In March 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the Company’s initial public offering (“IPO”). The 2021 Plan was approved by the Board of Directors and stockholders in March 2021. The 2021 Plan is an equity incentive plan pursuant to which the Company may grant the following awards: (i) incentive stock options; (ii) nonstatutory stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock unit awards; (vi) performance awards; and (vii) other forms of stock awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. The 2021 Plan is a successor to the Company’s 2018 Stock Incentive Plan (the “2018 Plan”). Following the effectiveness of the 2021 Plan, no further grants may be made under the 2018 Plan; however, any outstanding equity awards granted under the 2018 Plan will continue to be governed by the terms of the 2018 Plan.

The number of shares available for future issuance under the 2021 Plan is the sum of (1) 433,000 new shares of common stock, (2) 209,722 remaining shares of common stock reserved under the 2018 Plan that became available for issuance upon the effectiveness of the 2021 Plan and (3) the number of shares of common stock subject to

outstanding awards under the 2018 Plan when the 2021 Plan became effective that thereafter expire or are forfeited, canceled, withheld to satisfy tax withholding or to purchase or exercise an award, repurchased by the Company or are otherwise terminated. The number of shares of common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, for a period of ten years, from January 1, 2022 continuing through January 1, 2031, by 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s Board of Directors. Stock options granted by the Company to employees generally vest over four years with a one-year cliff.


	Shares Available for Grant	Shares Issuable Under Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contract Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023	659,608	799,622	$	87.90	7.18	$	101
Additional shares authorized	325,196
Options granted	(546,800)	546,800	$	29.19
Options forfeited	74,989	(74,989)	$	132.63
Options exercised	—	(21,974)	$	16.64
Balance, December 31, 2024	512,993	1,249,459	$	60.78	7.31	$	4,827
Additional shares authorized	325,012	1,250
Options granted	(562,010)	562,010	$	17.58
Options forfeited	205,360	(205,360)	$	63.25
Options exercised	—	(70,252)	$	12.13
Balance, December 31, 2025	481,355	1,537,107	$	46.84	7.26	$	515
Exercisable, December 31, 2025		820,027	$	66.48	5.83	$	515
Vested and expected to vest, December 31, 2025		820,027	$	66.48	5.83	$	515

The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the estimated fair value of the Company’s common stock as of the respective period-end dates. There were 70,252 and 21,974 stock options exercised during the years ended December 31, 2025 and 2024, respectively. The aggregate intrinsic value of stock options exercised was zero and $0.1 million during the years ended December 31, 2025 and 2024, respectively. The weighted-average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024, was $14.13 and $22.85 per share, respectively.

As of December 31, 2025 and 2024, there was $12.6 million and $16.6 million, respectively, of total unrecognized compensation cost related to unvested stock options granted under the 2018 Plan and 2021 Plan, which is expected to be recognized over a weighted average period of 2.35 years and 2.25 years, respectively.


	Year Ended December 31,
	2025				2024
Expected term (in years)	5.28		—	6.08	5.27		—	6.08
Expected volatility	98.18	%	—	102.67%	86.92	%	—	100.06%
Risk-free interest rate	3.87	%	—	4.19%	3.53	%	—	4.57%
Fair value of common stock	$12.78		—	$30.33	$10.50		—	$66.10
Expected dividend yield	—%				—%

Expected term—The expected term represents the period that stock-based awards are expected to be outstanding and is determined as the average of the time-to-vesting and the contractual life of the awards.

Expected volatility—Since the Company is privately held and does not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty.

In March 2021, the Company adopted the Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The ESPP was adopted by the Board of Directors and stockholders in March 2021, but the Company has not yet commenced offerings to employees under the ESPP. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 61,850 shares of common stock. The number of shares reserved under the ESPP automatically increases on January 1 of each year through and until January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, and (ii) 123,700 shares; provided, however, that before the date of any such increase, the Board of Directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii).