12. Subsequent Events

The Company has evaluated subsequent events through March 30, 2026, the date on which these consolidated financial statements were issued.

Subsequent to December 31, 2025, equity holders exercised cashless 89,742 stock options resulting in the issuance of 62,309 shares of common stock. The Company received aggregate cash proceeds of approximately $4.00 related to these cashless exercises. Additionally, 10,002 restricted stock units were settled and converted into shares of common stock.

On January 14, 2026, the eXoZymes board approved an issuance of stock options to purchase 146,437 shares of common stock and were granted at an exercise price of $9.49 per share, which was equal to the fair value of the common stock on the date of grant and are exercisable for a period of 7 years. The stock options vest ratably over a period of 4 years. The inputs used to determine the fair value was Common Stock price of $9.49, option exercise price of $9.49, expected life in years of 4 years, with a contract life of 7 years, risk-free rate of 3.72%, expected annual volatility of 83.40%, and annual rate of dividends of $0.