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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i><b>Grants of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information</b></i></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We maintain an equity grant policy that provides guidance for the orderly granting of both annual and new hire equity awards. Consistent with our annual compensation cycle, the Compensation Committee has historically granted annual equity awards to our executive officers in June. As a result of the policy, the approximate dates for awards are often known up to a year in advance. The timing of any equity awards to executive officers in connection with new hires, promotions, or other nonroutine awards is tied to the event giving rise to the award (such as an executive officer’s commencement of employment or promotion effective date). In any case, the final timing of equity awards remains subject to sufficient available shares under our applicable equity incentive plans.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The timing of equity award grants is determined independently of the release of any material nonpublic information, and we do not time the disclosure of material nonpublic information for the purpose of increasing the value of equity-based compensation. Accordingly, our equity grant policy provides that to the extent practicable, the Compensation Committee will not grant stock options or other equity-based incentive awards in the period beginning four business days before the filing of a periodic report on Form 10-Q or Form 10-K or the filing or furnishing of a current report on Form 8-K that discloses material nonpublic information (other than a current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending one business day after the filing or furnishing of such report.</p>
The timing of equity award grants is determined independently of the release of any material nonpublic information, and we do not time the disclosure of material nonpublic information for the purpose of increasing the value of equity-based compensation. Accordingly, our equity grant policy provides that to the extent practicable, the Compensation Committee will not grant stock options or other equity-based incentive awards in the period beginning four business days before the filing of a periodic report on Form 10-Q or Form 10-K or the filing or furnishing of a current report on Form 8-K that discloses material nonpublic information (other than a current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending one business day after the filing or furnishing of such report.
false
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Clawback Policy </i></b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We maintain a clawback policy that provides for a mandatory clawback of incentive compensation paid to current and former executives under certain circumstances in the event a financial metric used to determine the vesting or payment of incentive compensation to an executive was calculated incorrectly and resulted in a financial restatement. This policy complies with applicable SEC and Nasdaq rules.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Pay Versus Performance Disclosure</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of SEC Regulation S-K, we are providing the following information about the relationship between “compensation actually paid” to our named executive officers, within the meaning of such rules, and certain financial performance measures of our Company.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The table below provides information regarding compensation actually paid (“CAP”) to our PEO (our CEO), and the average compensation actually paid to our other non-PEO named executive officers, during each of the past three fiscal years, as well as total shareholder return and net income (loss) for each of the past three fiscal years.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
<td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 10%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Year</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Summary</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Compensation </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Table Total for</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>PEO<sup style="vertical-align:top;line-height:120%;">(a)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Actually Paid to </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>PEO<sup style="vertical-align:top;line-height:120%;">(b)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Average Summary</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Compensation </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Table Total for</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Other NEOs<sup style="vertical-align:top;line-height:120%;">(c)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Average</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Compensation</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Actually Paid to </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Other NEOs<sup style="vertical-align:top;line-height:120%;">(b)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Value of Initial</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Fixed $100 </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Investment Based</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>on TSR<sup style="vertical-align:top;line-height:120%;">(d)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Net Income</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Loss)<sup style="vertical-align:top;line-height:120%;">(e)</sup></b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(million $)</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2025</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,727,350</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,277,304</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,468,542</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,464,052</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">504</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(32,766</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(230, 230, 230);">
<td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2024</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,550,985</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,441,991</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">994,133</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,381,183</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">344</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(24,444</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2023</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,215,161</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,424,344</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">587,222</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">707,892</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">180</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(19,381</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
</tbody></table>
</div>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(a)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Rick Pauls was our only principal executive officer for all years presented.</p>
</td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(b)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">SEC rules require certain adjustments be made to the Summary Compensation Table (“SCT”) totals to determine CAP as reported in the Pay Versus Performance Table. CAP amounts do not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. A reconciliation of the SCT totals to CAP to our PEO and our Other NEOs (as an average) is shown below. Our NEOs do not participate in a pension plan; therefore, no adjustment from the SCT totals related to pension values were made for any periods presented.</p>
</td>
</tr>
</tbody></table>
2727350
5277304
1468542
2464052
504
-32766000000
1550985
2441991
994133
1381183
344
-24444000000
1215161
1424344
587222
707892
180
-19381000000
Rick Pauls
Rick Pauls
Rick Pauls
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"> </p>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 9pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt;">
<td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; width: 70%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"> </p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2025</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
</tr>
<tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt;">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: center;"> <b>Adjustments</b></td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"><b>PEO</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; width: 0%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Average of Other NEOs</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;"><b>Total Compensation from SCT</b></p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>2,727,350</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>1,468,542</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">Subtract SCT amounts for stock and option awards</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(1,652,400</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(1,020,375</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">Add fair value at year-end of awards granted during the covered fiscal year that are outstanding and unvested at year-end</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">3,619,877</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">1,897,408</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">+/- Difference between fair value of awards from the end of the prior fiscal year to the end of the covered fiscal year for awards granted in any prior fiscal year that are outstanding and unvested at the end of the covered fiscal year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">608,898</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">124,733</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">+/- Change in fair value from the end of the prior fiscal year to the vesting date for awards granted in any prior fiscal year which vested during the covered fiscal year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(26,421</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(6,256</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">Subtract fair value at end of prior fiscal year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; text-align: right;">–</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; text-align: right;">–</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;"><b>Compensation Actually Paid</b></p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>5,277,304</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>2,464,052</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
</tbody></table>
</div>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"> </p>
<hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(c)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Our NEOs (other than PEO) were Dr. Krop and Mr. Kellen for 2025; Dr. Masuoka and Mr. Kellen for 2024; and Mr. Kellen, Julie Daves, and Kirsten Gruis, M.D. for 2023.</p>
</td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(d)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Total shareholder return is calculated based on a fixed investment of one hundred dollars measured from the market close on December 30, 2022 (the last trading day of fiscal 2022) through and including the end of each fiscal year reported in the table.</p>
</td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(e)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Amounts reported represent the amount of GAAP net income or loss reflected in our audited consolidated financial statements for the applicable year and is presented in thousands.</p>
</td>
</tr>
</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"> </p>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 9pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt;">
<td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; width: 70%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"> </p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2025</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
</tr>
<tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt;">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: center;"> <b>Adjustments</b></td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"><b>PEO</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); padding: 0px; width: 0%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Average of Other NEOs</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;"><b>Total Compensation from SCT</b></p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>2,727,350</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>1,468,542</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">Subtract SCT amounts for stock and option awards</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(1,652,400</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(1,020,375</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">Add fair value at year-end of awards granted during the covered fiscal year that are outstanding and unvested at year-end</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">3,619,877</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">1,897,408</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">+/- Difference between fair value of awards from the end of the prior fiscal year to the end of the covered fiscal year for awards granted in any prior fiscal year that are outstanding and unvested at the end of the covered fiscal year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">608,898</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">124,733</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">+/- Change in fair value from the end of the prior fiscal year to the vesting date for awards granted in any prior fiscal year which vested during the covered fiscal year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(26,421</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">(6,256</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">Subtract fair value at end of prior fiscal year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during the covered fiscal year</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; text-align: right;">–</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt; text-align: right;">–</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 9pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;"><b>Compensation Actually Paid</b></p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>5,277,304</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt;"><b> </b></td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"><b>2,464,052</b></td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 9pt; margin-left: 0pt;"> </td>
</tr>
</tbody></table>
</div>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"> </p>
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<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(c)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Our NEOs (other than PEO) were Dr. Krop and Mr. Kellen for 2025; Dr. Masuoka and Mr. Kellen for 2024; and Mr. Kellen, Julie Daves, and Kirsten Gruis, M.D. for 2023.</p>
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<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(d)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Total shareholder return is calculated based on a fixed investment of one hundred dollars measured from the market close on December 30, 2022 (the last trading day of fiscal 2022) through and including the end of each fiscal year reported in the table.</p>
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<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">(e)</p>
</td>
<td style="width: auto;">
<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">Amounts reported represent the amount of GAAP net income or loss reflected in our audited consolidated financial statements for the applicable year and is presented in thousands.</p>
</td>
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</tbody></table>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
2727350
1468542
-1652400
-1020375
3619877
1897408
608898
124733
-26421
-6256
0
0
5277304
2464052
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Pay Versus Performance Relationship</i></b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In accordance with Item 402(v) of SEC Regulation S-K, we are providing the charts shown below, which present a graphical comparison of CAP to our PEO and the average CAP to our non-PEO named executive officers set forth in the Pay Versus Performance Table above, as compared against our total shareholder return (TSR) and net income (loss).</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As demonstrated by the following graphs, there is a high degree of correlation between the amount of compensation actually paid to our NEOs and our cumulative TSR over the three years presented in the table. The alignment of compensation actually paid with our cumulative TSR over the period presented is because a significant portion of the compensation actually paid to our NEOs is comprised of equity awards, the value of which is driven by our share price.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<div style="text-align: center;"><img alt="c2.jpg" src="c2.jpg"/></div>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As a clinical-stage company we have incurred substantial losses since our inception and expect to continue to incur substantial losses for at least two or three years. Accordingly, we do not seek to achieve direct alignment between Compensation Actually Paid to our named executive officers and net income (loss).</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>The information contained in the </i>“<i>Pay Versus Performance Disclosure</i>”<i> section above shall not be deemed to be </i>“<i>soliciting material</i>”<i> or to be </i>“<i>filed</i>”<i> with the SEC, or subject to Regulation 14A or to the liabilities of Section 18 of the Exchange Act, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act. </i></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Pay Versus Performance Relationship</i></b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In accordance with Item 402(v) of SEC Regulation S-K, we are providing the charts shown below, which present a graphical comparison of CAP to our PEO and the average CAP to our non-PEO named executive officers set forth in the Pay Versus Performance Table above, as compared against our total shareholder return (TSR) and net income (loss).</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As demonstrated by the following graphs, there is a high degree of correlation between the amount of compensation actually paid to our NEOs and our cumulative TSR over the three years presented in the table. The alignment of compensation actually paid with our cumulative TSR over the period presented is because a significant portion of the compensation actually paid to our NEOs is comprised of equity awards, the value of which is driven by our share price.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<div style="text-align: center;"><img alt="c2.jpg" src="c2.jpg"/></div>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As a clinical-stage company we have incurred substantial losses since our inception and expect to continue to incur substantial losses for at least two or three years. Accordingly, we do not seek to achieve direct alignment between Compensation Actually Paid to our named executive officers and net income (loss).</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>The information contained in the </i>“<i>Pay Versus Performance Disclosure</i>”<i> section above shall not be deemed to be </i>“<i>soliciting material</i>”<i> or to be </i>“<i>filed</i>”<i> with the SEC, or subject to Regulation 14A or to the liabilities of Section 18 of the Exchange Act, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act. </i></p>