then classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations and comprehensive loss. All leases greater than 12 months result in the recognition of a ROU asset and liability at the lease commencement date based on the present value of the lease payments over the lease term. The present value of the lease payments is calculated using the applicable weighted-average discount rate. The weighted-average discount rate is based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, the applicable incremental borrowing rate is estimated. The incremental borrowing rate is estimated using the currency denomination of the lease, the contractual lease term and the Company’s applicable borrowing rate. To determine the incremental borrowing rate, reference is made to interest rates that would be available to finance assets similar to the assets under lease in their related geographical location. The Company does not have finance leases. The Company has elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with a lease as a single lease component. It also elected to be exempt from balance sheet recognition of all leases with an initial term of 12 months or less. Certain leases include one or more options to renew with renewal terms that can extend the lease term. The exercise of the lease renewal options is at the Company’s discretion and are included in the determination of the ROU asset and lease liability when the option is reasonably certain of being exercised. </div> <div id="fo26a65fd2833e48ce951a2c82e6e750fb" style="line-height: 1.2;"> Research and Development Research and development costs are charged to operations in the period incurred and amounted to $18.1 million and $15.7 million, net of grant income, for the years ended December 31, 2025 and 2024, respectively. </div> <div id="fo7cd45dcdcf13430ab1486843942146b0" style="line-height: 1.2;"> Patent Costs Due to the uncertainty associated with the successful development of one or more commercially viable products based on our research efforts and any related patent applications, all patent costs, including patent-related legal, filing fees and other costs, including internally generated costs, are expensed as incurred. Patent costs were $0.3 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively, and are included in general and administrative expenses in the consolidated statements of operations. </div> <div id="fo80ae1a9e2b43444cb46c0b7f363d4e22" style="line-height: 1.2;"> NIH Grant From time to time, we receive grants that help fund specific development programs. Any amounts received pursuant to grants are offset against the related operating expenses as the costs are incurred. During the year ended December 31, 2025, grants offset against operating expenses were $35,000, all of which were offset against research and developments. During the year ended December 31, 2024, grants offset against operating expenses were $0.2 million, all of which were offset against research and development expenses. </div> <div id="focd3388ce337b47f6a0e6dc53c5ce511c"> Concentration of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of cash and money market funds. We maintain cash and money market funds with financial institutions that management deems credit worthy, and at times, cash balances may be in excess of FDIC and SIPC insurance limits of $250,000 and $500,000 (including cash of $250,000), respectively. We also maintain cash at a bank in Switzerland and a bank in Australia. Accounts at said bank are insured up to an amount specified by the deposit insurance agency of their respective countries. </div> <div id="fof1b1d314af55423cb7f7768d772fb144"> Foreign Operations The accompanying consolidated financial statements as of December 31, 2025 and 2024 include assets amounting to approximately $0 and $26,000, respectively, relating to our operations in Switzerland. In the fourth quarter of 2023, Vivani Medical Australia Pty Ltd., a wholly owned subsidiary in Australia was established to support studies of our product candidates. <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The accompanying consolidated financial statements as of December 31, 2025<span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> and 2024 <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">include assets amounting to approximately $700,000 and $446,000, respectively, relating to our operations in Australia. Unanticipated events in foreign countries could disrupt our operations and impair the value of these assets. </div> <div id="fo36efd011b07449b4a954c0abe23dc9c3"> Fair Value of Financial Instruments The authoritative guidance with respect to fair value establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that we have the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently traded non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. We determine the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, we perform an analysis of the assets and liabilities at each reporting period end. Cash equivalents, which include certificates of deposit and money market funds, are the only financial instrument measured and recorded at fair value in assets or liabilities on our consolidated balance sheet, and they are valued using Level 1 inputs. </div> <div id="fodebc0766021d4c5394d63a697795f125"> Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718, Shares-Based Payments. The Company’s stock-based awards consist of stock options and restricted stock units granted to employees and directors. Stock-based compensation cost is measured at the grant-date fair value of the award and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award for equity awards with service conditions, and derived service period for equity awards with market and service conditions. The Company accounts for forfeitures as they occur. The fair value of stock option awards with service conditions is estimated using the Black-Scholes option pricing model. The assumptions used in the Black-Scholes option pricing model are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">The grant price of the issuances is determined based on the fair value of the shares at the date of grant.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">The risk-free interest rate for periods within the contractual life of the option is based on the U.S. treasury yield in effect at the time of grant.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">We calculate the expected term of options using a weighted average of option vesting periods and an estimate of one-half of the period between vesting and expiration of the option.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">Volatility is determined based on our average historical volatilities since our trading history, supplemented with average historical volatilities of comparable companies in our similar industry.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="padding-right: 1pt; box-shadow: none;">Expected dividend yield is based on current yield at the grant date or the average dividend yield over the historical period. We have never declared or paid dividends and have no plans to do so in the foreseeable future.</td> </tr> </tbody> </table> </div> The fair value and derived service period of equity awards with market and service conditions are estimated on the grant date using a Monte Carlo simulation model. A Monte Carlo simulation model requires inputs such as the risk-free interest rate, expected term, expected dividend yield, and expected volatility. <div id="fo226d13eff1784b91a1f29b3ae5532ecd"> Comprehensive Loss We comply with provisions of FASB ASC 220, Comprehensive Income, which requires companies to report all changes in equity during a period, except those resulting from investment by owners and distributions to owners, for the period in which they are recognized. Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive loss is reported on the face of the financial statements. For the year ended December 31, 2025 and 2024, comprehensive loss is the total of net loss and other comprehensive income, which consists entirely of foreign currency translation adjustments. During the year ended December 31, 2025, the Company recorded a $0.1 million reclassification from accumulated other comprehensive income to net loss related to the liquidation of its wholly owned Swiss subsidiary. The reclassification represents the release of cumulative foreign currency translation adjustments in accordance with ASC 830, Foreign Currency Matters and is included within other income, net in the condensed consolidated statements of operations. There were no material reclassifications from other comprehensive loss to net loss during the year ended December 31, 2024. </div> <div id="fo1f419db810c54d87825d9e6a2481df9f"> Foreign Currency Translation and Transaction Gains and Losses The financial statements and transactions of the subsidiary’s operations are reported in the local (functional) currency of Swiss francs (CHF) and of Australian dollars (AUD) and translated into U.S. dollars in accordance with U.S. GAAP. Assets and liabilities of those operations are translated at exchange rates in effect at the balance sheet date. The resulting gains and losses from translating foreign currency financial statements are recorded as other comprehensive income. Revenues and expenses are translated at the average exchange rate for the reporting period. Foreign currency transaction gains (losses) resulting from exchange rate fluctuations on transactions denominated in a currency other than the foreign operations’ functional currencies are included in other income, net in the consolidated statements of operations. </div> <div id="fofd9fe28290a74cd6bc2bb48fcdcd67e7"> Income Taxes We account for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, we recognize deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. In the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of our recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. We have incurred losses for tax purposes since inception and have significant tax losses and tax credit carry-forwards. </div> <div id="fo173765796a934754af0cd6f6d776810c"> </div> <div id="fod3997abb415848f488702ab3f0e48c2b"> Net Loss per Share We compute earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share. Basic EPS is calculated as net income (loss) available to common stockholders divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, calculated using the treasury stock or if‑converted methods, as applicable. For periods in which we incurred a net loss, basic and diluted net loss per common share are the same, as the inclusion of potential common shares would be anti‑dilutive. Accordingly, outstanding securities that could potentially dilute EPS, including warrants, stock options, and restricted stock units were excluded from the calculation of diluted EPS for the periods presented. As of December 31, 2025 and 2024, the anti‑dilutive securities excluded from diluted EPS are summarized below (in thousands). <div id="fo6176497830784e039e1ccc49c8524cbc"> Schedule of net loss per share <table cellpadding="0" cellspacing="0" style="height: 103px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_491_20231231_ztcKWc3wuUv" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_495_20221231_ztpvZwvVJH2f" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_402_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_uShares_zOzfmDZAhKul" style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">Shares underlying warrants outstanding</td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">7,619</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">9,340</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions_iI_pid_uShares_zvK5mVnRAUob" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 74%;">Shares underlying stock options outstanding</td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;">8,366</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;">6,809</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> </tr> <tr id="xdx_403_ecustom--SharesUnderlyingRestrictedStockUnitOutstanding_iI_pid_uShares_zmX44ZaNYmU1" style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;">Shares underlying restricted stock units outstanding</td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">800</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">695</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr id="xdx_407_ecustom--SharesUnderlyingRsus_iI_pid_uShares_zvHU14qF657f" style="vertical-align: bottom; height: 10px;"> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;">Total</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;">16,785</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;">16,844</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> </div> <div id="fo2de79316779544a78829f9050d601df0"> Operating Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. Our chief operating decision-maker, our Chief Executive Officer, reviews financial information presented for each of our segments. We have two reporting segments, specifically the Biopharm Division and Neurostimulation Division. Neither division is revenue producing. The Biopharm Division includes activities from NPM and Vivani Medical Australia Pty Ltd. The Neurostimulation Division includes activities from Cortigent and our subsidiary in Switzerland. The Company’s long-term assets are located in the United States. </div> <div id="fo62c1aea7a12c4a5896f9f170556d0090"> Recently Issued Accounting Pronouncements Not Yet Adopted as of December 31, 2025 <span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; margin: 0pt 0px; text-indent: 0.25in;"><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit;">In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU No. 2024-03”), which will improve the disclosures about a public business entity’s expenses and requires detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions such as cost of sales, selling, general and administrative, and research and development on the face of the income statement. ASU 2024-03 is effective for the Company or fiscal years beginning on January 1, 2027, and for interim periods within fiscal years beginning on January 1, 2028. Early adoption is permitted. The guidance may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption of this guidance to have a material effect on its consolidated financial statements and continues to evaluate disclosure presentation alternatives. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU provides authoritative guidance for the recognition, measurement and presentation of government grants received by a business entity. This ASU is effective for annual reporting periods beginning after December 15, 2028 and interim periods within those annual periods. The guidance can be applied on a modified prospective, modified retrospective, or retrospective approach; early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. <span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; margin: 0pt 0px; text-indent: 0.25in;"><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit;"> In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. This ASU clarifies interim disclosure requirements; it does not attempt to expand or reduce disclosures. ASU 2025-11 also includes a disclosure principle to help entities determine which events since the end of the last annual reporting period are material for disclosure. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance can be applied on a prospective basis, or a retrospective basis for all or any prior periods, and early adoption is permitted. The Company is currently evaluating the impact of this ASU; however, it is not anticipated to have a material impact on its consolidated financial statements Recently Adopted Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The Company adopted this ASU on a prospective basis effective January 1, 2025. Tax disclosures in Note 11 of the financial statements reflect the impacts of the adoption. </div>

Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the accounts of the Company and its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base our estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments and stock-based compensation, and the realization of deferred tax assets. Actual results could differ materially from those estimates.

Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash is carried at cost, which approximates fair value, and cash equivalents are carried at fair value. We generally invest funds that are in excess of current needs in high credit quality instruments such as money market funds. As of December 31, 2025 and 2024 restricted cash of $1.3 million and $1.3 million, respectively, relates to a letter of credit as a condition of our facilities lease guarantee requirements and is classified as long-term restricted cash on the consolidated balance sheets.

1300000

Property and Equipment Property and equipment are recorded at historical cost less accumulated depreciation. <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheets and any resulting gains or losses are reflected in the consolidated statements of operations in the period realized. Maintenance and repairs are charged to operations as incurred. Depreciation <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">is computed using the straight-line method over the estimated useful lives of the respective assets: <div id="fof19f85a99d6040bab63f68afbb18f47b"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%; border-collapse: collapse; height: 42px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; width: 46%; box-shadow: none;">Lab equipment</td> <td style="height: 16px; width: 1%; box-shadow: none;"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_z6yysO2BLdMd" title="Estimated useful lives::XDX::P5Y">5</td> <td style="padding-left: 1pt; height: 16px; width: 53%; box-shadow: none;">– <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_z3nrI9Zh3cI" title="Estimated useful lives::XDX::P7Y">7 years</td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;">Computer hardware and software</td> <td style="height: 10px; box-shadow: none;"> <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zIjGtBoXivjg" title="Estimated useful lives::XDX::P3Y">3 </td> <td style="padding-left: 1pt; height: 10px; box-shadow: none;">– <span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zBjhQKCsXxrg" title="Estimated useful lives::XDX::P7Y">7 years</td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Furniture, fixtures and equipment</td> <td style="height: 16px; box-shadow: none;"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zB4nKNFg2C65" title="Estimated useful lives::XDX::P5Y">5</td> <td style="padding-left: 1pt; height: 16px; box-shadow: none;">– <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zOODIjnIpk01" title="Estimated useful lives::XDX::P10Y">10 years</td> </tr> </tbody> </table> </div> <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We review our property and equipment for impairment annually or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Depreciation of property and equipment amounted to $0.4 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively.

<table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%; border-collapse: collapse; height: 42px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; width: 46%; box-shadow: none;">Lab equipment</td> <td style="height: 16px; width: 1%; box-shadow: none;"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_z6yysO2BLdMd" title="Estimated useful lives::XDX::P5Y">5</td> <td style="padding-left: 1pt; height: 16px; width: 53%; box-shadow: none;">– <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_z3nrI9Zh3cI" title="Estimated useful lives::XDX::P7Y">7 years</td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;">Computer hardware and software</td> <td style="height: 10px; box-shadow: none;"> <span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MinimumMember_zIjGtBoXivjg" title="Estimated useful lives::XDX::P3Y">3 </td> <td style="padding-left: 1pt; height: 10px; box-shadow: none;">– <span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember__srt--RangeAxis__srt--MaximumMember_zBjhQKCsXxrg" title="Estimated useful lives::XDX::P7Y">7 years</td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Furniture, fixtures and equipment</td> <td style="height: 16px; box-shadow: none;"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zB4nKNFg2C65" title="Estimated useful lives::XDX::P5Y">5</td> <td style="padding-left: 1pt; height: 16px; box-shadow: none;">– <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zOODIjnIpk01" title="Estimated useful lives::XDX::P10Y">10 years</td> </tr> </tbody> </table>

P5Y

P7Y

P3Y

P7Y

P5Y

P10Y

400000

Leases Leases are accounted for under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”). Under ASC 842, the Company determines if an arrangement contains a lease at inception. Right of use assets (“ROU assets”) represent the right to use an underlying asset for the lease term while lease liabilities represent the obligation to make lease payments for the lease term. Leases are then classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations and comprehensive loss. All leases greater than 12 months result in the recognition of a ROU asset and liability at the lease commencement date based on the present value of the lease payments over the lease term. The present value of the lease payments is calculated using the applicable weighted-average discount rate. The weighted-average discount rate is based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, the applicable incremental borrowing rate is estimated. The incremental borrowing rate is estimated using the currency denomination of the lease, the contractual lease term and the Company’s applicable borrowing rate. To determine the incremental borrowing rate, reference is made to interest rates that would be available to finance assets similar to the assets under lease in their related geographical location. The Company does not have finance leases. The Company has elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with a lease as a single lease component. It also elected to be exempt from balance sheet recognition of all leases with an initial term of 12 months or less. Certain leases include one or more options to renew with renewal terms that can extend the lease term. The exercise of the lease renewal options is at the Company’s discretion and are included in the determination of the ROU asset and lease liability when the option is reasonably certain of being exercised.

Research and Development Research and development costs are charged to operations in the period incurred and amounted to $18.1 million and $15.7 million, net of grant income, for the years ended December 31, 2025 and 2024, respectively.

18100000

15700000

Patent Costs Due to the uncertainty associated with the successful development of one or more commercially viable products based on our research efforts and any related patent applications, all patent costs, including patent-related legal, filing fees and other costs, including internally generated costs, are expensed as incurred. Patent costs were $0.3 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively, and are included in general and administrative expenses in the consolidated statements of operations.

300000

NIH Grant From time to time, we receive grants that help fund specific development programs. Any amounts received pursuant to grants are offset against the related operating expenses as the costs are incurred. During the year ended December 31, 2025, grants offset against operating expenses were $35,000, all of which were offset against research and developments. During the year ended December 31, 2024, grants offset against operating expenses were $0.2 million, all of which were offset against research and development expenses. 35000000 200000

Concentration of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of cash and money market funds. We maintain cash and money market funds with financial institutions that management deems credit worthy, and at times, cash balances may be in excess of FDIC and SIPC insurance limits of $250,000 and $500,000 (including cash of $250,000), respectively. We also maintain cash at a bank in Switzerland and a bank in Australia. Accounts at said bank are insured up to an amount specified by the deposit insurance agency of their respective countries.

250000

500000 250000 Foreign Operations The accompanying consolidated financial statements as of December 31, 2025 and 2024 include assets amounting to approximately $0 and $26,000, respectively, relating to our operations in Switzerland. In the fourth quarter of 2023, Vivani Medical Australia Pty Ltd., a wholly owned subsidiary in Australia was established to support studies of our product candidates. <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The accompanying consolidated financial statements as of December 31, 2025<span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> and 2024 <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">include assets amounting to approximately $700,000 and $446,000, respectively, relating to our operations in Australia. Unanticipated events in foreign countries could disrupt our operations and impair the value of these assets.

26000

700000

446000

Fair Value of Financial Instruments The authoritative guidance with respect to fair value establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that we have the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently traded non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. We determine the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, we perform an analysis of the assets and liabilities at each reporting period end. Cash equivalents, which include certificates of deposit and money market funds, are the only financial instrument measured and recorded at fair value in assets or liabilities on our consolidated balance sheet, and they are valued using Level 1 inputs.

Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718, Shares-Based Payments. The Company’s stock-based awards consist of stock options and restricted stock units granted to employees and directors. Stock-based compensation cost is measured at the grant-date fair value of the award and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award for equity awards with service conditions, and derived service period for equity awards with market and service conditions. The Company accounts for forfeitures as they occur. The fair value of stock option awards with service conditions is estimated using the Black-Scholes option pricing model. The assumptions used in the Black-Scholes option pricing model are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">The grant price of the issuances is determined based on the fair value of the shares at the date of grant.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">The risk-free interest rate for periods within the contractual life of the option is based on the U.S. treasury yield in effect at the time of grant.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">We calculate the expected term of options using a weighted average of option vesting periods and an estimate of one-half of the period between vesting and expiration of the option.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="box-shadow: none;">Volatility is determined based on our average historical volatilities since our trading history, supplemented with average historical volatilities of comparable companies in our similar industry.</td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 29px; box-shadow: none;"> </td> <td style="width: 29px; box-shadow: none;">●</td> <td style="padding-right: 1pt; box-shadow: none;">Expected dividend yield is based on current yield at the grant date or the average dividend yield over the historical period. We have never declared or paid dividends and have no plans to do so in the foreseeable future.</td> </tr> </tbody> </table>

Comprehensive Loss We comply with provisions of FASB ASC 220, Comprehensive Income, which requires companies to report all changes in equity during a period, except those resulting from investment by owners and distributions to owners, for the period in which they are recognized. Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Comprehensive loss is reported on the face of the financial statements. For the year ended December 31, 2025 and 2024, comprehensive loss is the total of net loss and other comprehensive income, which consists entirely of foreign currency translation adjustments. During the year ended December 31, 2025, the Company recorded a $0.1 million reclassification from accumulated other comprehensive income to net loss related to the liquidation of its wholly owned Swiss subsidiary. The reclassification represents the release of cumulative foreign currency translation adjustments in accordance with ASC 830, Foreign Currency Matters and is included within other income, net in the condensed consolidated statements of operations. There were no material reclassifications from other comprehensive loss to net loss during the year ended December 31, 2024.

100000

Foreign Currency Translation and Transaction Gains and Losses The financial statements and transactions of the subsidiary’s operations are reported in the local (functional) currency of Swiss francs (CHF) and of Australian dollars (AUD) and translated into U.S. dollars in accordance with U.S. GAAP. Assets and liabilities of those operations are translated at exchange rates in effect at the balance sheet date. The resulting gains and losses from translating foreign currency financial statements are recorded as other comprehensive income. Revenues and expenses are translated at the average exchange rate for the reporting period. Foreign currency transaction gains (losses) resulting from exchange rate fluctuations on transactions denominated in a currency other than the foreign operations’ functional currencies are included in other income, net in the consolidated statements of operations.

Income Taxes We account for income taxes under an asset and liability approach for financial accounting and reporting for income taxes. Accordingly, we recognize deferred tax assets and liabilities for the expected impact of differences between the financial statements and the tax basis of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. In the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of our recorded amount, an adjustment to the deferred tax assets would be credited to operations in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to operations in the period such determination was made. We have incurred losses for tax purposes since inception and have significant tax losses and tax credit carry-forwards.

Net Loss per Share We compute earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share. Basic EPS is calculated as net income (loss) available to common stockholders divided by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, calculated using the treasury stock or if‑converted methods, as applicable. For periods in which we incurred a net loss, basic and diluted net loss per common share are the same, as the inclusion of potential common shares would be anti‑dilutive. Accordingly, outstanding securities that could potentially dilute EPS, including warrants, stock options, and restricted stock units were excluded from the calculation of diluted EPS for the periods presented. As of December 31, 2025 and 2024, the anti‑dilutive securities excluded from diluted EPS are summarized below (in thousands). <div id="fo6176497830784e039e1ccc49c8524cbc"> Schedule of net loss per share <table cellpadding="0" cellspacing="0" style="height: 103px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_491_20231231_ztcKWc3wuUv" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_495_20221231_ztpvZwvVJH2f" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_402_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_uShares_zOzfmDZAhKul" style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">Shares underlying warrants outstanding</td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">7,619</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">9,340</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions_iI_pid_uShares_zvK5mVnRAUob" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 74%;">Shares underlying stock options outstanding</td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;">8,366</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;">6,809</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> </tr> <tr id="xdx_403_ecustom--SharesUnderlyingRestrictedStockUnitOutstanding_iI_pid_uShares_zmX44ZaNYmU1" style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;">Shares underlying restricted stock units outstanding</td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">800</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">695</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr id="xdx_407_ecustom--SharesUnderlyingRsus_iI_pid_uShares_zvHU14qF657f" style="vertical-align: bottom; height: 10px;"> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;">Total</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;">16,785</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;">16,844</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none;"> </td> </tr> </tbody> </table> </div>

Schedule of net loss per share <table cellpadding="0" cellspacing="0" style="height: 103px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_491_20231231_ztcKWc3wuUv" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_495_20221231_ztpvZwvVJH2f" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_402_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_uShares_zOzfmDZAhKul" style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">Shares underlying warrants outstanding</td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">7,619</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">9,340</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions_iI_pid_uShares_zvK5mVnRAUob" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 74%;">Shares underlying stock options outstanding</td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;">8,366</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;">6,809</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> </tr> <tr id="xdx_403_ecustom--SharesUnderlyingRestrictedStockUnitOutstanding_iI_pid_uShares_zmX44ZaNYmU1" style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;">Shares underlying restricted stock units outstanding</td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">800</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">695</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr id="xdx_407_ecustom--SharesUnderlyingRsus_iI_pid_uShares_zvHU14qF657f" style="vertical-align: bottom; height: 10px;"> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;">Total</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;">16,785</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: black !important; box-shadow: none;">16,844</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none;"> </td> </tr> </tbody> </table>

7619000

9340000

8366000

6809000

800000

695000

16785000

16844000

Operating Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. Our chief operating decision-maker, our Chief Executive Officer, reviews financial information presented for each of our segments. We have two reporting segments, specifically the Biopharm Division and Neurostimulation Division. Neither division is revenue producing. The Biopharm Division includes activities from NPM and Vivani Medical Australia Pty Ltd. The Neurostimulation Division includes activities from Cortigent and our subsidiary in Switzerland. The Company’s long-term assets are located in the United States.

Recently Issued Accounting Pronouncements Not Yet Adopted as of December 31, 2025 <span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; margin: 0pt 0px; text-indent: 0.25in;"><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit;">In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU No. 2024-03”), which will improve the disclosures about a public business entity’s expenses and requires detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions such as cost of sales, selling, general and administrative, and research and development on the face of the income statement. ASU 2024-03 is effective for the Company or fiscal years beginning on January 1, 2027, and for interim periods within fiscal years beginning on January 1, 2028. Early adoption is permitted. The guidance may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption of this guidance to have a material effect on its consolidated financial statements and continues to evaluate disclosure presentation alternatives. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU provides authoritative guidance for the recognition, measurement and presentation of government grants received by a business entity. This ASU is effective for annual reporting periods beginning after December 15, 2028 and interim periods within those annual periods. The guidance can be applied on a modified prospective, modified retrospective, or retrospective approach; early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. <span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'times new roman', times; margin: 0pt 0px; text-indent: 0.25in;"><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit;"> In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. This ASU clarifies interim disclosure requirements; it does not attempt to expand or reduce disclosures. ASU 2025-11 also includes a disclosure principle to help entities determine which events since the end of the last annual reporting period are material for disclosure. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance can be applied on a prospective basis, or a retrospective basis for all or any prior periods, and early adoption is permitted. The Company is currently evaluating the impact of this ASU; however, it is not anticipated to have a material impact on its consolidated financial statements Recently Adopted Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The Company adopted this ASU on a prospective basis effective January 1, 2025. Tax disclosures in Note 11 of the financial statements reflect the impacts of the adoption.

3. Fair Value Measurements Cash equivalents, <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">which include certificates of deposit and money market funds, are the only financial instruments measured and recorded at fair value on our consolidated balance sheet, and are valued using Level 1 inputs. As of <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">December 31, 2025<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> and <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">2024<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">, the Company did not have any Level 1 and Level 2 financial liabilities or Level 3 financial assets or liabilities measured at fair value on a recurring basis. No transfers between Level 1 and Level 2 or transfers in or out of Level 3 occurred during the twelve months ended <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">December 31, 2025<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> and <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">2024<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. <div style="border-left: none; border-right: none;"> <div id="fs_J3UU8LD78G00000000000000000000B"> <div style="border-left: none; border-right: none;"> <div style="border-left: none; border-right: none;"> The following table presents certificates of deposit and money market funds at their level within the fair value hierarchy as of December 31, 2025 and 2024 (in thousands). <table cellpadding="0" cellspacing="0" style="height: 88px; width: 100%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: center; height: 17px; box-shadow: none;"></td> <td colspan="14" style="padding-bottom: 1pt; text-align: center; border-bottom: 1pt solid #000000; height: 17px; box-shadow: none;">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Level 1</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Level 2</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Level 3</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 48%;">Assets</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> </tr> <tr style="height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Cash equivalents</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> Money market funds</td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Total</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> </div> <div style="border-left: none; border-right: none;"> </div> <table cellpadding="0" cellspacing="0" style="height: 110px; width: 100%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="height: 17px;"> <td style="height: 17px; box-shadow: none; width: 47.9934%;"> </td> <td style="padding-bottom: 1pt; text-align: center; height: 17px; box-shadow: none; width: 0.982801%;"></td> <td colspan="14" style="padding-bottom: 1pt; text-align: center; border-bottom: 1pt solid #000000; height: 17px; box-shadow: none; width: 49.7952%;">December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none; width: 47.9934%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Level 1</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Level 2</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Level 3</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 47.9934%;">Assets</td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="height: 16px;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 47.9934%;">Cash equivalents</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="height: 16px; background-color: #cceeff;"> <td style="text-align: left; padding: 0px 0px 1px; width: 47.9934%; height: 16px; background-color: #cceeff; box-shadow: none;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> Certificates of deposit</td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">9,996</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">9,996</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; width: 47.9934%; box-shadow: none;"> Money market funds</td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">7,441</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">7,441</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 47.9934%;">Total</td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">17,437</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">17,437</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"></td> </tr> </tbody> </table> </div> </div>

<div style="border-left: none; border-right: none;"> <div style="border-left: none; border-right: none;"> The following table presents certificates of deposit and money market funds at their level within the fair value hierarchy as of December 31, 2025 and 2024 (in thousands). <table cellpadding="0" cellspacing="0" style="height: 88px; width: 100%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: center; height: 17px; box-shadow: none;"></td> <td colspan="14" style="padding-bottom: 1pt; text-align: center; border-bottom: 1pt solid #000000; height: 17px; box-shadow: none;">December 31, 2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Level 1</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Level 2</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Level 3</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 48%;">Assets</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> </tr> <tr style="height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Cash equivalents</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> Money market funds</td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">$</td> <td style="border-bottom: 1pt solid black; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Total</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">15,423</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; border-bottom-width: 2.8pt; border-bottom-style: double; height: 15px; box-shadow: none; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> </div> <div style="border-left: none; border-right: none;"> </div> <table cellpadding="0" cellspacing="0" style="height: 110px; width: 100%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="height: 17px;"> <td style="height: 17px; box-shadow: none; width: 47.9934%;"> </td> <td style="padding-bottom: 1pt; text-align: center; height: 17px; box-shadow: none; width: 0.982801%;"></td> <td colspan="14" style="padding-bottom: 1pt; text-align: center; border-bottom: 1pt solid #000000; height: 17px; box-shadow: none; width: 49.7952%;">December 31, 2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none; width: 47.9934%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Level 1</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Level 2</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; border-bottom: 1pt solid #000000; box-shadow: none; width: 10.9746%;">Level 3</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 47.9934%;">Assets</td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none; width: 9.99181%;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="height: 16px;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; box-shadow: none; width: 47.9934%;">Cash equivalents</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 9.99181%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 0.982801%;"> </td> </tr> <tr style="height: 16px; background-color: #cceeff;"> <td style="text-align: left; padding: 0px 0px 1px; width: 47.9934%; height: 16px; background-color: #cceeff; box-shadow: none;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"> Certificates of deposit</td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">9,996</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">9,996</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;">$</td> <td style="text-align: right; width: 9.99181%; height: 16px; background-color: #cceeff; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; width: 0.982801%; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; width: 47.9934%; box-shadow: none;"> Money market funds</td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">7,441</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">7,441</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; width: 9.99181%; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; width: 0.982801%; box-shadow: none;"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 47.9934%;">Total</td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">17,437</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">17,437</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"> </td> <td style="text-align: left; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 0.982801%;">$</td> <td style="text-align: right; height: 15px; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; box-shadow: none; border-bottom-color: #000000 !important; width: 9.99181%;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none; width: 0.982801%;"></td> </tr> </tbody> </table>

15423000

9996000

7441000

17437000

<div style="font-family: 'times new roman', times; font-size: 10pt;"> <div style="border-left: none; border-right: none;"> <div style="font-family: 'times new roman', times; font-size: 10pt;"> 4. Insurance Premium Financing <b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: left; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-indent: -0.666667px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit; display: inline !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> In September 2025, we entered into a finance agreement with First Insurance Funding in order to fund a portion of our insurance premiums for our professional liability policies. The amount financed is approximately $355,000 and incurs interest at a rate of 7.2%. The Company is required to make nine monthly payments of approximately $39,000 through May 2026. There was an outstanding balance of $249,000 as of December 31, 2025. In September 2024, we entered into a finance agreement with First Insurance Funding in order to fund a portion of our insurance premiums for our professional liability policies. The amount financed is approximately $426,000 and incurs interest at a rate of 7.2%. The Company is required to make nine monthly payments of approximately $47,000 through May 2025. There was an outstanding balance of approximately $237,000 as of December 31, 2024, included in accrued expenses. <b style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-indent: -0.666667px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">The amount has been fully repaid as of December 31, 2025<span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">. </div> </div> </div>

355000

0.072

monthly

39000

249000

426000

0.072

monthly

47000

237000

5. Selected Balance Sheet Detail Property and equipment, net of accumulated depreciation <div id="fodbf09618c50641e691c4b6f6caaffcae" style="line-height: 1.2;"> Property and equipment consisted of the following as of December 31, 2025 and 2024 (in thousands): <table cellpadding="0" cellspacing="0" style="height: 146px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="vertical-align: bottom; height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 17px; box-shadow: none;">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 17px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 17px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="background-color: #cceeff; box-shadow: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Property and equipment at cost:</td> <td style="background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> <td style="background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; padding: 0px 0px 0px 9px; box-shadow: none;">Equipment</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_z0tNUzbAXHW5" style="text-align: right; height: 16px; box-shadow: none;">4,161</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zoJ1Vi6BH5wk" style="text-align: right; height: 16px; box-shadow: none;">3,937</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="text-align: left; height: 16px; background-color: #cceeff; padding: 0px 0px 0px 9px; box-shadow: none;">Furniture and fixtures</td> <td style="height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z5QxXAZ5qHda" style="text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">380</td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zSGPkRGAVDsa" style="text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">367</td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding: 0px 0px 0px 9px; height: 16px; box-shadow: none; width: 74%;">Computer software</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"></td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z7zMkp9OVxt1" style="text-align: right; height: 16px; box-shadow: none; width: 10%;">30</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zMrVVO6GuFml" style="text-align: right; height: 16px; box-shadow: none; width: 10%;">30</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="text-align: left; padding: 0px 0px 0px 9px; height: 16px; background-color: #cceeff; box-shadow: none;">Construction in progress</td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_z4ENroSV1jDg" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">1,362</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zrt84sI8mXx6" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; box-shadow: none;">Total property and equipment</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231_zCjAYpeIqbyd" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">5,933</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"></td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231_zy8soDMdKtIg" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">4,334</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;">Accumulated depreciation </td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_c20231231_zchVrxpRPvK7" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">(3,054</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_980_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_c20221231_z8gUyxHlX0ke" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">(2,641</td> <td style="padding-bottom: 0.5pt; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding-bottom: 2.5pt; height: 16px; box-shadow: none;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">$</td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentNet_pn3n3_c20231231_zHchoIZGiaM3" style="text-align: right; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">2,879</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">$</td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20221231_zQbXFXOpxuTa" style="text-align: right; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">1,693</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> Contract Liabilities Contract liabilities amounted to $335,000 and $335,000 as of December 31, 2025 and 2024, respectively, and are included in accrued expenses on the balance sheet.

Property and equipment consisted of the following as of December 31, 2025 and 2024 (in thousands): <table cellpadding="0" cellspacing="0" style="height: 146px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.1px;"> <tbody> <tr style="vertical-align: bottom; height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 17px; box-shadow: none;">December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 17px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 17px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="background-color: #cceeff;"> <td style="background-color: #cceeff; box-shadow: none;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Property and equipment at cost:</td> <td style="background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> <td style="background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: right; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; padding: 0px 0px 0px 9px; box-shadow: none;">Equipment</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_z0tNUzbAXHW5" style="text-align: right; height: 16px; box-shadow: none;">4,161</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zoJ1Vi6BH5wk" style="text-align: right; height: 16px; box-shadow: none;">3,937</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="text-align: left; height: 16px; background-color: #cceeff; padding: 0px 0px 0px 9px; box-shadow: none;">Furniture and fixtures</td> <td style="height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z5QxXAZ5qHda" style="text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">380</td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zSGPkRGAVDsa" style="text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">367</td> <td style="text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding: 0px 0px 0px 9px; height: 16px; box-shadow: none; width: 74%;">Computer software</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"></td> <td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z7zMkp9OVxt1" style="text-align: right; height: 16px; box-shadow: none; width: 10%;">30</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zMrVVO6GuFml" style="text-align: right; height: 16px; box-shadow: none; width: 10%;">30</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="text-align: left; padding: 0px 0px 0px 9px; height: 16px; background-color: #cceeff; box-shadow: none;">Construction in progress</td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_98D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_z4ENroSV1jDg" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">1,362</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ConstructionInProgressMember_zrt84sI8mXx6" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">—</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; box-shadow: none;">Total property and equipment</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20231231_zCjAYpeIqbyd" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">5,933</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"></td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_c20221231_zy8soDMdKtIg" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">4,334</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;">Accumulated depreciation </td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_c20231231_zchVrxpRPvK7" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">(3,054</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_980_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_c20221231_z8gUyxHlX0ke" style="border-bottom: 1pt solid black; text-align: right; height: 16px; background-color: #cceeff; box-shadow: none;">(2,641</td> <td style="padding-bottom: 0.5pt; text-align: left; height: 16px; background-color: #cceeff; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding-bottom: 2.5pt; height: 16px; box-shadow: none;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">$</td> <td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentNet_pn3n3_c20231231_zHchoIZGiaM3" style="text-align: right; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">2,879</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">$</td> <td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_c20221231_zQbXFXOpxuTa" style="text-align: right; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; box-shadow: none; border-bottom-color: black !important;">1,693</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table>

4161000

3937000

380000

367000

30000

1362000

5933000

4334000

3054000

2641000

2879000

1693000

335000 335000 6. Grants We received an award for $1.6 million grant (with the intent to fund $<span id="xdx_90A_ecustom--GrantReceivableToFundEarlyFeasibilityClinicalTrialForFiveYears_dm_c20180101__20181231_zjb6FUnpZGJa" style="line-height: inherit;" title="Grant receivable with intent to fund early feasibility clinical trial for years">6.4 million over five years subject to annual review and approval) from the National Institutes of Health (“NIH”) to fund the “Early Feasibility Clinical Trial of a Visual Cortical Prosthesis” that commenced in January 2018. The final year of the grant ended in March 2024, however the NIH issued us a no-cost extension allowing us to utilize the unfunded amount through March 2025. The NIH grant funds ongoing and planned clinical activities and are being used to conduct and support clinical testing of six subjects implanted with the Orion™ Cortical Visual Prosthesis (“Orion”), submit and obtain Investigational Device Exemption approval from the U.S. Food and Drug Administration (“FDA”). During the year ended December 31, 2025, $35,000 of grants were offset against research and development, and $0 were offset against general and administrative expenses. During the year ended December 31, 2024, $0.2 million of grants were offset against research and development expenses, and $0 were offset against general and administrative expenses. As of December 31, 2025, we expect $0 will be available to offset future operating expenses. 1600000 6400000 P5Y 35000 0 200000 0 0

<div style="font-family: 'times new roman', times; font-size: 10pt;"> <div style="border-left: none; border-right: none;"> 7. Equity Securities We are authorized to issue <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_pid_uShares_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJZVO112em8f" style="line-height: inherit;" title="Common stock, shares authorized">300,000,000 shares of common stock with <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zvuEVe8w0Wzl" style="line-height: inherit;" title="Common stock, shares issued">76,427,764 issued as of December 31, 2025. In addition, we are authorized to issue <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_uShares_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zgxK1RH2gY88" style="line-height: inherit;" title="Preferred stock, shares authorized">10,000,000 shares of preferred stock with <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_dn_uShares_c20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zH5P9hPzsXT4" style="line-height: inherit;" title="Preferred stock, shares issued">none issued. </div> </div> Securities Purchase Agreement On March 1, 2024, the Company entered into a securities purchase agreement with an institutional investor to purchase 3,947,368 shares of common stock, par value $0.0001 per share, and warrants to purchase up to an aggregate of 3,947,368 shares of common stock, at a purchase price of $3.80 per share and accompanying warrant, in a registered direct offering. The warrants have an exercise price of $3.80 per share, are exercisable immediately upon issuance, and will expire three years following the date of issuance. Simultaneously, the Company also entered into a placement agency agreement with Maxim Group LLC, which acted as the sole placement agent for the Offering. The gross proceeds of $15.0 million from the Offering, before paying the placement agent fees and other offering costs, were received on March 5, 2024. In connection with the Securities Purchase Agreement, the Company paid issuance costs of $1.3 million, resulting in net proceeds of $13.7 million. The Sales Agreement On April 22, 2024, the Company entered into an Open Market Sale AgreementSM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”), under which the Company may offer and sell, from time to time at its sole discretion, shares of common stock, having an aggregate offering price of up to $75.0 million through Jefferies as its sales agent. Also on April 22, 2024, the Company filed a Registration Statement on Form S-3, which was declared effective on May 3, 2024, including a sales agreement prospectus relating to the offering of up to $75.0 million shares of its common stock in accordance with the Sales Agreement. The Company may sell the common stock under the Sales Agreement (A) in privately negotiated transactions; (B) as block transactions; or (C) by any other method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Capital Market or sales made into any other existing trading market for the shares of common stock. Jefferies will use commercially reasonable efforts to place the shares of common stock from time to time, based upon the Company's instructions (including any price, time or size limits or other customary parameters or conditions we may impose). The Company will pay Jefferies a commission of up to three percent (3.0%) of the gross sales proceeds of any common stock sold through Jefferies under the Sales Agreement, and also has provided Jefferies with customary indemnification rights. In addition, the Company has agreed to reimburse certain legal expenses and fees incurred by Jefferies in connection with the offering. The Company is not obligated to make any sales of common stock under the Sales Agreement. The offering of shares of common stock pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all common stock subject to the Sales Agreement or (ii) termination of the Sales Agreement in accordance with its terms. During the twelve months ended December 31, 2025, the Company issued 9,215 shares of common stock for gross proceeds of $10,000 as part of the Sales Agreement with Jefferies. The Company paid expenses of $37,000, resulting in negative net proceeds of $28,000. During the twelve months ended December 31, 2024, the Company issued 287,970 shares of common stock for gross proceeds of $504,000 pursuant to the Sales Agreement. The Company paid expenses of $344,000, resulting in net proceeds of $160,000. 2024 Private Sale Transaction On November 8, 2024, the Company entered into a private sale transaction with one of its independent directors whereby the Company sold an aggregate of <span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">3,968,253 shares of the Company’s common stock to the director at a price of $1.26 per share, which was the lower of the closing price of the Company’s common stock on Nasdaq or the 5-day average closing price of the Company’s common stock on Nasdaq, each immediately prior to the closing date, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the common stock that occur after the date of the private sale transaction. The gross proceeds from this private sale transaction were $<span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">5.0 million. 2025 Private Sale Transactions During 2025, the Company entered into multiple share purchase agreements with an entity affiliated with one of its independent directors and one share purchase agreement with one of its investors (collectively, the “2025 Private Sales Transactions”) pursuant to which the Company agreed to sell shares of its common stock in multiple tranche closings at prices equal to the closing price of the Company’s common stock on Nasdaq on the respective agreement dates, subject to customary adjustments for reverse and forward stock splits, stock dividends, stock combinations, and similar transactions. On March 26, 2025, the Company entered into a share purchase agreement with an entity affiliated with one of its <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">independent directors to sell an aggregate of 7,366,071 shares of common stock in five tranche closings at a price of $1.12 per share, representing the closing price of the Company’s common stock on Nasdaq on that date. Gross proceeds from this transaction are expected to be approximately $8.25 million. <div> </div> On May 12, 2025, the Company entered into an additional share purchase agreement with an entity affiliated with one of its <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">independent directors to sell an aggregate of 2,912,621 shares of common stock in two tranche closings at a price of $1.03 per share, representing the closing price of the Company’s common stock on Nasdaq on that date. Gross proceeds from this transaction are expected to be approximately $3.0 million. On August 11, 2025, the Company entered into a share purchase agreement with an entity affiliated with one of its <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">independent directors, and with another investor, to sell an aggregate of 7,936,507 shares of common stock in twelve tranche closings at a price of $1.26 per share, representing the closing price of the Company’s common stock on Nasdaq on that date. Gross proceeds from this transaction are expected to be approximately $10.0 million. During the twelve months ended December 31, 2025, the Company issued 7,480,158 shares of common stock pursuant to the 2025 Private Sales Transactions, generating gross proceeds of $8.6 million. The remaining shares issuable under these agreements are expected to be issued in 2026 upon completion of the applicable tranche closings, with expected gross proceeds of approximately $12.6 million. 2025 Private Placement and 2025 Registered Direct Offering On October 26, 2025, the Company entered into a share purchase agreement with an entity affiliated with one of its <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">independent directors for the issuance and sale of an aggregate 3,703,703 shares of the Company’s common stock at a purchase price of $1.62 per share, which represented the last reported sale price of the Company’s common stock on October 24, 2025 (the “2025 Private Placement”). The 2025 Private Placement resulted in gross proceeds of $6.0 million. No warrants, discounts, placement agent fees, or investment banking fees were incurred in connection with the transaction. The shares were issued pursuant to an exemption from registration under Rule 506 of Regulation D of the Securities Act of 1933, as amended, in reliance, in part, on representations made by the purchaser. Concurrent with the 2025 Private Placement, the Company also entered into a placement agency agreement, dated October 26, 2025 (the “Placement Agency Agreement”) with ThinkEquity LLC (the “Agent”) relating to the sale by the Company of 6,000,000 shares of the Company’s common stock in a registered direct offering (the “2025 Registered Direct Offering”). The gross proceeds from the 2025 Registered Direct Offering were approximately $9.7 million, before placement agent fees and other estimated offering expenses. In connection with the Placement Agency Agreement, the Company agreed to pay the Agent a cash fee of 7.0% of the gross proceeds from the sale of the shares. The Company also agreed to reimburse the Agent for legal fees and other reimbursable expenses up to $125,000. Net proceeds, after giving effect to Agent fees and expenses, and after giving effect to other financing costs associated with the transaction, were $8.7 million.

300000000

76427764

10000000

3947368

0.0001

3947368

3.8

15000000

1300000

13700000 75000000 75000000 0.03 9215 10000000

37000000

28000000 287970 504000

344000

160000 3968253 1.26 5000000

7366071

1.12

8250000

2912621

1.03

3000000

7936507

1.26

10000000 7480158 8600000 12600000

3703703

1.62

6000000

6000000 9700000 0.07

125000

8700000 8. Warrants NPM, prior to the Merger with Second Sight, issued common stock and warrants (collectively, the “unit” or “units”) in 2019, 2020 and 2021 for $<span id="xdx_90D_eus-gaap--SaleOfStockPricePerShare_iI_uUSDPShares_c20191231__us-gaap--SubsidiarySaleOfStockAxis__custom--RightOfferingMember_z2GHNSlR2EH6" style="line-height: inherit;" title="Share price (in dollars per share)"><span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_uUSDPShares_c20201231__us-gaap--SubsidiarySaleOfStockAxis__custom--RightOfferingMember_z0FZrgsFPiH7" style="line-height: inherit;" title="Share price (in dollars per share)"><span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_uUSDPShares_c20211231__us-gaap--SubsidiarySaleOfStockAxis__custom--RightOfferingMember_zNi7NiHzoeFh" style="line-height: inherit;" title="Share price (in dollars per share)">3.15 per unit. Outstanding warrants to purchase common stock are shown in the table below and generally expire <span id="xdx_902_ecustom--ClassOfWarrantsOrRightsTerm_dxL_c20230101__20231231__us-gaap--SubsidiarySaleOfStockAxis__custom--RightOfferingMember_zdNh9Q3iMxPg" style="line-height: inherit;" title="Term of warrants::XDX::P5Y">5 years from the date of issuance at $3.15 per share exercise price, split adjusted, are transferable into one share of common stock and may be exercised on a cashless basis. The remaining warrants outstanding that were issued at $3.15 per unit prior to the merger with Second Sight will expire in 2026, if not exercised sooner. In connection with the Securities Purchase Agreement entered on March 1, 2024, the Company issued Warrants to purchase 3,947,368 shares of common stock at an exercise price of $3.80 per share. These Warrants are exercisable immediately upon issuance and will expire three years following the date of issuance. The Warrants are exercisable for cash at an exercise price of $3.80 per share and, if exercised in full, could result in aggregate proceeds to the Company of approximately $15.0 million. In the absence of an effective registration statement covering the issuance of the shares underlying the Warrants, the Warrants may be exercised on a cashless basis in accordance with their terms. The warrants outstanding as of December 31, 2025 have no intrinsic value. <div style="border-left: none; border-right: none; line-height: 1.2;"> <div id="fs_BYNXI1JSLS00000000000000000000B"> A summary of warrant activity for the year ended December 31, 2025 and 2024 is presented below (in thousands, except per share and contractual life data). <div id="t_ft_ZFKNLFA03K00000000000000000000b"> <table cellpadding="0" cellspacing="0" style="height: 215px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin: 0px; text-indent: 0px; margin-left: 0.25in;"> <tbody> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Weighted</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Weighted</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Average</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Average</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="text-align: center; height: 15px; box-shadow: none; width: 12%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Exercise</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Remaining</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Number of</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Price</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Contractual</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 12%;">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 11.0724%;">Per Share</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 10px; padding: 0px; box-shadow: none; width: 12%;">Life (in Years)</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 56.7718%; box-shadow: none;">Warrants outstanding as of December 31, 2023</td> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; width: 1%; box-shadow: none;"> </td> <td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pn3n3_uShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zg1df8u0khma" style="text-align: right; height: 15px; background-color: #cceeff; width: 11%; box-shadow: none;">9,733</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 1.85529%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.0723562%; box-shadow: none;">$</td> <td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iS_pid_uUSDPShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zQcYXDXFL6Hk" style="text-align: right; height: 15px; background-color: #cceeff; width: 11%; box-shadow: none;">11.60</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; width: 1%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; width: 11%; box-shadow: none;">1.4 </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-left: 0.125in; height: 15px; box-shadow: none; width: 56.7718%;">Issued</td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3,947</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3.80</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.125in; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;">Exercised</td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_980_ecustom--ClassOfWarrantOrRightExercised_pn3n3_uShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_z9IFeuqSS1cj" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"></td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_98C_ecustom--ClassOfWarrantOrRightToBeExercised_pid_uUSDPShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zlAxsJGD8MZ" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-left: 0.125in; height: 15px; box-shadow: none; width: 56.7718%;">Forfeited or expired</td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; border-bottom: 1pt solid rgb(0, 0, 0); box-shadow: none; width: 1%;"> </td> <td id="xdx_983_ecustom--ClassOfWarrantOrRightForfeitedOrExpired_pn3n3_uShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_z1NxkYT6TSYj" style="text-align: right; height: 15px; border-bottom: 1pt solid rgb(0, 0, 0); box-shadow: none; width: 11%;">(4,340</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;">)</td> <td style="height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;">22.10</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;">Warrants outstanding as of December 31, 2024</td> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"> </td> <td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zHVhypEfK9qf" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; white-space: normal; border-bottom: 1pt solid rgb(0, 0, 0); width: 11%;">9,340</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iS_pid_uUSDPShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zMXRKoRWDa1k" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">3.42</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_980_ecustom--ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeOfWarrantsOrRights_dxL_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zCDJV5avbndl" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">1.6</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none; width: 56.7718%;"> Issued</td> <td style="height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%;"> </td> <td id="xdx_985_ecustom--ClassOfWarrantOrRightIssued_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_znuMYkjvjYMg" style="text-align: right; height: 10px; box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 10px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.0723562%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</td> <td style="text-align: right; height: 10px; box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;"> Exercised</td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_984_ecustom--ClassOfWarrantOrRightExercised_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_ziiL9JeBjwN3" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$ </td> <td style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none; width: 56.7718%;"> Forfeited or expired</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"> </td> <td id="xdx_982_ecustom--ClassOfWarrantOrRightForfeitedOrExpired_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zCL5IxQ7Xtvd" style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 11%;" valign="bottom">(1,721</td> <td style="padding: 0px; text-align: left; height: 15px; box-shadow: none; vertical-align: bottom; width: 0.927644%;" valign="bottom">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_980_ecustom--ClassOfWarrantOrRightToBeForfeitedOrExpired_pid_uUSDPShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zBNVcelyPtw2" style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3.15</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;">Warrants outstanding as of December 31, 2025</td> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 1%;"> </td> <td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zea3x23pN45" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 11%;">7,619</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iE_pid_uUSDPShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zK0IocaFsa1k" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">3.49</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_98F_ecustom--ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeOfWarrantsOrRights2_dxL_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zHcGV8FCOSRj" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">0.9</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 56.7718%;">Warrants exercisable as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 1%;"> </td> <td id="xdx_98A_ecustom--ClassOfWarrantOrRightWeightedExercisePriceExercisableOfWarrantsOrRights_iE_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zjezMXbxlYO" style="text-align: right; height: 15px; border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 11%;">7,619</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_982_ecustom--ClassOfWarrantOrRightWeightedExercisePriceExercisableOfWarrantsOrRights11_iE_pid_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_ziHRbvGFW109" style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3.49</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98B_ecustom--ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeOfWarrantsOrRightsExercise_dxL_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zvohwc8KiYn4" style="text-align: right; height: 15px; box-shadow: none; width: 11%;">0.9</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> </tbody> </table> </div> </div> </div> 3.15 3.15 3.15 P5Y

3.15

3947368

3.8

P3Y

3.8

15000000 0

A summary of warrant activity for the year ended December 31, 2025 and 2024 is presented below (in thousands, except per share and contractual life data). <div id="t_ft_ZFKNLFA03K00000000000000000000b"> <table cellpadding="0" cellspacing="0" style="height: 215px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin: 0px; text-indent: 0px; margin-left: 0.25in;"> <tbody> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Weighted</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Weighted</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Average</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Average</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="text-align: center; height: 15px; box-shadow: none; width: 12%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Exercise</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Remaining</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Number of</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 11.0724%;">Price</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 15px; box-shadow: none; width: 12%;">Contractual</td> <td style="font-weight: bold; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none; width: 56.7718%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 12%;">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.85529%;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 11.0724%;">Per Share</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 10px; padding: 0px; box-shadow: none; width: 12%;">Life (in Years)</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 56.7718%; box-shadow: none;">Warrants outstanding as of December 31, 2023</td> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; width: 1%; box-shadow: none;"> </td> <td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pn3n3_uShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zg1df8u0khma" style="text-align: right; height: 15px; background-color: #cceeff; width: 11%; box-shadow: none;">9,733</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 1.85529%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.0723562%; box-shadow: none;">$</td> <td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iS_pid_uUSDPShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zQcYXDXFL6Hk" style="text-align: right; height: 15px; background-color: #cceeff; width: 11%; box-shadow: none;">11.60</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; width: 1%; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; background-color: #cceeff; width: 11%; box-shadow: none;">1.4 </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); width: 0.927644%; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-left: 0.125in; height: 15px; box-shadow: none; width: 56.7718%;">Issued</td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3,947</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3.80</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.125in; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;">Exercised</td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_980_ecustom--ClassOfWarrantOrRightExercised_pn3n3_uShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_z9IFeuqSS1cj" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"></td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_98C_ecustom--ClassOfWarrantOrRightToBeExercised_pid_uUSDPShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zlAxsJGD8MZ" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-left: 0.125in; height: 15px; box-shadow: none; width: 56.7718%;">Forfeited or expired</td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; border-bottom: 1pt solid rgb(0, 0, 0); box-shadow: none; width: 1%;"> </td> <td id="xdx_983_ecustom--ClassOfWarrantOrRightForfeitedOrExpired_pn3n3_uShares_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_z1NxkYT6TSYj" style="text-align: right; height: 15px; border-bottom: 1pt solid rgb(0, 0, 0); box-shadow: none; width: 11%;">(4,340</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;">)</td> <td style="height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;">22.10</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;">Warrants outstanding as of December 31, 2024</td> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"> </td> <td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iS_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zHVhypEfK9qf" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; white-space: normal; border-bottom: 1pt solid rgb(0, 0, 0); width: 11%;">9,340</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iS_pid_uUSDPShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zMXRKoRWDa1k" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">3.42</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_980_ecustom--ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeOfWarrantsOrRights_dxL_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zCDJV5avbndl" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">1.6</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none; width: 56.7718%;"> Issued</td> <td style="height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%;"> </td> <td id="xdx_985_ecustom--ClassOfWarrantOrRightIssued_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_znuMYkjvjYMg" style="text-align: right; height: 10px; box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 10px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.0723562%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">$</td> <td style="text-align: right; height: 10px; box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="height: 10px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;"> Exercised</td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_984_ecustom--ClassOfWarrantOrRightExercised_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_ziiL9JeBjwN3" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$ </td> <td style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">—</td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none; width: 56.7718%;"> Forfeited or expired</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"> </td> <td id="xdx_982_ecustom--ClassOfWarrantOrRightForfeitedOrExpired_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zCL5IxQ7Xtvd" style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 11%;" valign="bottom">(1,721</td> <td style="padding: 0px; text-align: left; height: 15px; box-shadow: none; vertical-align: bottom; width: 0.927644%;" valign="bottom">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_980_ecustom--ClassOfWarrantOrRightToBeForfeitedOrExpired_pid_uUSDPShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zBNVcelyPtw2" style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3.15</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 11%;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 56.7718%;">Warrants outstanding as of December 31, 2025</td> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 1%;"> </td> <td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zea3x23pN45" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 11%;">7,619</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iE_pid_uUSDPShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zK0IocaFsa1k" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">3.49</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 1pt; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 1%;"> </td> <td id="xdx_98F_ecustom--ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeOfWarrantsOrRights2_dxL_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zHcGV8FCOSRj" style="text-align: right; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 11%;">0.9</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; background-color: rgb(204, 238, 255); box-shadow: none; width: 0.927644%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 56.7718%;">Warrants exercisable as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 1%;"> </td> <td id="xdx_98A_ecustom--ClassOfWarrantOrRightWeightedExercisePriceExercisableOfWarrantsOrRights_iE_pn3n3_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zjezMXbxlYO" style="text-align: right; height: 15px; border-bottom: 2.8pt double rgb(0, 0, 0); box-shadow: none; width: 11%;">7,619</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 1.85529%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 0.0723562%;">$</td> <td id="xdx_982_ecustom--ClassOfWarrantOrRightWeightedExercisePriceExercisableOfWarrantsOrRights11_iE_pid_uShares_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_ziHRbvGFW109" style="text-align: right; height: 15px; box-shadow: none; width: 11%;">3.49</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none; width: 0.927644%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98B_ecustom--ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeOfWarrantsOrRightsExercise_dxL_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zvohwc8KiYn4" style="text-align: right; height: 15px; box-shadow: none; width: 11%;">0.9</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none; width: 0.927644%;"> </td> </tr> </tbody> </table> </div>

9733000

11.6

P1Y4M24D 3947000 3.8 -4340000 22.1

9340000

3.42

P1Y7M6D -1721000 3.15

7619000

3.49

P0Y10M24D 7619000 3.49 P0Y10M24D

9. Employee Benefit Plans We have a 401(k) Savings Retirement Plan (the “401(k) Plan”) that covers substantially all full-time employees who meet the 401(k) Plan’s eligibility requirements and provides for an employee elective contribution. The 401(k) Plan provides for employer matching contributions. Employer contributions are discretionary and determined annually by the Board of Directors. During the years ended December 31, 2025 and 2024, employer contributions to the 401(k) Plan totaled $0.2 million and $0.2 million, respectively.

200000

10. Stock-Based Compensation Equity Incentive Plans The Vivani Medical, Inc. 2022 Omnibus Incentive Plan (the “2022 Plan”) became effective on August 30, 2022. <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20230101__20231231__us-gaap--PlanNameAxis__custom--EquityIncentivePlansMember_zxqU2ERkb8i8" title="Description of equity incentive plans">Under the 2022 Plan, 10,033,333 shares were authorized for issuance at its effective date. The maximum number of shares with respect to which stock awards could be granted is offset and reduced by stock awards previously granted under the Plan. As of December 31, 2025 503,839 shares of common stock were available for future issuance under the 2022 Plan pursuant to stock awards that had not previously been granted. For stock option grants, the option price is determined by the Board of Directors but cannot be less than the fair value of the shares at the grant date. Generally, the options vest ratably over four years and expire ten years from the grant date. The 2022 plan provides for accelerated vesting if there is a change of control, as defined in the 2022 Plan. Stock Options <div id="fo34eeeff5753a4e82b0eb2566d6c81167"> A summary of stock option activity is presented below (in thousands, except per share and contractual life data). <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 274px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Weighted</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Weighted</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Average</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Average</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Remaining</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Exercise</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Contractual</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Number of</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Price</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Life</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">Per Share</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">(in Years)</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="width: 61%; height: 16px; box-shadow: none; background-color: #cceeff;">Options outstanding at December 31, 2023</td> <td style="width: 1%; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_za3pri9f8d6d" style="width: 10%; text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6,091</td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pip0_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQo2T6klCcDf" style="width: 10%; text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">2.60</td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6.96 </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Granted</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zvzLzJBvnLBi" style="text-align: right; height: 16px; box-shadow: none;">1,093</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zSk4DN95xkY7" style="text-align: right; height: 16px; box-shadow: none;">1.57</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="height: 16px; box-shadow: none; background-color: #cceeff;">Exercised</td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pn3n3_di_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMOsZfUn4p6f" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"></td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUaNlR94a7h2" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Forfeited or expired</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pn3n3_di_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9Ta8OhpDvC7" style="text-align: right; height: 16px; box-shadow: none;">(375</td> <td style="text-align: left; height: 16px; box-shadow: none;">)</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zG68z0obUO9a" style="text-align: right; height: 16px; box-shadow: none;">1.19</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="height: 16px; box-shadow: none; background-color: #cceeff;">Options outstanding at December 31, 2024</td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zvxFHYHkn6y" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6,809</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pip0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJkkXXkIG3lj" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">2.52</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6.55 </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Granted</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztWswWsTLtK4" style="text-align: right; height: 16px; box-shadow: none;">1,881</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOeX3PI8S6Rh" style="text-align: right; height: 16px; box-shadow: none;">1.14</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="height: 16px; box-shadow: none; background-color: #cceeff;">Exercised</td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pn3n3_di_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQvmDnN3T4rh" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"></td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zd5HH8xaMaCf" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; box-shadow: none;">Forfeited or expired</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pn3n3_di_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgm1JqUluxa6" style="text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">(324</td> <td style="padding: 0px 0px 0.5px; height: 16px; box-shadow: none; text-align: left;">)</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zABwL8Bsjv53" style="text-align: right; height: 16px; box-shadow: none;">1.78</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 17px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;">Options outstanding, vested and expected to vest as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; border-bottom: 2.8pt double #000000; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zHoGElP3YBGj" style="text-align: right; height: 17px; border-bottom: 2.8pt double #000000; box-shadow: none; background-color: #cceeff;">8,366</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pip0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5mfYEgkY5ej" style="text-align: right; height: 17px; box-shadow: none; background-color: #cceeff;">2.23</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dxL_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zbHivuMcd9d7" style="text-align: right; height: 17px; box-shadow: none; background-color: #cceeff;">6.09</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;">Options exercisable as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zX6kQQeMMV78" style="text-align: right; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">5,830</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pip0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjBgNn02r6Cj" style="text-align: right; height: 16px; box-shadow: none;">2.65</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dxL_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zk1QMRYtnhT9" style="text-align: right; height: 16px; box-shadow: none;">4.95</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> The estimated aggregate intrinsic value of stock options exercisable as of December 31, 2025 was $0.4 million. Restricted Stock Units (RSUs) <div id="fo248842eafe8b4f83903cf0140a9547c9"> <p id="xdx_895_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zZpZM5qR32s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;">A summary of restricted stock activity and related information (in thousands, except per share data): <table cellpadding="0" cellspacing="0" style="height: 117px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.25in;"> <tbody> <tr style="vertical-align: bottom; height: 38px;"> <td style="text-align: justify; padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td colspan="2" style="text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 38px; box-shadow: none; border-bottom-color: black !important;"> Number of Shares </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td colspan="2" style="text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 38px; box-shadow: none; border-bottom-color: black !important;"> Weighted Average Grant Date Fair Value Per Share </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: justify; background-color: #cceeff; height: 16px; box-shadow: none; width: 74%;">Outstanding as of December 31, 2024</td> <td style="background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW3fB4v2oU09" style="text-align: right; background-color: #cceeff; height: 16px; box-shadow: none; width: 10%;">695</td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;">$</td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIHeQgNSKH45" style="text-align: right; background-color: #cceeff; height: 16px; box-shadow: none; width: 10%;">1.25</td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: justify; height: 16px; box-shadow: none;">Granted</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlUZJcbEqk2f" style="text-align: right; height: 16px; box-shadow: none;">293</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOA1jpmlxO34" style="text-align: right; height: 16px; box-shadow: none;">0.87</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: justify; background-color: #cceeff; height: 15px; box-shadow: none;">Vested and released</td> <td style="background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ztophoiuY2Z3" style="text-align: right; background-color: #cceeff; height: 15px; box-shadow: none;">—</td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td style="background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;">$</td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zc5aZxfcXFvk" style="text-align: right; background-color: #cceeff; height: 15px; box-shadow: none;">—</td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: justify; padding-bottom: 1pt; height: 16px; box-shadow: none;">Forfeited and canceled</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; height: 16px; border-bottom-color: black !important; box-shadow: none;"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBw0s08VO2ph" style="text-align: right; border-bottom-width: 1pt; border-bottom-style: solid; height: 16px; border-bottom-color: black !important; box-shadow: none;">(188</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zYkrG01BgNOg" style="text-align: right; height: 16px; box-shadow: none;">1.07</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: justify; padding-bottom: 2.5pt; background-color: #cceeff; height: 16px; box-shadow: none;">Outstanding as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z1pIRmoHVQQg" style="text-align: right; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 16px; box-shadow: none;">800</td> <td style="padding-bottom: 2.5pt; text-align: left; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zcmUGItsl0qj" style="text-align: right; background-color: #cceeff; height: 16px; box-shadow: none;">1.15</td> <td style="padding-bottom: 2.5pt; text-align: left; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> During the years ended December 31, 2025 and 2024, the Company granted <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee_pid_uShares_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zrQB5QoOC2Pk">292,500 and 292,500 RSUs, respectively, subject to market conditions which required our stock price to exceed $<span id="xdx_900_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1_iI_pid_uUSDPShares_c20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOhHMZVWcSZ9" title="Options exercisable (in dollars per share)">3.15 per share for three consecutive days in the four years from grant date for the RSUs to vest. Upon achievement of the market condition, one-third of the award will vest, and thereafter, one-third of the award will vest on the first and second anniversary of the achievement date, subject to the recipient’s continued service through each applicable vesting date. Stock-Based Compensation Expense <div id="fo72af9f222ee746e0be73dc55e82772b6"> <p id="xdx_89D_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zuFmQdKlrUl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;">The following table summarizes total stock-based compensation expense for stock options and RSUs, which is included in the statements of operations (in thousands). <table cellpadding="0" cellspacing="0" style="height: 71px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.25in;"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 10px; border-bottom-color: black !important; box-shadow: none;">Year Ended December 31,</td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; border-bottom-color: black !important; box-shadow: none;">2025</td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; border-bottom-color: black !important; box-shadow: none;">2024</td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 68%;">Research and development</td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;">$</td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zeObiswLzpRj" style="text-align: right; height: 15px; box-shadow: none; width: 13%;">833</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;">$</td> <td id="xdx_986_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zbeRt4FTGX52" style="text-align: right; height: 15px; box-shadow: none; width: 13%;">1,001</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">General and administrative</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;"> </td> <td id="xdx_982_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zURiv2eTHBfj" style="text-align: right; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;">651</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;"> </td> <td id="xdx_98E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zwAWRq5UEBp5" style="text-align: right; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;">609</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Total stock-based compensation expense</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">$</td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231_zSsgADCNEhQe" style="text-align: right; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">1,484</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231_zAEu7R9Ci34g" style="text-align: right; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">1,610</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> As of December 31, 2025, there was $<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20231231__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zR3K9ZjzZHSf" title="Unrecognized compensation cost">2.0 million of total unrecognized stock-based compensation expense related to outstanding stock options that will be recognized over a weighted average period of <span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dxL_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zyjn1nRq753a" title="Weighted average period (in years)::XDX::P1Y2M12D">1.5 years. As of December 31, 2025, there was $<span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z06khya0u7Ud" title="Unrecognized compensation cost">0.2 million of total unrecognized compensation expense related to outstanding RSUs that will be recognized over a weighted average period of <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dxL_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z7lVDKMZ6D74" title="Weighted average period (in years)::XDX::P0Y1M6D">1.4 years. Fair Value Assumptions Stock Options (Service Vesting) <div id="fo6ab63305cd4e4c679793ff954bbe0d74"> <p id="xdx_898_ecustom--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodTableTextBlock_zadq4clprso4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> The weighted-average grant-date fair value of options granted during the year ended December 31, 2025 and 2024 were $0.92 and $1.26, respectively. The assumptions used in the Black-Scholes model for stock options are as follows: <table border="0" cellpadding="0" cellspacing="0" style="height: 75px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.25in;"> <tbody> <tr style="height: 15px;"> <td style="vertical-align: middle; height: 15px; box-shadow: none; width: 65.9443%;"> </td> <td style="font-weight: bold; vertical-align: middle; text-align: center; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: black !important; width: 15.9959%;">2025</td> <td style="vertical-align: bottom; text-align: center; height: 15px; box-shadow: none; width: 1.03199%;"> </td> <td style="font-weight: bold; vertical-align: middle; text-align: center; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: black !important; width: 15.9959%;">2024</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: black !important; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 65.9443%;">Risk-free interest rate</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zrVyI2wxX7h2" title="Risk-free interest rate">3.81% to <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_z9TC14Vs8uJe" title="Risk-free interest rate">4.39%</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zec0cOVOfEF4" title="Risk-free interest rate">3.79% – <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_z2UARH1Ja8Vf" title="Risk-free interest rate">5.53%</td> <td style="text-align: center; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 65.9443%;">Expected dividend yield</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;">—%</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;">—%</td> <td style="text-align: center; box-shadow: none; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 65.9443%;">Expected volatility</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;">100%</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;">100%</td> <td style="text-align: center; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 65.9443%;">Expected term</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zufPMDCxUa3g" title="Expected term::XDX::P4Y">5.25-<span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_znYjPks8oNY2" title="Expected term::XDX::P6Y2M12D">6.08 years</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_z36XRQzXgN0c" title="Expected term::XDX::P4Y2M30D">5.04-<span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_zV4bkNBawPL1" title="Expected term::XDX::P6Y0M29D">6.08 years</td> <td style="text-align: center; box-shadow: none; width: 1.03199%;"> </td> </tr> </tbody> </table> </div> <div style="margin: 0pt 0pt 0pt; text-indent: 0pt;"> </div> <div style="margin: 0pt 0pt 0pt; text-indent: 0pt; font: 10pt 'Times New Roman', Times, serif;">Restricted Stock Units (RSUs)</div> <div id="fs_7BF8ZUNTGG00000000000000000000B" style="margin: 0pt 0pt 0pt; text-indent: 0pt;"> The assumptions used to estimate the fair value of the performance-based restricted stock units granted during the years ended December 31, 2025 and 2024 and valued using a Monte Carlo simulation were as follows: <div style="border-left: none; border-right: none;"> <div id="t_ft_SCA5Q1NNO000000000000000000000b"> <table border="0" cellpadding="0" cellspacing="0" style="height: 96px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td colspan="3" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> Year Ended December 31, </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> 2025 </td> <td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> 2024 </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 10px; background-color: #cceeff;"> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> RSUs Granted </td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 292,500 </td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="background: #cceeff; padding: 0px; height: 10px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> 292,500 </td> <td style="background: #cceeff; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 10px;"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none; width: 66%;" valign="bottom"> Valuation date stock price </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none; width: 16%;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$1.03 </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none; width: 1%;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; width: 16%;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$1.81 </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px; width: 1%;"> </td> </tr> <tr style="height: 12px; background-color: #cceeff;"> <td style="background: #cceeff; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> Risk-free interest rate </td> <td style="background: #cceeff; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 3.99% </td> <td style="background: #cceeff; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="background: #cceeff; padding: 0px; height: 12px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 4.53% </td> <td style="background: #cceeff; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 12px;"> </td> </tr> <tr style="height: 17px;"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;"><span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Expected divided yield </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;">0%</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;">0%</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 17px;"> </td> </tr> <tr style="height: 10px; background-color: #cceeff;"> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;">Expected volatility</td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;">100%</td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;"> </td> <td style="background: #cceeff; padding: 0px; height: 10px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;">100%</td> <td style="background: #cceeff; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 17px;"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;">Simulation term</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;">4 years</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;">4 y<span style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">ears</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 17px;"> </td> </tr> </tbody> </table> </div> </div> </div> The steps involved in utilizing the Monte Carlo simulation in order to value the performance-based RSUs included the following: <div> </div> 1. Projection of the Company’s Common Stock Value. The performance-based RSUs were measured based on the Company’s underlying common stock value over the performance period (four years following the Valuation Date). Additionally, the Company considered the two-year vesting period following achievement of the performance condition. Accordingly, the Company’s common stock value was simulated over a six-year period to capture iterations through which the performance condition was satisfied on the Performance Period End Date. The analysis involved projecting the Company’s common stock value starting with its current common stock value. The forecasted stock price was based on the Geometric Brownian motion (“GBM”), and the Monte Carlo simulation generated random variables using the GBM to forecast our stock price on a daily basis over the specified period assuming 252 trading days per year. The Monte Carlo simulation for the PSO utilized the following assumptions: <div id="t_ft_MUCFECXJPC00000000000000000000b" style="margin: 0pt 0pt 8pt; text-indent: 0pt;"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 0.5in; box-shadow: none;"> </td> <td style="width: 0.5in; text-align: center; box-shadow: none;">●</td> <td style="padding: 0px 0px 0px 23px; box-shadow: none;"> Beginning Stock Price. As of the Valuation Date, the Company is a publicly traded company with an observable share price. Therefore, the publicly traded share price as of the Valuation Date was utilized as the beginning stock value. </td> </tr> </tbody> </table> </div> <div id="t_ft_CJI9RS0Z8000000000000000000000b" style="margin: 0pt 0pt 8pt; text-indent: 0pt;"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 0.5in; box-shadow: none;"> </td> <td style="width: 0.5in; text-align: center; box-shadow: none;">●</td> <td style="padding: 0px 0px 0px 23px; box-shadow: none;"> Drift Rate. In determining the value of the instrument in the risk-neutral framework, risk free rates were estimated based on the applicable treasury rate for the projection period. For each simulation, the term of the risk-free rate was based on the term from the Valuation Date through the latest date on which the award could vest (i.e., two years following the Performance Period End Date). Please note that, for the purposes of calculating the service period associated with the Subject Interest, the Company's cost of equity was utilized as the drift rate. </td> </tr> </tbody> </table> </div> <div id="t_ft_2J6PULDI0G00000000000000000000b" style="margin: 0pt 0pt 8pt; text-indent: 0pt;"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 0.5in; box-shadow: none;"> </td> <td style="width: 0.5in; text-align: center; box-shadow: none;">●</td> <td style="padding: 0px 0px 0px 23px; box-shadow: none;">Volatility. The total equity volatility (standard deviation) was based on a total equity volatility analysis.</td> </tr> </tbody> </table> </div> <div id="t_ft_BYL7TPQIKW00000000000000000000b" style="margin: 0pt 0pt 8pt; text-indent: 0pt;"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 0.5in; box-shadow: none;"> </td> <td style="text-align: center; width: 0.5in; box-shadow: none;">●</td> <td style="padding: 0px 0px 0px 23px; box-shadow: none;">Period. The period was measured as the number of years from the Valuation Date through the latest date on which the award could vest.</td> </tr> </tbody> </table> </div> <div id="t_ft_TLV4V03EM800000000000000000000b" style="margin: 0pt 0pt 0pt; text-indent: 0pt;"> <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; width: 100%;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 0.5in; box-shadow: none;"> </td> <td style="width: 0.5in; text-align: center; box-shadow: none;">●</td> <td style="padding: 0px 0px 0px 23px; box-shadow: none;">Dividends. The Company has not historically paid dividends nor do we expect to pay dividends going forward. As such, no dividends were considered in the analysis.</td> </tr> </tbody> </table> </div> 2. Consideration of the Performance-Vesting Schedule. As previously discussed, the Company's publicly traded common share price must equal or exceed the Stock Price Hurdle amount of $3.15 over a three-consecutive-trading-day rolling period on or before the Performance Period End Date. If such performance condition is achieved, one-third of the award shall vest on the Hurdle Achievement Date, one-third of the award shall vest one year following the Hurdle Achievement Date, and one-third of the award shall vest two years following the Hurdle Achievement Date. 3. Performance-Based RSU Value Conclusion. <span style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; color: #171717; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The proceeds from the vesting of common shares were then discounted to the Valuation Date using the applicable risk-free rate, which is consistent with the assumption utilized to project stock prices in the Monte Carlo simulation. For the purposes of calculating the weighted service period associated with the Subject Interest, a separate simulation was performed using the Company’s cost of equity as the drift rate. The service period was then determined based on the median Hurdle Achievement Date.

10033333

503839

P4Y

P10Y

A summary of stock option activity is presented below (in thousands, except per share and contractual life data). <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 274px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Weighted</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Weighted</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Average</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Average</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Remaining</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td colspan="2" style="height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Exercise</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Contractual</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Number of</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Price</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Life</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 17px;"> <td style="height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">Per Share</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 17px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">(in Years)</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 17px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="width: 61%; height: 16px; box-shadow: none; background-color: #cceeff;">Options outstanding at December 31, 2023</td> <td style="width: 1%; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_za3pri9f8d6d" style="width: 10%; text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6,091</td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pip0_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQo2T6klCcDf" style="width: 10%; text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">2.60</td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6.96 </td> <td style="width: 1%; text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Granted</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zvzLzJBvnLBi" style="text-align: right; height: 16px; box-shadow: none;">1,093</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zSk4DN95xkY7" style="text-align: right; height: 16px; box-shadow: none;">1.57</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="height: 16px; box-shadow: none; background-color: #cceeff;">Exercised</td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pn3n3_di_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMOsZfUn4p6f" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"></td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUaNlR94a7h2" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Forfeited or expired</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pn3n3_di_uShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9Ta8OhpDvC7" style="text-align: right; height: 16px; box-shadow: none;">(375</td> <td style="text-align: left; height: 16px; box-shadow: none;">)</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zG68z0obUO9a" style="text-align: right; height: 16px; box-shadow: none;">1.19</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="height: 16px; box-shadow: none; background-color: #cceeff;">Options outstanding at December 31, 2024</td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zvxFHYHkn6y" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6,809</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pip0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJkkXXkIG3lj" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">2.52</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">6.55 </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;">Granted</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ztWswWsTLtK4" style="text-align: right; height: 16px; box-shadow: none;">1,881</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOeX3PI8S6Rh" style="text-align: right; height: 16px; box-shadow: none;">1.14</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px; background-color: #cceeff;"> <td style="height: 16px; box-shadow: none; background-color: #cceeff;">Exercised</td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_pn3n3_di_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQvmDnN3T4rh" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"></td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zd5HH8xaMaCf" style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;">—</td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; padding-bottom: 1pt; height: 16px; box-shadow: none;">Forfeited or expired</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pn3n3_di_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgm1JqUluxa6" style="text-align: right; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; box-shadow: none;">(324</td> <td style="padding: 0px 0px 0.5px; height: 16px; box-shadow: none; text-align: left;">)</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pip0_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zABwL8Bsjv53" style="text-align: right; height: 16px; box-shadow: none;">1.78</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 17px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;">Options outstanding, vested and expected to vest as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; border-bottom: 2.8pt double #000000; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zHoGElP3YBGj" style="text-align: right; height: 17px; border-bottom: 2.8pt double #000000; box-shadow: none; background-color: #cceeff;">8,366</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;">$</td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pip0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5mfYEgkY5ej" style="text-align: right; height: 17px; box-shadow: none; background-color: #cceeff;">2.23</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> <td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dxL_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zbHivuMcd9d7" style="text-align: right; height: 17px; box-shadow: none; background-color: #cceeff;">6.09</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 17px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;">Options exercisable as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zX6kQQeMMV78" style="text-align: right; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">5,830</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pip0_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjBgNn02r6Cj" style="text-align: right; height: 16px; box-shadow: none;">2.65</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dxL_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zk1QMRYtnhT9" style="text-align: right; height: 16px; box-shadow: none;">4.95</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table>

6091000

2.6

P6Y11M15D

1093000

1.57

375000

1.19

6809000

2.52

P6Y6M18D

1881000

1.14

324000

1.78

8366000

2.23

P6Y1M2D

5830000

2.65

P4Y11M12D

400000

<p id="xdx_895_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zZpZM5qR32s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;">A summary of restricted stock activity and related information (in thousands, except per share data): <table cellpadding="0" cellspacing="0" style="height: 117px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.25in;"> <tbody> <tr style="vertical-align: bottom; height: 38px;"> <td style="text-align: justify; padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td colspan="2" style="text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 38px; box-shadow: none; border-bottom-color: black !important;"> Number of Shares </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> <td colspan="2" style="text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 38px; box-shadow: none; border-bottom-color: black !important;"> Weighted Average Grant Date Fair Value Per Share </td> <td style="padding-bottom: 1pt; height: 38px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: justify; background-color: #cceeff; height: 16px; box-shadow: none; width: 74%;">Outstanding as of December 31, 2024</td> <td style="background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW3fB4v2oU09" style="text-align: right; background-color: #cceeff; height: 16px; box-shadow: none; width: 10%;">695</td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;">$</td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIHeQgNSKH45" style="text-align: right; background-color: #cceeff; height: 16px; box-shadow: none; width: 10%;">1.25</td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: justify; height: 16px; box-shadow: none;">Granted</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlUZJcbEqk2f" style="text-align: right; height: 16px; box-shadow: none;">293</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOA1jpmlxO34" style="text-align: right; height: 16px; box-shadow: none;">0.87</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: justify; background-color: #cceeff; height: 15px; box-shadow: none;">Vested and released</td> <td style="background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ztophoiuY2Z3" style="text-align: right; background-color: #cceeff; height: 15px; box-shadow: none;">—</td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td style="background-color: #cceeff; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;">$</td> <td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zc5aZxfcXFvk" style="text-align: right; background-color: #cceeff; height: 15px; box-shadow: none;">—</td> <td style="text-align: left; background-color: #cceeff; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: justify; padding-bottom: 1pt; height: 16px; box-shadow: none;">Forfeited and canceled</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; height: 16px; border-bottom-color: black !important; box-shadow: none;"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBw0s08VO2ph" style="text-align: right; border-bottom-width: 1pt; border-bottom-style: solid; height: 16px; border-bottom-color: black !important; box-shadow: none;">(188</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;">$</td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zYkrG01BgNOg" style="text-align: right; height: 16px; box-shadow: none;">1.07</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: justify; padding-bottom: 2.5pt; background-color: #cceeff; height: 16px; box-shadow: none;">Outstanding as of December 31, 2025</td> <td style="padding-bottom: 2.5pt; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pn3n3_uShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z1pIRmoHVQQg" style="text-align: right; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 16px; box-shadow: none;">800</td> <td style="padding-bottom: 2.5pt; text-align: left; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; background-color: #cceeff; height: 16px; box-shadow: none;">$</td> <td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zcmUGItsl0qj" style="text-align: right; background-color: #cceeff; height: 16px; box-shadow: none;">1.15</td> <td style="padding-bottom: 2.5pt; text-align: left; background-color: #cceeff; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table>

695000

1.25

293000

0.87

188000

1.07

800000

1.15

292500

3.15 3

P4Y

<p id="xdx_89D_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zuFmQdKlrUl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;">The following table summarizes total stock-based compensation expense for stock options and RSUs, which is included in the statements of operations (in thousands). <table cellpadding="0" cellspacing="0" style="height: 71px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.25in;"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 10px; border-bottom-color: black !important; box-shadow: none;">Year Ended December 31,</td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; border-bottom-color: black !important; box-shadow: none;">2025</td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; border-bottom-color: black !important; box-shadow: none;">2024</td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 68%;">Research and development</td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;">$</td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zeObiswLzpRj" style="text-align: right; height: 15px; box-shadow: none; width: 13%;">833</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;">$</td> <td id="xdx_986_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zbeRt4FTGX52" style="text-align: right; height: 15px; box-shadow: none; width: 13%;">1,001</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">General and administrative</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;"> </td> <td id="xdx_982_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zURiv2eTHBfj" style="text-align: right; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;">651</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;"> </td> <td id="xdx_98E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zwAWRq5UEBp5" style="text-align: right; border-bottom-width: 1pt; border-bottom-style: solid; height: 15px; box-shadow: none; border-bottom-color: black !important;">609</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Total stock-based compensation expense</td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">$</td> <td id="xdx_987_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231_zSsgADCNEhQe" style="text-align: right; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">1,484</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231_zAEu7R9Ci34g" style="text-align: right; height: 16px; border-bottom: 2.8pt double #000000; box-shadow: none;">1,610</td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> </tbody> </table>

833000

1001000

651000

609000

1484000

1610000

2000000

P1Y6M

200000

P1Y4M24D

<p id="xdx_898_ecustom--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodTableTextBlock_zadq4clprso4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in;"> The weighted-average grant-date fair value of options granted during the year ended December 31, 2025 and 2024 were $0.92 and $1.26, respectively. The assumptions used in the Black-Scholes model for stock options are as follows: <table border="0" cellpadding="0" cellspacing="0" style="height: 75px; width: 80%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: 0.25in;"> <tbody> <tr style="height: 15px;"> <td style="vertical-align: middle; height: 15px; box-shadow: none; width: 65.9443%;"> </td> <td style="font-weight: bold; vertical-align: middle; text-align: center; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: black !important; width: 15.9959%;">2025</td> <td style="vertical-align: bottom; text-align: center; height: 15px; box-shadow: none; width: 1.03199%;"> </td> <td style="font-weight: bold; vertical-align: middle; text-align: center; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: black !important; width: 15.9959%;">2024</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: black !important; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 65.9443%;">Risk-free interest rate</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zrVyI2wxX7h2" title="Risk-free interest rate">3.81% to <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_z9TC14Vs8uJe" title="Risk-free interest rate">4.39%</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zec0cOVOfEF4" title="Risk-free interest rate">3.79% – <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_z2UARH1Ja8Vf" title="Risk-free interest rate">5.53%</td> <td style="text-align: center; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 65.9443%;">Expected dividend yield</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;">—%</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;">—%</td> <td style="text-align: center; box-shadow: none; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px; background-color: #cceeff;"> <td style="height: 15px; background-color: #cceeff; box-shadow: none; width: 65.9443%;">Expected volatility</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;">100%</td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; background-color: #cceeff; box-shadow: none; width: 15.9959%;">100%</td> <td style="text-align: center; background-color: #cceeff; box-shadow: none; width: 1.03199%;"> </td> </tr> <tr style="vertical-align: middle; height: 15px;"> <td style="height: 15px; box-shadow: none; width: 65.9443%;">Expected term</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zufPMDCxUa3g" title="Expected term::XDX::P4Y">5.25-<span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_znYjPks8oNY2" title="Expected term::XDX::P6Y2M12D">6.08 years</td> <td style="text-align: center; height: 15px; box-shadow: none; width: 1.03199%;"> </td> <td style="text-align: center; height: 15px; box-shadow: none; width: 15.9959%;"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_z36XRQzXgN0c" title="Expected term::XDX::P4Y2M30D">5.04-<span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_zV4bkNBawPL1" title="Expected term::XDX::P6Y0M29D">6.08 years</td> <td style="text-align: center; box-shadow: none; width: 1.03199%;"> </td> </tr> </tbody> </table>

0.92

1.26

0.0381

0.0439

0.0379

0.0553

P5Y3M

P6Y29D

P5Y14D

P6Y29D

The assumptions used to estimate the fair value of the performance-based restricted stock units granted during the years ended December 31, 2025 and 2024 and valued using a Monte Carlo simulation were as follows: <div style="border-left: none; border-right: none;"> <div id="t_ft_SCA5Q1NNO000000000000000000000b"> <table border="0" cellpadding="0" cellspacing="0" style="height: 96px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;" width="100%"> <tbody> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td colspan="3" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> Year Ended December 31, </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 10px;"> <td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> 2025 </td> <td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> 2024 </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 10px; background-color: #cceeff;"> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> RSUs Granted </td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 292,500 </td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="background: #cceeff; padding: 0px; height: 10px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> 292,500 </td> <td style="background: #cceeff; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 10px;"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none; width: 66%;" valign="bottom"> Valuation date stock price </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none; width: 16%;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$1.03 </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none; width: 1%;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 10px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; width: 16%;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$1.81 </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px; width: 1%;"> </td> </tr> <tr style="height: 12px; background-color: #cceeff;"> <td style="background: #cceeff; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> Risk-free interest rate </td> <td style="background: #cceeff; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 3.99% </td> <td style="background: #cceeff; padding: 0px; height: 12px; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> </td> <td style="background: #cceeff; padding: 0px; height: 12px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;" valign="bottom"> <span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 4.53% </td> <td style="background: #cceeff; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 12px;"> </td> </tr> <tr style="height: 17px;"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;"><span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Expected divided yield </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;">0%</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;">0%</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 17px;"> </td> </tr> <tr style="height: 10px; background-color: #cceeff;"> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;">Expected volatility</td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;">100%</td> <td style="background: #cceeff; padding: 0px; height: 10px; margin: 0px; text-indent: 0px; box-shadow: none;"> </td> <td style="background: #cceeff; padding: 0px; height: 10px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;">100%</td> <td style="background: #cceeff; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 10px;"> </td> </tr> <tr style="height: 17px;"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;">Simulation term</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; text-align: center; box-shadow: none;">4 years</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; margin: 0px; text-indent: 0px; box-shadow: none;"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 17px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none;">4 y<span style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">ears</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; text-align: center; margin: 0px; text-indent: 0px; box-shadow: none; height: 17px;"> </td> </tr> </tbody> </table> </div> </div>

292500

1.03

1.81

0.0399

0.0453

P4Y

252

3.15 3

11. Income Taxes Due to the net losses in 2025 and 2024, the provision for income taxes consists only of minimum California franchise taxes presented in general and administrative expenses. <div id="fs_G097OZAQGG00000000000000000000B"> The loss from operations before income tax for the years ended December 31, 2025 and 2024 are as follows (in thousands): <div id="t_ft_3IS49PRPSG00000000000000000000b"> <table style="width: 100%; margin: 0px; border-collapse: collapse; height: 98px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"> <tbody> <tr style="height: 10px;"> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 17px;"> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="text-align: center; box-shadow: none; vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">December 31,</td> <td style="box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 10px;"> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; box-shadow: none; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">2025</td> <td style="text-align: center; box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; box-shadow: none; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">2024</td> <td style="box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 17px; background-color: #cceeff;"> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Pre-Tax Loss</td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 10px;"> <td style="width: 74%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Domestic</td> <td style="width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="width: 1%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">$</td> <td style="width: 10%; text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(24,910</td> <td style="width: 1%; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> <td style="width: 1%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="width: 1%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">$</td> <td style="width: 10%; text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(22,450</td> <td style="width: 1%; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 17px; background-color: #cceeff;"> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Foreign </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(1,699</td> <td style="box-shadow: none; padding: 0px 0px 0.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(1,037</td> <td style="box-shadow: none; padding: 0px 0px 0.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 17px;"> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Total</td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">$</td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">(26,609</td> <td style="box-shadow: none; padding: 0px 0px 1.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">$</td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">(23,487</td> <td style="box-shadow: none; padding: 0px 0px 1.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> </tr> </tbody> </table> </div> </div> <div style="border-left: none; border-right: none;"> <div id="fs_R19JQLYVSG00000000000000000000B"> The components of the income tax provision as for the year ended December 31, 2025 and 2024 are as follows (in thousands): <div id="t_ft_3PF49D1HZ400000000000000000000b"> <table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 130px; font-family: 'times new roman'; font-size: 10pt;"> <tbody> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td colspan="6" style="box-shadow: none; width: 24%; text-align: center; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">December 31,</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;"></td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> <td colspan="2" style="box-shadow: none; width: 11%; text-align: center; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">2025</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> <td colspan="2" style="box-shadow: none; width: 11%; text-align: center; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">2024</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 10px;"> <td style="box-shadow: none; width: 74%; background-color: #cceeff; margin-left: 0.1px; height: 10px;">Income Tax Provision</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;">Federal</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; background-color: #cceeff; margin-left: 0.1px; height: 15px;">Foreign</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;">State</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"> </td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"> </td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">2</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;">Total</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> </tbody> </table> </div> </div> </div> On July 4, 2025, the 2025 budget reconciliation bill, officially known as the One Big Beautiful Bill Act of 2025 (the “Act”), was enacted into law. The Act includes a broad range of tax reforms such as deductions for domestic research and development expenditures and federal bonus depreciation. The Company has evaluated the provisions of the Act and determined that, because it maintains a full valuation allowance against its deferred tax assets, the Act does not have a material impact on the Company’s condensed consolidated financial statements or effective tax rate. <div id="fobda54c6b43f24f309d0607caf5be6d03"> The components of deferred income assets and liabilities as of December 31, 2025 and 2024 are as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 319px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td id="xdx_492_20231231_zGB0i75kRlUg" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td colspan="2" id="xdx_498_20221231_zlQDHO3CHDtl" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">December 31,</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="font-weight: bold; text-align: left; height: 15px; box-shadow: none;">Deferred Tax:</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves_iI_pn3n3_zRy1eW5MBpzj" style="vertical-align: bottom; height: 15px;"> <td style="width: 74%; text-align: left; height: 15px; box-shadow: none;">Accruals and reserves</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">493</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">523</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsCapitalLossCarryforwards_iI_pn3n3_ziGffJAJYylc" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Capitalized R&E §174</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">—</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">6,722</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsRegulatoryAssetsAndLiabilities_iI_pn3n3_zNc6fJbtgk4g" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Lease ROU</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">455</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">379</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_z9ShI2DPS0ea" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Stock compensation</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">2,407</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">1,992</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_ztFF4pvFlBt7" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Net operating loss</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">65,351</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">52,588</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_pn3n3_z5ehlQkX0WJ3" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">R&D credit</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">9,261</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">9,459</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsGross_iI_pn3n3_zhx5BLwZgRc" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Gross deferred tax assets</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">77,967</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">71,663</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_403_eus-gaap--DeferredTaxLiabilitiesInvestmentInNoncontrolledAffiliates_iNI_pn3n3_di_zbrzdhCa8eJc" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Investment in subsidiary</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">(1,924</td> <td style="text-align: left; height: 15px; box-shadow: none;">)</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">(1,924</td> <td style="text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr id="xdx_40F_eus-gaap--DeferredRevenueLeasesAccumulatedAmortization_iNI_pn3n3_di_zhhFEWMFDbae" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(216</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(158</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr id="xdx_400_eus-gaap--DeferredIncomeTaxLiabilities_iNI_pn3n3_di_zoI9BiulhW6f" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Gross deferred tax liabilities</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(2,140</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(2,082</td> <td style="padding-bottom: 0.5pt; text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_zeicVnGtMKcl" style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Valuation Allowance</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(75,827</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; vertical-align: bottom; box-shadow: none;" valign="bottom">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(69,581</td> <td style="padding-bottom: 0.5pt; text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxDeferredExpense_iI_pn3n3_zBHE39id6K8k" style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; height: 15px; box-shadow: none;">Total Deferred Tax Assets, Net</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_40D_eus-gaap--OperatingLossCarryforwardsValuationAllowance_iI_pn3n3_zhOa2A3hG7Sd" style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; height: 15px; box-shadow: none;">Change in Valuation Allowance for the Year Ended</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">6,246</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">8,702</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> <div id="fo5fb69b31ccc44a4380ceb0f156080c45"> The reconciliation of income tax computed at the expected U.S. federal statutory tax rate of 21% to income tax expense (benefit) and the corresponding rate from operations consist of the following (in thousands) for the year ended December 31, 2025 and 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 183px;"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 46.9027%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="14" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 51.3746%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="text-align: center; height: 10px; box-shadow: none; width: 46.9027%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 24.5074%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 1.76991%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 24.0649%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: center; height: 15px; box-shadow: none; width: 46.9027%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.76991%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="width: 46.9027%; text-align: left; padding: 0px 0px 1px; height: 10px; box-shadow: none; background-color: #cceeff;">Pre-tax loss</td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td id="xdx_98F_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20230101__20231231_fKGEp_zhIFuC6iTgSd" style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">(26,609</td> <td style="width: 1.47493%; padding: 0px 0px 1.5px; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">)</td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1.76991%; padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td id="xdx_98D_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20220101__20221231_fKGEp_zLKBKzh6yW57" style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">(23,487</td> <td style="width: 1.03245%; padding: 0px 0px 1.5px; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">)</td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1.76991%; padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none; width: 46.9027%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.76991%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">Federal tax (benefit) at statutory rate</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;">$</td> <td id="xdx_98C_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20230101__20231231_zt1ht97xdRhb" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">(5,588</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.47493%;">)</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zfq3SwMwYqU8" style="line-height: inherit; font-family: 'times new roman', times;" title="Federal tax (benefit) at statutory rate (percent)">21.0</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;">$</td> <td id="xdx_982_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20220101__20221231_z8RhwcftPr59" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">(4,932</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;">)</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231_zwr4GpEi5jFd" style="line-height: inherit; font-family: 'times new roman', times;" title="Federal tax (benefit) at statutory rate (percent)">21.0</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 46.9027%;">State tax (benefit), net of federal tax benefit *</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_981_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_c20230101__20231231_zgPmm4ipullg" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">—</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.47493%;"></td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20230101__20231231_zuvLAJvjlokf" style="line-height: inherit; font-family: 'times new roman', times;" title="State tax (benefit), net of federal tax benefit (percent)">—</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98C_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_c20220101__20221231_zNdl9MTOfg6e" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">2</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.03245%;"></td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20220101__20221231_zqCQi8s24d09" style="line-height: inherit; font-family: 'times new roman', times;" title="State tax (benefit), net of federal tax benefit (percent)">—</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">R&D tax credit from current year</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_986_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn3n3_c20230101__20231231_zxrlaDZd4eKi" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">384</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.47493%;"></td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20230101__20231231_zDPJs38wbrM5" style="line-height: inherit; font-family: 'times new roman', times;" title="R&D tax credit from current year (percent)">(1.4)</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_988_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn3n3_c20220101__20221231_ze5Yhmxow93j" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">(1,911</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;">)</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20220101__20221231_zUrTrsBLa5Sg" style="line-height: inherit; font-family: 'times new roman', times;" title="R&D tax credit from current year (percent)">8.1</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 46.9027%;">Non Deductible Items</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_982_eus-gaap--IncomeTaxReconciliationMinorityInterestIncomeExpense_pn3n3_c20230101__20231231_zp6VEgtvbPLk" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">12</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense_pid_dp_uPure_c20230101__20231231_z4S9p3aD52j" style="line-height: inherit; font-family: 'times new roman', times;" title="Impact on effective rate of loss eliminated in consolidation (percent)">(0.1)</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98F_eus-gaap--IncomeTaxReconciliationMinorityInterestIncomeExpense_pn3n3_c20220101__20221231_zURGkFtaHCvl" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">14</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.03245%;"></td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense_pid_dp_uPure_c20220101__20221231_zCZugICSd1N4" style="line-height: inherit; font-family: 'times new roman', times;" title="Impact on effective rate of loss eliminated in consolidation (percent)">(0.1)</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> </tr> <tr style="height: 16px; background-color: #cceeff;"> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 46.9027%;">Foreign Tax Effects **</td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">357</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.47493%;"> </td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">(1.3)</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.76991%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">218</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">(0.9)</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.76991%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</td> </tr> <tr style="height: 16px;"> <td style="text-align: left; box-shadow: none; height: 16px; width: 46.9027%;"> Changes in unrecognized tax benefits </td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.47493%;"> </td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.76991%;">%</td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">Other</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_988_eus-gaap--IncomeTaxReconciliationTaxContingenciesOther_pn3n3_c20230101__20231231_z4R5qEQunaTj" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;">(4</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.47493%;">)</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsOther_pid_dp_uPure_c20230101__20231231_zSwyJCgves6j" style="line-height: inherit; font-family: 'times new roman', times;" title="Other (percent)">—</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_984_eus-gaap--IncomeTaxReconciliationTaxContingenciesOther_pn3n3_c20220101__20221231_z48dF0ZLk3uf" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;">(42</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;">)</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsOther_pid_dp_uPure_c20220101__20221231_zLx4l3YJQyG" style="line-height: inherit; font-family: 'times new roman', times;" title="Other percent">0.2</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="text-align: left; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 46.9027%;">Change in valuation allowance</td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td id="xdx_982_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20230101__20231231_zSGLqZGU4igl" style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">4,839</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20230101__20231231_zdYh2eYv6lbf" style="line-height: inherit; font-family: 'times new roman', times;" title="Change in valuation allowance (percent)">(18.2)</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.76991%;">%</td> <td style="height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"> </td> <td id="xdx_985_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20220101__20221231_zaw6h6Th9JB9" style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">6,653</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20220101__20221231_zt5EbcIA3m6e" style="line-height: inherit; font-family: 'times new roman', times;" title="Change in valuation allowance (percent)">(28.3)</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">Total provision for income taxes</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20230101__20231231_zh1uKGKWrcq9" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.47493%;"> </td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231_zxtvuenSmCB7" style="line-height: inherit; font-family: 'times new roman', times;" title="Total provision for income taxes (percent)">—</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"> </td> <td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20220101__20221231_zuezAPUohlK7" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20221231_zgLBnWDZfUkk" style="line-height: inherit; font-family: 'times new roman', times;" title="Total provision for income taxes (percent)">—</td> <td style="text-align: left; padding-bottom: 2pt; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> </tbody> </table> * State taxes in California comprised the majority (greater than 50 percent) of the tax effect in this category ** Foreign tax in Switzerland comprised the majority (greater than 50 percent) of the tax effect in this category </div> Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this evaluation, as of December 31, 2025 and 2024, a full valuation allowance has been recorded because deferred tax assets have been assessed to be less than “more likely than not” to be realized. <div id="fo22c4a3d0623b4021b9fbb8fee7386828" style="line-height: 1.2;"> As of December 31, 2025, we had federal and apportioned state net operating loss (“NOL”) and federal and state R&D credit carry-forwards available to offset future taxable income and income taxes as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 141px;"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" id="xdx_49A_20231231_zMHjNJDdZgic" style="white-space: nowrap; font-weight: bold; text-align: center; height: 10px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; vertical-align: bottom;" valign="bottom"> December 31, 2025 </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_iI_pn3n3_zfRl0Yn34PO5" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Pre TCJA (Tax Cuts and Jobs Acts of 2017) period federal NOL carry-forward, begin expiring 2030</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">47,353</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration_iI_pn3n3_zsWm2Krl0cti" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding: 0px 0px 1px; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Post TCJA period federal NOL carry-forward, with no carry-forward limitation</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; vertical-align: bottom;" valign="bottom">206,727</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_ziw34Z7MKf5k" style="vertical-align: bottom; background-color: #cceeff; height: 10px;"> <td style="text-align: left; padding: 0px; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom">Total federal NOL carry-forward</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 10px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 10px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">254,080</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; width: 87%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 16px; width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 16px; width: 10%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsStateTaxes_iI_pn3n3_zGEuwEhV2jH8" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> State NOL carry-forward, begin expiring 2030</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">167,590</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals_iI_pn3n3_zHLlbo8OovKf" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Federal R&D tax credit carry-forward, begin expiring in 2036</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">4,428</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseOther_iI_pn3n3_zYc9tMWen8K8" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">State R&D carry-forward, no expiration date</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">9,048</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> Reserve for uncertain income tax positions</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Nil </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> </tbody> </table> </div> As of December 31, 2025, the Company has Federal and California research and development credit carryforwards of $4.4 million and $9.0 million, respectively. The Federal research and development credit carryforwards will expire beginning in 2036 if not utilized. The California research and development credits have no expiration date. Under recently enacted U.S. tax legislation, although the treatment of tax losses generated in taxable years ending before December 31, 2017, has generally not changed, tax losses generated in taxable years beginning after December 31, 2017, may only be utilized to offset 80% of taxable income annually. This change may require NPM and Legacy SSMP to pay federal income taxes in future years despite generating a loss for federal income tax purposes in prior years. To the extent that each of the tax filers continue to generate taxable losses, unused losses will carry-forward to offset future taxable income, if any, until these unused losses expire. However, the tax filers may be unable to use these losses to offset taxable income before our unused losses expire at various dates that range from 2030 through 2037 for federal net operating losses ("NOLs") generated before 2018. Federal net operating losses generated for year 2018 and forward do not expire. State net operating losses expire from 2030 through 2042. Under Section 382 of the Internal Revenue Code of 1986, as amended, or the Code, if a corporation undergoes an “ownership change,” generally defined as a greater than 50 percentage point change (by value) in its equity ownership over a three-year period, the corporation’s ability to use its pre-change NOL carry-forwards to offset its post-change taxable income may be limited. Limitations may also apply to the utilization of other pre-change tax attributes as a result of an ownership change. Second Sight Medical Products, Inc. experienced an “ownership change” within the meaning of Section 382(g) of the Code during the third quarter of 2022 as a result of the merger. The ownership change will subject its net operating loss carry-forwards to an annual limitation, which will significantly restrict its ability to use them to offset taxable income in periods following the ownership change. In general, the annual use limitation equals the aggregate value of stock at the time of the ownership change multiplied by a tax-exempt interest rate specified by the Internal Revenue Service. We have not yet fully analyzed the available information to determine the amount of the annual limitation. <div id="fo48eee52353034624b62d702f17f847d6" style="line-height: 1.2;"> The Company has the following activity relating to unrecognized tax benefits (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 117px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td id="xdx_495_20230101__20231231_zpLYYSd1vgj1" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td colspan="3" id="xdx_49F_20220101__20221231_ztqTc920eqD" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">Year Ended December 31,</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2025</td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2024</td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> </tr> <tr id="xdx_401_eus-gaap--UnrecognizedTaxBenefits_iS_zgRwX3QcT144" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="font-weight: bold; height: 15px; box-shadow: none;">Balance at beginning of year</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td style="text-align: right; height: 15px; box-shadow: none;">2,364</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td style="text-align: right; height: 15px; box-shadow: none;">1,692</td> <td style="height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_409_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_zCjyLg9a6Tob" style="vertical-align: bottom; height: 15px;"> <td style="width: 74%; text-align: left; height: 15px; box-shadow: none;">Increases based on tax positions related to the current year</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">299</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">648</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_40C_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_zZL9WmFXqs5a" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Increases based on tax positions related to prior years</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">(348</td> <td style="text-align: left; height: 15px; box-shadow: none;">)</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">24</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_400_eus-gaap--UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_zZSSD90u2mrg" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Reductions based on tax positions related to prior years</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">—</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">—</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_405_eus-gaap--UnrecognizedTaxBenefits_iE_zdFGLR6YBwVe" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="font-weight: bold; text-align: left; padding: 0px 0px 2px; height: 15px; box-shadow: none;">Balance at end of year</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2,315</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2,364</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> As of December 31, 2025, the Company had $2.3 million of unrecognized tax benefits which are comprised of federal of $0.9 million and California of $1.4 million. The Company’s unrecognized gross tax benefits would not reduce its annual effective tax rate if recognized because the Company has recorded a full valuation allowance on deferred tax assets. The Company does not foresee any material changes to its gross unrecognized tax benefit within the next 12 months. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company did not recognize any accrued interest and penalties related to gross unrecognized tax benefits related to the year ended December 31, 2025 and 2024. All years are open for examination by federal and state authorities. The Company currently has no federal or state tax examinations in progress. Beginning January 1, 2022, we are required to capitalize certain research and development expenditures in accordance with section 174 of the Internal Revenue Code, as amended by the Tax Cuts and Jobs Act of 2017, instead of previously being allowed to expense. Amortization of such capitalized expenditures are allowed over a 5-year period if incurred in the U.S. or a 15-year period if incurred outside the United States. We file income tax returns in the U.S. federal jurisdiction and various states and are subject to income tax examinations by federal tax authorities for tax years ended 2017 and later and by state authorities for tax years ended 2016 and later. We currently are not under examination by any tax authority. Our policy is to record interest and penalties on uncertain tax positions as income tax expense. As of December 31, 2025 and 2024, we have no accrued interest or penalties related to uncertain tax positions. Second Sight Switzerland, our foreign subsidiary, has not had any taxable income in the prior and current years.

The loss from operations before income tax for the years ended December 31, 2025 and 2024 are as follows (in thousands): <div id="t_ft_3IS49PRPSG00000000000000000000b"> <table style="width: 100%; margin: 0px; border-collapse: collapse; height: 98px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;"> <tbody> <tr style="height: 10px;"> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 17px;"> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="text-align: center; box-shadow: none; vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">December 31,</td> <td style="box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 10px;"> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; box-shadow: none; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">2025</td> <td style="text-align: center; box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; box-shadow: none; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">2024</td> <td style="box-shadow: none; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 17px; background-color: #cceeff;"> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Pre-Tax Loss</td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 10px;"> <td style="width: 74%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Domestic</td> <td style="width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="width: 1%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">$</td> <td style="width: 10%; text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(24,910</td> <td style="width: 1%; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> <td style="width: 1%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="width: 1%; box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">$</td> <td style="width: 10%; text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(22,450</td> <td style="width: 1%; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 17px; background-color: #cceeff;"> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Foreign </td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(1,699</td> <td style="box-shadow: none; padding: 0px 0px 0.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">(1,037</td> <td style="box-shadow: none; padding: 0px 0px 0.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 17px;"> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom">Total</td> <td style="box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">$</td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">(26,609</td> <td style="box-shadow: none; padding: 0px 0px 1.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px;" valign="bottom"> </td> <td style="box-shadow: none; vertical-align: bottom; padding: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">$</td> <td style="text-align: right; box-shadow: none; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">(23,487</td> <td style="box-shadow: none; padding: 0px 0px 1.5px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">)</td> </tr> </tbody> </table> </div>

-24910000

-22450000

-1699000

-1037000

-26609000

-23487000

The components of the income tax provision as for the year ended December 31, 2025 and 2024 are as follows (in thousands): <div id="t_ft_3PF49D1HZ400000000000000000000b"> <table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 130px; font-family: 'times new roman'; font-size: 10pt;"> <tbody> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td colspan="6" style="box-shadow: none; width: 24%; text-align: center; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">December 31,</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;"></td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> <td colspan="2" style="box-shadow: none; width: 11%; text-align: center; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">2025</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"></td> <td colspan="2" style="box-shadow: none; width: 11%; text-align: center; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">2024</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 10px;"> <td style="box-shadow: none; width: 74%; background-color: #cceeff; margin-left: 0.1px; height: 10px;">Income Tax Provision</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 10px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;">Federal</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; background-color: #cceeff; margin-left: 0.1px; height: 15px;">Foreign</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; text-align: right; margin-left: 0.1px; height: 15px;">—</td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;">State</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"> </td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"> </td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">2</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 10%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; background-color: #cceeff; margin-left: 0.1px; height: 15px;"> </td> </tr> <tr style="margin-left: 0.1px; height: 15px;"> <td style="box-shadow: none; width: 74%; margin-left: 0.1px; height: 15px;">Total</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</td> <td style="box-shadow: none; width: 10%; text-align: right; margin-left: 0.1px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2</td> <td style="box-shadow: none; width: 1%; margin-left: 0.1px; height: 15px;"> </td> </tr> </tbody> </table> </div>

2000

The components of deferred income assets and liabilities as of December 31, 2025 and 2024 are as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 319px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td id="xdx_492_20231231_zGB0i75kRlUg" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td colspan="2" id="xdx_498_20221231_zlQDHO3CHDtl" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">December 31,</td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="font-weight: bold; text-align: left; height: 15px; box-shadow: none;">Deferred Tax:</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves_iI_pn3n3_zRy1eW5MBpzj" style="vertical-align: bottom; height: 15px;"> <td style="width: 74%; text-align: left; height: 15px; box-shadow: none;">Accruals and reserves</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">493</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">523</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsCapitalLossCarryforwards_iI_pn3n3_ziGffJAJYylc" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Capitalized R&E §174</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">—</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">6,722</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsRegulatoryAssetsAndLiabilities_iI_pn3n3_zNc6fJbtgk4g" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Lease ROU</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">455</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">379</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_z9ShI2DPS0ea" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Stock compensation</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">2,407</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">1,992</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_406_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_ztFF4pvFlBt7" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Net operating loss</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">65,351</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">52,588</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_pn3n3_z5ehlQkX0WJ3" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">R&D credit</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">9,261</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">9,459</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsGross_iI_pn3n3_zhx5BLwZgRc" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Gross deferred tax assets</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">77,967</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">71,663</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_403_eus-gaap--DeferredTaxLiabilitiesInvestmentInNoncontrolledAffiliates_iNI_pn3n3_di_zbrzdhCa8eJc" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Investment in subsidiary</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">(1,924</td> <td style="text-align: left; height: 15px; box-shadow: none;">)</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">(1,924</td> <td style="text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr id="xdx_40F_eus-gaap--DeferredRevenueLeasesAccumulatedAmortization_iNI_pn3n3_di_zhhFEWMFDbae" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(216</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(158</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr id="xdx_400_eus-gaap--DeferredIncomeTaxLiabilities_iNI_pn3n3_di_zoI9BiulhW6f" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Gross deferred tax liabilities</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(2,140</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; box-shadow: none;">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(2,082</td> <td style="padding-bottom: 0.5pt; text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_zeicVnGtMKcl" style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Valuation Allowance</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(75,827</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 15px; vertical-align: bottom; box-shadow: none;" valign="bottom">)</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">(69,581</td> <td style="padding-bottom: 0.5pt; text-align: left; height: 15px; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxDeferredExpense_iI_pn3n3_zBHE39id6K8k" style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; height: 15px; box-shadow: none;">Total Deferred Tax Assets, Net</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> <td style="text-align: right; height: 16px; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_40D_eus-gaap--OperatingLossCarryforwardsValuationAllowance_iI_pn3n3_zhOa2A3hG7Sd" style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; height: 15px; box-shadow: none;">Change in Valuation Allowance for the Year Ended</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">6,246</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">8,702</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table>

493000

523000

6722000

455000

379000

2407000

1992000

65351000

52588000

9261000

9459000

77967000

71663000

1924000

216000

158000

2140000

2082000

75827000

69581000

6246000

8702000

The reconciliation of income tax computed at the expected U.S. federal statutory tax rate of 21% to income tax expense (benefit) and the corresponding rate from operations consist of the following (in thousands) for the year ended December 31, 2025 and 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 183px;"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 46.9027%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="14" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 51.3746%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="text-align: center; height: 10px; box-shadow: none; width: 46.9027%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 24.5074%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 1.76991%;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; width: 24.0649%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: center; height: 15px; box-shadow: none; width: 46.9027%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.76991%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td colspan="2" style="height: 15px; box-shadow: none; width: 11%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="width: 46.9027%; text-align: left; padding: 0px 0px 1px; height: 10px; box-shadow: none; background-color: #cceeff;">Pre-tax loss</td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td id="xdx_98F_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20230101__20231231_fKGEp_zhIFuC6iTgSd" style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">(26,609</td> <td style="width: 1.47493%; padding: 0px 0px 1.5px; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">)</td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1.76991%; padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td id="xdx_98D_eus-gaap--IncomeTaxReconciliationTaxExemptIncome_pn3n3_c20220101__20221231_fKGEp_zLKBKzh6yW57" style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">(23,487</td> <td style="width: 1.03245%; padding: 0px 0px 1.5px; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;">)</td> <td style="width: 1.03245%; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> <td style="width: 1.76991%; padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none; width: 46.9027%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.76991%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="height: 16px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 16px; box-shadow: none; width: 10%;"> </td> <td style="text-align: left; height: 16px; box-shadow: none; width: 1.76991%;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">Federal tax (benefit) at statutory rate</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;">$</td> <td id="xdx_98C_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20230101__20231231_zt1ht97xdRhb" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">(5,588</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.47493%;">)</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zfq3SwMwYqU8" style="line-height: inherit; font-family: 'times new roman', times;" title="Federal tax (benefit) at statutory rate (percent)">21.0</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;">$</td> <td id="xdx_982_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_c20220101__20221231_z8RhwcftPr59" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">(4,932</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;">)</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231_zwr4GpEi5jFd" style="line-height: inherit; font-family: 'times new roman', times;" title="Federal tax (benefit) at statutory rate (percent)">21.0</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 46.9027%;">State tax (benefit), net of federal tax benefit *</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_981_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_c20230101__20231231_zgPmm4ipullg" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">—</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.47493%;"></td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20230101__20231231_zuvLAJvjlokf" style="line-height: inherit; font-family: 'times new roman', times;" title="State tax (benefit), net of federal tax benefit (percent)">—</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98C_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_c20220101__20221231_zNdl9MTOfg6e" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">2</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.03245%;"></td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_c20220101__20221231_zqCQi8s24d09" style="line-height: inherit; font-family: 'times new roman', times;" title="State tax (benefit), net of federal tax benefit (percent)">—</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">R&D tax credit from current year</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_986_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn3n3_c20230101__20231231_zxrlaDZd4eKi" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">384</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.47493%;"></td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20230101__20231231_zDPJs38wbrM5" style="line-height: inherit; font-family: 'times new roman', times;" title="R&D tax credit from current year (percent)">(1.4)</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_988_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn3n3_c20220101__20221231_ze5Yhmxow93j" style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;">(1,911</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;">)</td> <td style="height: 15px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20220101__20221231_zUrTrsBLa5Sg" style="line-height: inherit; font-family: 'times new roman', times;" title="R&D tax credit from current year (percent)">8.1</td> <td style="text-align: left; height: 15px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; width: 46.9027%;">Non Deductible Items</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_982_eus-gaap--IncomeTaxReconciliationMinorityInterestIncomeExpense_pn3n3_c20230101__20231231_zp6VEgtvbPLk" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">12</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense_pid_dp_uPure_c20230101__20231231_z4S9p3aD52j" style="line-height: inherit; font-family: 'times new roman', times;" title="Impact on effective rate of loss eliminated in consolidation (percent)">(0.1)</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td id="xdx_98F_eus-gaap--IncomeTaxReconciliationMinorityInterestIncomeExpense_pn3n3_c20220101__20221231_zURGkFtaHCvl" style="text-align: right; height: 15px; box-shadow: none; width: 10%;">14</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.03245%;"></td> <td style="height: 15px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1%;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; width: 10%;"><span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense_pid_dp_uPure_c20220101__20221231_zCZugICSd1N4" style="line-height: inherit; font-family: 'times new roman', times;" title="Impact on effective rate of loss eliminated in consolidation (percent)">(0.1)</td> <td style="text-align: left; height: 15px; box-shadow: none; width: 1.76991%;">%</td> </tr> <tr style="height: 16px; background-color: #cceeff;"> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 46.9027%;">Foreign Tax Effects **</td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">357</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.47493%;"> </td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">(1.3)</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.76991%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">218</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="box-shadow: none; height: 16px; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; background-color: #cceeff; width: 10%;">(0.9)</td> <td style="text-align: left; box-shadow: none; height: 16px; background-color: #cceeff; width: 1.76991%;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</td> </tr> <tr style="height: 16px;"> <td style="text-align: left; box-shadow: none; height: 16px; width: 46.9027%;"> Changes in unrecognized tax benefits </td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.47493%;"> </td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.76991%;">%</td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="box-shadow: none; height: 16px; width: 1.03245%;"> </td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1%;"> </td> <td style="text-align: right; box-shadow: none; height: 16px; width: 10%;">—</td> <td style="text-align: left; box-shadow: none; height: 16px; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">Other</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_988_eus-gaap--IncomeTaxReconciliationTaxContingenciesOther_pn3n3_c20230101__20231231_z4R5qEQunaTj" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;">(4</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.47493%;">)</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsOther_pid_dp_uPure_c20230101__20231231_zSwyJCgves6j" style="line-height: inherit; font-family: 'times new roman', times;" title="Other (percent)">—</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td id="xdx_984_eus-gaap--IncomeTaxReconciliationTaxContingenciesOther_pn3n3_c20220101__20221231_z48dF0ZLk3uf" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;">(42</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;">)</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%;"><span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsOther_pid_dp_uPure_c20220101__20221231_zLx4l3YJQyG" style="line-height: inherit; font-family: 'times new roman', times;" title="Other percent">0.2</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="text-align: left; padding-bottom: 1pt; height: 10px; box-shadow: none; width: 46.9027%;">Change in valuation allowance</td> <td style="padding-bottom: 1pt; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td id="xdx_982_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20230101__20231231_zSGLqZGU4igl" style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">4,839</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.47493%;"> </td> <td style="height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20230101__20231231_zdYh2eYv6lbf" style="line-height: inherit; font-family: 'times new roman', times;" title="Change in valuation allowance (percent)">(18.2)</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.76991%;">%</td> <td style="height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"> </td> <td id="xdx_985_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_c20220101__20221231_zaw6h6Th9JB9" style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">6,653</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="height: 10px; box-shadow: none; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCredits_pid_dp_uPure_c20220101__20221231_zt5EbcIA3m6e" style="line-height: inherit; font-family: 'times new roman', times;" title="Change in valuation allowance (percent)">(28.3)</td> <td style="text-align: left; height: 10px; box-shadow: none; width: 1.76991%;">%</td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff; width: 46.9027%;">Total provision for income taxes</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20230101__20231231_zh1uKGKWrcq9" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">—</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.47493%;"> </td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231_zxtvuenSmCB7" style="line-height: inherit; font-family: 'times new roman', times;" title="Total provision for income taxes (percent)">—</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"> </td> <td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount_pn3n3_c20220101__20221231_zuezAPUohlK7" style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2</td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="height: 10px; box-shadow: none; background-color: #cceeff; width: 1.03245%;"> </td> <td style="text-align: left; height: 10px; box-shadow: none; background-color: #cceeff; width: 1%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"> </td> <td style="text-align: right; height: 10px; box-shadow: none; background-color: #cceeff; width: 10%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20221231_zgLBnWDZfUkk" style="line-height: inherit; font-family: 'times new roman', times;" title="Total provision for income taxes (percent)">—</td> <td style="text-align: left; padding-bottom: 2pt; height: 10px; box-shadow: none; background-color: #cceeff; width: 1.76991%;">%</td> </tr> </tbody> </table> * State taxes in California comprised the majority (greater than 50 percent) of the tax effect in this category ** Foreign tax in Switzerland comprised the majority (greater than 50 percent) of the tax effect in this category

0.21

-26609000

-23487000

-5588000

0.21

-4932000

0.21

2000

-384000

0.014

1911000

-0.081

12000

-0.001

14000

-0.001

357000

-0.013

218000

-0.009

-4000

-42000

-0.002

4839000

-0.182

6653000

-0.283

2000

Foreign tax in Switzerland comprised the majority (greater than 50 percent) of the tax effect in this category

As of December 31, 2025, we had federal and apportioned state net operating loss (“NOL”) and federal and state R&D credit carry-forwards available to offset future taxable income and income taxes as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 141px;"> <tbody> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" id="xdx_49A_20231231_zMHjNJDdZgic" style="white-space: nowrap; font-weight: bold; text-align: center; height: 10px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; vertical-align: bottom;" valign="bottom"> December 31, 2025 </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_iI_pn3n3_zfRl0Yn34PO5" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Pre TCJA (Tax Cuts and Jobs Acts of 2017) period federal NOL carry-forward, begin expiring 2030</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">47,353</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration_iI_pn3n3_zsWm2Krl0cti" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding: 0px 0px 1px; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Post TCJA period federal NOL carry-forward, with no carry-forward limitation</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important; vertical-align: bottom;" valign="bottom">206,727</td> <td style="padding-bottom: 1pt; text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_ziw34Z7MKf5k" style="vertical-align: bottom; background-color: #cceeff; height: 10px;"> <td style="text-align: left; padding: 0px; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom">Total federal NOL carry-forward</td> <td style="padding-bottom: 2.5pt; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 10px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 10px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">254,080</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; width: 87%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 16px; width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 16px; width: 10%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsStateTaxes_iI_pn3n3_zGEuwEhV2jH8" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> State NOL carry-forward, begin expiring 2030</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">167,590</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals_iI_pn3n3_zHLlbo8OovKf" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Federal R&D tax credit carry-forward, begin expiring in 2036</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">4,428</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseOther_iI_pn3n3_zYc9tMWen8K8" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">State R&D carry-forward, no expiration date</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">9,048</td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> Reserve for uncertain income tax positions</td> <td style="height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom">Nil </td> <td style="text-align: left; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> </tbody> </table>

47353000

206727000

254080000

167590000

4428000

9048000

4400000

9000000

beginning in 2036

The Company has the following activity relating to unrecognized tax benefits (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 117px;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td id="xdx_495_20230101__20231231_zpLYYSd1vgj1" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td colspan="3" id="xdx_49F_20220101__20221231_ztqTc920eqD" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">Year Ended December 31,</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="height: 10px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 10px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2025</td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 10px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">2024</td> <td style="font-weight: bold; height: 10px; box-shadow: none;"> </td> </tr> <tr id="xdx_401_eus-gaap--UnrecognizedTaxBenefits_iS_zgRwX3QcT144" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="font-weight: bold; height: 15px; box-shadow: none;">Balance at beginning of year</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td style="text-align: right; height: 15px; box-shadow: none;">2,364</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td style="text-align: right; height: 15px; box-shadow: none;">1,692</td> <td style="height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_409_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_zCjyLg9a6Tob" style="vertical-align: bottom; height: 15px;"> <td style="width: 74%; text-align: left; height: 15px; box-shadow: none;">Increases based on tax positions related to the current year</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">299</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 10%; text-align: right; height: 15px; box-shadow: none;">648</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_40C_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_zZL9WmFXqs5a" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">Increases based on tax positions related to prior years</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">(348</td> <td style="text-align: left; height: 15px; box-shadow: none;">)</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">24</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_400_eus-gaap--UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_zZSSD90u2mrg" style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-bottom: 1pt; height: 15px; box-shadow: none;">Reductions based on tax positions related to prior years</td> <td style="padding-bottom: 1pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">—</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;"> </td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: black !important;">—</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr id="xdx_405_eus-gaap--UnrecognizedTaxBenefits_iE_zdFGLR6YBwVe" style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="font-weight: bold; text-align: left; padding: 0px 0px 2px; height: 15px; box-shadow: none;">Balance at end of year</td> <td style="padding-bottom: 2.5pt; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2,315</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">$</td> <td style="text-align: right; height: 15px; box-shadow: none; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">2,364</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table>

2364000

1692000

299000

648000

-348000 24000

2315000

2364000

2300000

900000

1400000

12. Right-of-use Assets and Operating Lease Liabilities The Company leases certain office, laboratory, research and development space for our use. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease cost for the operating lease is recognized on a straight-line basis over the lease term and is included in operating expenses on the consolidated statements of operations and comprehensive loss. The lease agreements do not contain any material residual value guarantees or restrictive covenants. As most of the leases do not provide an implicit rate, the Company used its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. On November 21, 2022, Vivani entered into a triple net lease agreement for a single building with 43,645 square feet of space in Alameda, California. <span id="xdx_90D_eus-gaap--LessorOperatingLeaseLeaseNotYetCommencedOptionToTerminate_c20221119__20221121__us-gaap--LeaseContractualTermAxis__custom--AlamedaCAMember_zXRu4FaIVXdb" style="line-height: inherit;" title="Lease terminates">The stated term of the lease commenced on June 1, 2023 and terminates on September 30, 2033, ten years and 4 months. The lease term is based on the non-cancellable period in the lease agreement. There are two options to extend the lease, each for a term of five years; however, the extension options were not included in the measurement of the ROU asset and lease liability since it is not reasonably certain that the Company will exercise such extension options. <span id="xdx_90F_eus-gaap--LessorOperatingLeaseLeaseNotYetCommencedVariableLeasePaymentTermsAndConditions_c20230928__20230930__us-gaap--LeaseContractualTermAxis__custom--ValenciaCAMember_z0fKA53ZuLoa" style="line-height: inherit;" title="Net lease agreement description">Payments increase annually from $2,676,311 to $3,596,784, or 124 monthly payments less the first four which are abated, totaling approximately $31.0 million. Vivani will be responsible for insurance, property taxes and common area maintenance charges. Vivani deposited $1.3 million to guarantee a letter of credit to secure the lease and this amount is included in long-term assets on the balance sheet as of December 31, 2025 and 2024. On February 1, 2023, the Company entered into a lease agreement, effective March 1, 2023, to sublease office space to replace Cortigent’s existing headquarters. Rental payments amount to $22,158 per month plus operating expenses, to lease 14,823 square feet of office space at 27200 Tourney Road, Valencia, California 91355. The sublease had a term of two years and two months. The sublease expired on April 30, 2025. The Company also entered into a lease for storage space on January 25, 2023, in the same building at a cost of $6,775 per month for a term of two years and one month.The lease expired on March 31, 2025. The Company did not renew the current office lease. However, the Company entered into another lease in the same building for a smaller space at a cost of $1,700 per month for six months. The lease of the storage unit was renewed. These new and renewal leases are short-term leases with immaterial monthly costs. On July 3, 2024, the Company entered into a short-term sublease agreement for access to manufacturing facility which terminated on June 30, 2025. On October 1, 2025, the Company entered into a long-term sublease agreement for access to a manufacturing facility that will support, among other activities, Good Manufacturing Practices (GMP) with the Company's clinical study test article. The stated term of the sublease commenced on October 1, 2025 and terminates on April 30, 2028.<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> The Company's rental payment amounts to $35,000<span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> per month plus operating expenses. <span style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> <div id="focb0de726d66d43739c0bf5a3d2c6e70f" style="line-height: 1.2;"> The following table summarizes supplemental balance sheet information related to the Company’s operating leases (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 107px;"> <tbody> <tr style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 15px; box-shadow: none;">December 31,</td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="border-bottom: 1pt solid black; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; height: 16px; box-shadow: none;">Balance Sheet Classification</td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="font-weight: bold; height: 16px; box-shadow: none;">Assets</td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="width: 30%; text-align: left; padding-left: 0.25in; height: 15px; box-shadow: none;">Non-current assets</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 39%; text-align: left; height: 15px; box-shadow: none;">Right-of-use assets</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_982_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20231231_z9a2ZvlklOQ9" style="width: 12%; text-align: right; height: 15px; box-shadow: none;">17,230</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_987_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20221231_zcyiyF03ZEoj" style="width: 12%; text-align: right; height: 15px; box-shadow: none;">17,957</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-decoration: underline; font-weight: bold; height: 15px; box-shadow: none;">Liabilities</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-left: 0.25in; height: 15px; box-shadow: none;">Current</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">Current operating lease liabilities</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_98B_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20231231_zTBqBRB441fk" style="text-align: right; height: 15px; box-shadow: none;">1,794</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20221231_zJYyU32QheDa" style="text-align: right; height: 15px; box-shadow: none;">1,348</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; padding-left: 0.25in; height: 15px; box-shadow: none;">Long-term</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">Long-term operating lease liabilities</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--LiabilitiesOtherThanLongtermDebtNoncurrent_iI_pn3n3_c20231231_zwKWiLoT6gHj" style="text-align: right; height: 15px; box-shadow: none;">17,061</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_98F_eus-gaap--LiabilitiesOtherThanLongtermDebtNoncurrent_iI_pn3n3_c20221231_zFiICn8r2Axe" style="text-align: right; height: 15px; box-shadow: none;">17,965</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table> </div> Operating lease cost was $3.2 million and $3.3 million during 2025 and 2024, respectively. Variable lease cost, comprising primarily of common area maintenance charges and taxes, for the operating lease was $0.6 million and $0.4 million during 2025 and 2024, respectively. Short-term sublease costs were $205,000 during 2025. <div id="foeb8d39ea386846bd93167667164bc1a7"> The following table summarizes a maturity analysis of our lease liabilities showing the aggregate lease payments as of December 31, 2025 (in thousands except weighted average data): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto; height: 163px;"> <tbody> <tr style="vertical-align: bottom; height: 11px;"> <td style="text-align: left; height: 11px; box-shadow: none;">Year Ending December 31,</td> <td style="padding-bottom: 1pt; height: 11px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 11px; box-shadow: none;"> </td> <td colspan="2" style="height: 11px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 11px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="width: 76%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">2026</td> <td style="width: 1%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">$</td> <td id="xdx_980_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearThree_pn3n3_c20230101__20231231_zV5RECWR426l" style="width: 10%; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">3,298</td> <td style="width: 1%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">2027</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td id="xdx_98F_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFour_pn3n3_c20230101__20231231_zgDAoAANdFz2" style="text-align: right; height: 15px; box-shadow: none;">3,395</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">2028</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_98C_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFive_pn3n3_c20230101__20231231_z2NzpxJVdQ6l" style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">3,207</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">2029</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td id="xdx_982_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSix_pn3n3_c20230101__20231231_zkillqTzwdW3" style="text-align: right; height: 15px; box-shadow: none;">3,156</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">2030</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_983_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSeven_pn3n3_c20230101__20231231_zeLmVoi8WIsc" style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">3,251</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Thereafter</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_98C_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearEight_pn3n3_c20230101__20231231_zq7q4rs8IwT1" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">9,453</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">Total lease payments</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"></td> <td id="xdx_984_eus-gaap--OperatingLeasePayments_pn3n3_c20230101__20231231_zbfxjRdRhER7" style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">25,760</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Less imputed interest</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_98A_eus-gaap--FinanceLeaseInterestExpense_iN_pn3n3_di_c20230101__20231231_zLrhq0EAShEb" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">(6,905</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 16px; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;">Total lease liabilities</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: black !important; box-shadow: none;">$</td> <td id="xdx_984_eus-gaap--LeaseCost_pn3n3_c20230101__20231231_z8xipiRNQLfe" style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: black !important; box-shadow: none;">18,855</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> <td style="height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;">Weighted average remaining lease term</td> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_984_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dxL_c20231231_zJbs4mNlqwK1" style="text-align: right; height: 10px; background-color: #cceeff; box-shadow: none;">7.49 years</td> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> </tr> </tbody> </table> </div> <div id="fs_EFHYEGQZPC00000000000000000000B"> Other information related to leases are as follows (in thousands): <div id="t_ft_XXCKP4SOLS00000000000000000000b"> <table cellpadding="0" cellspacing="0" style="height: 79px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: auto; margin-right: auto;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: center; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_491_20230101__20231231_zQcRoZ9Xxrvl" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td colspan="4" id="xdx_491_20220101__20221231_zitVmPI8LOw3" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: center; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Year ended December 31,</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_402_ecustom--CashPaidForOperatingLeaseLiabilities_pn3n3_d0_znLViHCoXOE2" style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: left; height: 16px; width: 68%; box-shadow: none;">Cash paid for operating lease liabilities</td> <td style="height: 16px; width: 1%; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;">$</td> <td style="text-align: right; height: 16px; width: 13%; box-shadow: none;">2,934</td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;"> </td> <td style="height: 16px; width: 1%; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;">$</td> <td style="text-align: right; height: 16px; width: 13%; box-shadow: none;">3,070</td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;"> </td> </tr> <tr style="height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Weighted average discount rate</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">8.32</td> <td style="text-align: left; height: 15px; box-shadow: none;">%</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">8.40</td> <td style="text-align: left; height: 15px; box-shadow: none;">%</td> </tr> </tbody> </table> </div> </div>

P12M

43645

The stated term of the lease commenced on June 1, 2023 and terminates on September 30, 2033, ten years and 4 months. The lease term is based on the non-cancellable period in the lease agreement. There are two options to extend the lease, each for a term of five years; however, the extension options were not included in the measurement of the ROU asset and lease liability since it is not reasonably certain that the Company will exercise such extension options.

Payments increase annually from $2,676,311 to $3,596,784, or 124 monthly payments less the first four which are abated, totaling approximately $31.0 million. Vivani will be responsible for insurance, property taxes and common area maintenance charges. Vivani deposited $1.3 million to guarantee a letter of credit to secure the lease and this amount is included in long-term assets on the balance sheet as of December 31, 2025 and 2024.

2023-03-01

22158000

to lease 14,823 square feet of office space at 27200 Tourney Road, Valencia, California 91355

The sublease had a term of two years and two months. The sublease expired on April 30, 2025. The Company also entered into a lease for storage space on January 25, 2023, in the same building at a cost of $6,775 per month for a term of two years and one month.

2025-03-31

1700000

P6M

2025-06-30

On October 1, 2025, the Company entered into a long-term sublease agreement for access to a manufacturing facility that will support, among other activities, Good Manufacturing Practices (GMP) with the Company's clinical study test article. The stated term of the sublease commenced on October 1, 2025 and terminates on April 30, 2028.

35000000

The following table summarizes supplemental balance sheet information related to the Company’s operating leases (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; border-collapse: collapse; width: 100%; height: 107px;"> <tbody> <tr style="vertical-align: bottom; height: 15px;"> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 15px; box-shadow: none;">December 31,</td> <td style="font-weight: bold; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="border-bottom: 1pt solid black; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; font-weight: bold; height: 16px; box-shadow: none;">Balance Sheet Classification</td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="font-weight: bold; height: 16px; box-shadow: none;">Assets</td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="width: 30%; text-align: left; padding-left: 0.25in; height: 15px; box-shadow: none;">Non-current assets</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 39%; text-align: left; height: 15px; box-shadow: none;">Right-of-use assets</td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_982_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20231231_z9a2ZvlklOQ9" style="width: 12%; text-align: right; height: 15px; box-shadow: none;">17,230</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_987_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20221231_zcyiyF03ZEoj" style="width: 12%; text-align: right; height: 15px; box-shadow: none;">17,957</td> <td style="width: 1%; text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-decoration: underline; font-weight: bold; height: 15px; box-shadow: none;">Liabilities</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; padding-left: 0.25in; height: 15px; box-shadow: none;">Current</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">Current operating lease liabilities</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_98B_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20231231_zTBqBRB441fk" style="text-align: right; height: 15px; box-shadow: none;">1,794</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20221231_zJYyU32QheDa" style="text-align: right; height: 15px; box-shadow: none;">1,348</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff; height: 15px;"> <td style="text-align: left; padding-left: 0.25in; height: 15px; box-shadow: none;">Long-term</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">Long-term operating lease liabilities</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_981_eus-gaap--LiabilitiesOtherThanLongtermDebtNoncurrent_iI_pn3n3_c20231231_zwKWiLoT6gHj" style="text-align: right; height: 15px; box-shadow: none;">17,061</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;">$</td> <td id="xdx_98F_eus-gaap--LiabilitiesOtherThanLongtermDebtNoncurrent_iI_pn3n3_c20221231_zFiICn8r2Axe" style="text-align: right; height: 15px; box-shadow: none;">17,965</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> </tbody> </table>

17230000

17957000

1794000

1348000

17061000

17965000

3200000

3300000

600000

400000

205000000

The following table summarizes a maturity analysis of our lease liabilities showing the aggregate lease payments as of December 31, 2025 (in thousands except weighted average data): <table cellpadding="0" cellspacing="0" style="font: 10pt 'times new roman'; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto; height: 163px;"> <tbody> <tr style="vertical-align: bottom; height: 11px;"> <td style="text-align: left; height: 11px; box-shadow: none;">Year Ending December 31,</td> <td style="padding-bottom: 1pt; height: 11px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 11px; box-shadow: none;"> </td> <td colspan="2" style="height: 11px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 11px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="width: 76%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">2026</td> <td style="width: 1%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="width: 1%; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="width: 1%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">$</td> <td id="xdx_980_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearThree_pn3n3_c20230101__20231231_zV5RECWR426l" style="width: 10%; text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">3,298</td> <td style="width: 1%; text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">2027</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td id="xdx_98F_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFour_pn3n3_c20230101__20231231_zgDAoAANdFz2" style="text-align: right; height: 15px; box-shadow: none;">3,395</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">2028</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_98C_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFive_pn3n3_c20230101__20231231_z2NzpxJVdQ6l" style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">3,207</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;">2029</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td id="xdx_982_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSix_pn3n3_c20230101__20231231_zkillqTzwdW3" style="text-align: right; height: 15px; box-shadow: none;">3,156</td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">2030</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_983_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSeven_pn3n3_c20230101__20231231_zeLmVoi8WIsc" style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">3,251</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Thereafter</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_98C_ecustom--LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearEight_pn3n3_c20230101__20231231_zq7q4rs8IwT1" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">9,453</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 15px; background-color: #cceeff;"> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;">Total lease payments</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 15px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"></td> <td id="xdx_984_eus-gaap--OperatingLeasePayments_pn3n3_c20230101__20231231_zbfxjRdRhER7" style="text-align: right; height: 15px; background-color: #cceeff; box-shadow: none;">25,760</td> <td style="text-align: left; height: 15px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: left; height: 16px; box-shadow: none;">Less imputed interest</td> <td style="padding-bottom: 1pt; text-align: left; height: 16px; box-shadow: none;"> </td> <td style="padding-bottom: 1pt; height: 16px; box-shadow: none;"> </td> <td style="border-bottom: 1pt solid black; text-align: left; height: 16px; box-shadow: none;"> </td> <td id="xdx_98A_eus-gaap--FinanceLeaseInterestExpense_iN_pn3n3_di_c20230101__20231231_zLrhq0EAShEb" style="border-bottom: 1pt solid black; text-align: right; height: 16px; box-shadow: none;">(6,905</td> <td style="padding: 0px 0px 0.5px; text-align: left; height: 16px; box-shadow: none;">)</td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;">Total lease liabilities</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="padding-bottom: 2.5pt; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: black !important; box-shadow: none;">$</td> <td id="xdx_984_eus-gaap--LeaseCost_pn3n3_c20230101__20231231_z8xipiRNQLfe" style="text-align: right; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-bottom-color: black !important; box-shadow: none;">18,855</td> <td style="padding-bottom: 2.5pt; text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px;"> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> <td style="height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> <td style="text-align: right; height: 10px; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 10px; background-color: #cceeff;"> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;">Weighted average remaining lease term</td> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> <td id="xdx_984_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dxL_c20231231_zJbs4mNlqwK1" style="text-align: right; height: 10px; background-color: #cceeff; box-shadow: none;">7.49 years</td> <td style="text-align: left; height: 10px; background-color: #cceeff; box-shadow: none;"> </td> </tr> </tbody> </table>

3298000

3395000

3207000

3156000

3251000

9453000

25760000

6905000

18855000

P7Y5M26D

Other information related to leases are as follows (in thousands): <div id="t_ft_XXCKP4SOLS00000000000000000000b"> <table cellpadding="0" cellspacing="0" style="height: 79px; width: 90%; font: 10pt 'times new roman'; border-collapse: collapse; margin-left: auto; margin-right: auto;"> <tbody> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: center; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td id="xdx_491_20230101__20231231_zQcRoZ9Xxrvl" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td colspan="4" id="xdx_491_20220101__20221231_zitVmPI8LOw3" style="font-weight: bold; text-align: center; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="text-align: center; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="6" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">Year ended December 31,</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr style="vertical-align: bottom; height: 16px;"> <td style="height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2025</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="border-bottom: 1pt solid black; font-weight: bold; text-align: center; height: 16px; box-shadow: none;">2024</td> <td style="font-weight: bold; height: 16px; box-shadow: none;"> </td> </tr> <tr id="xdx_402_ecustom--CashPaidForOperatingLeaseLiabilities_pn3n3_d0_znLViHCoXOE2" style="vertical-align: bottom; background-color: #cceeff; height: 16px;"> <td style="text-align: left; height: 16px; width: 68%; box-shadow: none;">Cash paid for operating lease liabilities</td> <td style="height: 16px; width: 1%; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;">$</td> <td style="text-align: right; height: 16px; width: 13%; box-shadow: none;">2,934</td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;"> </td> <td style="height: 16px; width: 1%; box-shadow: none;"> </td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;">$</td> <td style="text-align: right; height: 16px; width: 13%; box-shadow: none;">3,070</td> <td style="text-align: left; height: 16px; width: 1%; box-shadow: none;"> </td> </tr> <tr style="height: 15px;"> <td style="text-align: left; height: 15px; box-shadow: none;"><span style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Weighted average discount rate</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">8.32</td> <td style="text-align: left; height: 15px; box-shadow: none;">%</td> <td style="height: 15px; box-shadow: none;"> </td> <td style="text-align: left; height: 15px; box-shadow: none;"> </td> <td style="text-align: right; height: 15px; box-shadow: none;">8.40</td> <td style="text-align: left; height: 15px; box-shadow: none;">%</td> </tr> </tbody> </table> </div>

2934000 3070000

0.0832

0.084

13. Commitments and Contingencies Indemnification Agreements The Company maintains indemnification agreements with its directors and officers that may require it to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. Clinical Trial Agreements Based upon FDA approval of Argus II, which was obtained in February 2013, the Company was required to collect follow-up data from subjects enrolled in our pre-approval trial for a period of up to ten years post-implant, which was extended through the year 2019. This requirement to collect follow-up data was halted in 2020 with FDA approval. In addition, the Company conducted three post-market studies to comply with U.S. FDA, French, and European post-market surveillance regulations and requirements and are conducting an early feasibility clinical study of Orion. The Company has contracted with various universities, hospitals, and medical practices to provide these services. Payments are based on procedures performed for each subject and are charged to clinical and regulatory expense as incurred. Total amounts expensed for the year ended December 31, 2025 and 2024 were $35,000 and $17,000, respectively. Litigation, Claims and Assessments One opposition filed by Pixium Vision SA (“Pixium”) was pending in the European Patent Office challenging the validity of a European patent owned by Cortigent. The Company decided to allow the patent to be abandoned by the EPO, which occurred in February 2025. As a result, this opposition is no longer pending. While this abandonment could impact our ability to protect Cortigent’s neurostimulation technology in Europe related to this patent, the Company does not believe that it will have a material effect on our ability to manufacture and sell our products, or otherwise have a material effect on Cortigent’s operations. <div> </div> As described in the Company’s 10-K for the year ended December 31, 2020, the Company had entered into a Memorandum of Understanding (“MOU”) for a proposed business combination with Pixium. In response to a press release by Pixium dated March 24, 2021, and subsequent communications between us and Pixium, our Board of Directors determined that the business combination with Pixium was not in the best interest of our stockholders. On April 1, 2021, we gave notice to Pixium that we were terminating the MOU between the parties and seeking an amicable resolution of termination amounts that may be due, however no assurance can be given that an amicable resolution will be reached. We accrued $1,000,000 of liquidated damages as contemplated by the MOU in accounts payable as of March 31, 2021 and remitted that amount to Pixium in April 2021. Pixium indicated that it considered this termination wrongful, rejected the Company’s offers, but retained the $1,000,000 payment. On May 19, 2021, Pixium filed suit in the Paris Commercial Court, and currently claim damages of approximately €5.1 million or about $5.6 million. We believe we have fulfilled our obligations to Pixium with the liquidated damages payment of $1,000,000. On December 8, 2022, the Company received notice that the Paris Commercial Court has rendered its judgment, including finding that the Company’s termination of the MOU was not valid. In the judgment, the Company was ordered to pay to Pixium the amount of €2,500,000 minus a €947,780 credit for the $1,000,000 already paid for, a net amount payable of approximately €1,552,220. On May 24, 2023, the Company filed an appeal against the judgment from the Paris Commercial Court except in so far as such prior judgment dismissed (i) Pixium’s claim for the Company to pay it a sum of €480,693 relating to the alleged time spent by its teams, (ii) Pixium’s application to order the Company to pay it a sum of €1,500,000 in respect to alleged loss of opportunity and (iii) deducted the sum of $1,000,000 that we already paid Pixium and which Pixium retained converted into euros at the date of the judgment. Thereafter Pixium filed its brief with Paris Court of Appeal and filed a cross-appeal on January 18, 2024. Meanwhile, the Company received notice that the Paris Commercial Court had opened safeguard proceedings against Pixium by judgment dated October 9, 2023, then in its judgment dated November 13, 2023, converted safeguard proceedings into receivership, and in its judgment dated January 31, 2024, converted Pixium’s receivership proceedings to liquidation proceedings, the transfer plan being rejected. As a result, Pixium’s liquidator intervened on behalf of Pixium in the pending proceedings before the Paris Court of Appeal and filed its brief on March 21, 2024. The Company filed its brief in reply with the Paris Court of Appeal on April 17, 2024. Proceedings before the Paris Court of Appeal are pending. In parallel, since the Company has failed to enforce the judgment, Pixium has requested the pre-trial judge to strike out the Company's appeal for failure to enforce the judgment. The hearing took place on June 4, 2024 and on October 23, 2024, the pre-trial judge issued his order, striking out Vivani's appeal for failure to enforce the decision. Within two years, Vivani will have to request that the case be reinstated on the court's docket, providing evidence that the judgment has been fully enforced or, at the very least, that an agreement has been reached. Failing this, the appeal proceedings will lapse. The Company recorded a charge of $1,675,000 for the year ended December 31, 2022, related to this matter but plans to continue its appeal against the preliminary judgment. On January 26, 2024, Oppenheimer & Co. Inc. (“Oppenheimer”) filed a complaint asserting breach of contract and other claims against the Company and a party unrelated to the Company, ThinkEquity LLC (the “Third Party”), arising from a placement agent agreement dated November 5, 2020, executed by and between the Company and Pixium in connection with a proposed business combination transaction with Pixium. The complaint, filed in the Supreme Court of the State of New York, County of New York, Index No. 650421/2024, seeks recovery of no less than $1,625,000 in damages, plus costs and fees. On April 3, 2024, the Company filed a motion to dismiss the complaint. On May 3, 2024, the Third Party filed its own motion to dismiss. On June 12, 2025, the Court granted the Company’s motion in part and denied it in part, dismissing all claims except the first cause of action for breach of contract (the “Claim”), and the Court dismissed the complaint as against the Third Party. Oppenheimer and the Company are now commencing discovery on the Claim, which seeks the monetary damages referenced above. Each of the Company and Oppenheimer have filed notices of appeal. The Company has defenses to the Claim and intends to defend itself vigorously, but there can be no assurance as to the outcome of the litigation. We are party to litigation arising in the ordinary course of business. It is our opinion that the outcome of such matters will not have a material effect on our results of operations, however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

35000 17000 1000000

Pixium indicated that it considered this termination wrongful, rejected the Company’s offers, but retained the $1,000,000 payment. On May 19, 2021, Pixium filed suit in the Paris Commercial Court, and currently claim damages of approximately €5.1 million or about $5.6 million. We believe we have fulfilled our obligations to Pixium with the liquidated damages payment of $1,000,000.

On December 8, 2022, the Company received notice that the Paris Commercial Court has rendered its judgment, including finding that the Company’s termination of the MOU was not valid. In the judgment, the Company was ordered to pay to Pixium the amount of €2,500,000 minus a €947,780 credit for the $1,000,000 already paid for, a net amount payable of approximately €1,552,220. On May 24, 2023, the Company filed an appeal against the judgment from the Paris Commercial Court except in so far as such prior judgment dismissed (i) Pixium’s claim for the Company to pay it a sum of €480,693 relating to the alleged time spent by its teams, (ii) Pixium’s application to order the Company to pay it a sum of €1,500,000 in respect to alleged loss of opportunity and (iii) deducted the sum of $1,000,000 that we already paid Pixium and which Pixium retained converted into euros at the date of the judgment. Thereafter Pixium filed its brief with Paris Court of Appeal and filed a cross-appeal on January 18, 2024. Meanwhile, the Company received notice that the Paris Commercial Court had opened safeguard proceedings against Pixium by judgment dated October 9, 2023, then in its judgment dated November 13, 2023, converted safeguard proceedings into receivership, and in its judgment dated January 31, 2024, converted Pixium’s receivership proceedings to liquidation proceedings, the transfer plan being rejected. As a result, Pixium’s liquidator intervened on behalf of Pixium in the pending proceedings before the Paris Court of Appeal and filed its brief on March 21, 2024. The Company filed its brief in reply with the Paris Court of Appeal on April 17, 2024. Proceedings before the Paris Court of Appeal are pending. In parallel, since the Company has failed to enforce the judgment, Pixium has requested the pre-trial judge to strike out the Company's appeal for failure to enforce the judgment. The hearing took place on June 4, 2024 and on October 23, 2024, the pre-trial judge issued his order, striking out Vivani's appeal for failure to enforce the decision. Within two years, Vivani will have to request that the case be reinstated on the court's docket, providing evidence that the judgment has been fully enforced or, at the very least, that an agreement has been reached. Failing this, the appeal proceedings will lapse.

1675000

1625000

<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"> 14. Segment Information </div> Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has two operating and reporting segments, the Biopharm Division and the Neurostimulation Division. The Company’s CODM is its Chief Executive Officer who reviews the Company between Biopharm and Cortigent. Our primary focus is the Biopharm Division. We are trying to spin off Cortigent. The measure of segment loss is reported on the Consolidated Statements of Operations and Comprehensive Loss as net loss. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. The Company has not generated any product revenue to date. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it is a clinical stage biopharmaceutical company. During the year ended December 31, 2025, the Biopharm Division and Neurostimulation Division incurred operating expenses of $24.9 million and $2.6 million, respectively. During the year ended December 31, 2025, net loss for the Biopharm Division was $24.1 million and for the Neurostimulation Division was $2.5 million. As of December 31, 2025, total assets for the Biopharm Division and the Neurostimulation Division were $38.9 million and $0.5 million, respectively. <div style="font-family: 'times new roman', times; font-size: 10pt;"> <div style="border-left: none; border-right: none;"> <div id="t_ft_D7KXCHI9DS00000000000000000000b"> The following table provides information related to our operating segments based upon the Company's net loss for the years ended December 31, 2025 and 2024 (in thousands): <table style="height: 200px; width: 100%; font: 10pt 'times new roman'; border-collapse: collapse; margin: 0px; text-indent: 0px;"> <tbody> <tr style="height: 16px;"> <td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px; box-shadow: none;" valign="bottom"> </td> <td colspan="22" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Year Ended December 31,</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 16px;"> <td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px; box-shadow: none;" valign="bottom"> </td> <td colspan="10" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">2025</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="10" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">2024</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 16px;"> <td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Biopharm</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Neurostimulation</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; text-align: center; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Biopharm</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Neurostimulation</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom"> </td> <td colspan="2" style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Division </td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> Division</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Total</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> Division</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> Division</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Total</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Operating expenses:</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom">Personnel and related expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">10,275</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">1,139</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">11,414</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">10,053</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">1,752</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">11,805</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none; width: 35%;" valign="bottom">Office space rental related expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">4,213</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">319</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">4,532</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">3,999</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">3,999</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom">Development expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">4,329</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">4,329</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">2,765</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">294</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">3,059</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Professional services and insurance</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">4,911</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">836</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">5,747</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">4,600</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">4,600</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 15px; box-shadow: none;">Depreciation</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">411</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">13</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">424</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">378</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">30</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">408</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Other general and administrative expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">785</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">325</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">1,110</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">806</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">806</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom">Other (income) expense, net</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(821</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(126</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(947</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(1,347</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">156</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(1,191</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 17px; background-color: #cceeff;"> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Segment net loss</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">24,103</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">2,506</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">26,609</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">21,254</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">2,232</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">23,486</td> <td style="height: 17px; margin: 0px; text-indent: 0px; padding: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> </tr> </tbody> </table> </div> </div> </div>

24900000

2600000

-24100000

-2500000

38900000

500000

The following table provides information related to our operating segments based upon the Company's net loss for the years ended December 31, 2025 and 2024 (in thousands): <table style="height: 200px; width: 100%; font: 10pt 'times new roman'; border-collapse: collapse; margin: 0px; text-indent: 0px;"> <tbody> <tr style="height: 16px;"> <td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px; box-shadow: none;" valign="bottom"> </td> <td colspan="22" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Year Ended December 31,</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 16px;"> <td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px; box-shadow: none;" valign="bottom"> </td> <td colspan="10" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">2025</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="10" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">2024</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 16px;"> <td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 16px; box-shadow: none;"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Biopharm</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Neurostimulation</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="padding: 0px; margin: 0px; text-indent: 0px; text-align: center; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Biopharm</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"><span style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Neurostimulation</td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center; padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 16px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom"> </td> <td colspan="2" style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Division </td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> Division</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Total</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> Division</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"> Division</td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> <td colspan="2" style="text-align: center; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; box-shadow: none; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">Total</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Operating expenses:</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom">Personnel and related expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">10,275</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">1,139</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">11,414</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">10,053</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">1,752</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">11,805</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none; width: 35%;" valign="bottom">Office space rental related expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">4,213</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">319</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">4,532</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">3,999</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 8%; vertical-align: bottom;" valign="bottom">3,999</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; width: 1%; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom">Development expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">4,329</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">4,329</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">2,765</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">294</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">3,059</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Professional services and insurance</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">4,911</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">836</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">5,747</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">4,600</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">4,600</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 15px; box-shadow: none;">Depreciation</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">411</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">13</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">424</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">378</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">30</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; box-shadow: none; vertical-align: bottom;" valign="bottom">408</td> <td style="padding: 0px; margin: 0px; text-indent: 0px; height: 15px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px; background-color: #cceeff;"> <td style="height: 15px; padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Other general and administrative expenses</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">785</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">325</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">1,110</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">806</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">—</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom">806</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="height: 15px;"> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; box-shadow: none;" valign="bottom">Other (income) expense, net</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="text-align: right; height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(821</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(126</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(947</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(1,347</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">156</td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 15px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">(1,191</td> <td style="height: 15px; padding: 0px 0px 1px; margin: 0px; text-indent: 0px; box-shadow: none; vertical-align: bottom;" valign="bottom">)</td> </tr> <tr style="height: 17px; background-color: #cceeff;"> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; box-shadow: none;" valign="bottom">Segment net loss</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="text-align: right; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">24,103</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">2,506</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">26,609</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">21,254</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">2,232</td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"> </td> <td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">$</td> <td style="height: 17px; text-align: right; padding: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; box-shadow: none; border-bottom-color: #000000 !important; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">23,486</td> <td style="height: 17px; margin: 0px; text-indent: 0px; padding: 0px; background-color: #cceeff; box-shadow: none; vertical-align: bottom;" valign="bottom"></td> </tr> </tbody> </table>

10275000

1139000

11414000

10053000

1752000

11805000

4213000

319000

4532000

3999000

4329000 4329000 2765000 294000 3059000 4911000 836000 5747000 4600000 4600000

411000

13000

424000

378000

30000

408000

785000

325000

1110000

806000

821000

126000

947000

1347000

-156000

1191000

-24103000

-2506000

-26609000

-21254000

-2232000

-23486000

<div style="font-family: 'times new roman', times; font-size: 10pt;"> <div style="border-left: none; border-right: none;"> 15. Subsequent Event The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations that required recognition or disclosure in these financial statements except as follows: </div> </div> <div> Private Sale Transaction and Registered Direct Offering <span style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; line-height: inherit;">O<span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">n January 25, 2026, <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">the Company entered into a share purchase agreement with an entity affiliated with <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: inherit;">one<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> of its <span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">independent directors for the purchase of an aggregate of 1,351,351<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> shares of common stock of the Company at a purchase price of $1.48<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> per share, the last reported sale price of the common stock on January 23, 2026. This private placement of common stock resulted in gross proceeds of approximately $2.0<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> million to the Company. Concurrent with the private placement, the Company also entered into a Placement Agency Agreement with ThinkEquity,<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> LLC relating to the sale by the Company of 1,689,200<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> shares of the Company’s common stock in a registered direct offering, also at a purchase price of $1.48 per share. The gross proceeds from the Registered Offering were approximately $2.5<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> million, before placement agent fees and other estimated offering expenses. </div>

1351351

1.48

2000000

1689200 1.48 2500000 State taxes in California comprised the majority (greater than 50 percent) of the tax effect in this category Foreign tax in Switzerland comprised the majority (greater than 50 percent) of the tax effect in this category