In connection with the Reverse Merger, the Company stockholders approved the 2024 Equity Incentive Plan (the “2024 Plan”) on December 13, 2024. The 2024 Plan provides for the grant of incentive stock options, nonqualified stock options, and stock awards, any of which may be performance-based, and for incentive bonuses, which may be paid in cash, Common Stock or a combination thereof.

The number of shares reserved for issuance under the 2024 Plan is equal to 3,455,433 shares of Common Stock.

As of March 31, 2026, 2,771,951 shares of Common Stock were issued under the 2024 Plan.

In connection with the Reverse Merger, all of the options outstanding under the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) were adjusted with respect to the number of shares and exercise price to reflect the Exchange Ratio. As of March 31, 2026, 517,477 shares of Common Stock were outstanding under the 2019 Plan and no further grants will be made under the 2019 Plan.

For incentive stock options and non-statutory stock options, the option exercise price may not be less than 100% of the estimated fair value on the date of grant. Options granted to employees typically vest over a four-year period but may be granted with different vesting terms. The options expire ten years from the grant date.

The following table summarizes stock option activity for the Company’s equity incentive plans for the three months ended March 31, 2026:


	Common			Weighted		Weighted
	Shares			Average		Average
	Underlying			Exercise		Remaining
	Stock			Price per		Contractual
	Options			Share		Life (in years)
Outstanding at December 31, 2025		2,917,143		$	20.69		8.5
Granted		452,205		$	80.50
Exercised		(92,726	)	$	10.31
Forfeited / Cancelled		(3,108	)	$	82.50
Outstanding at March 31, 2026		3,273,514		$	29.19		8.6

Exercisable at March 31, 2026		954,970		$	16.25		7.5

The aggregate intrinsic value of options outstanding and options exercisable as of March 31, 2026 was $314.3 million and $105.3 million, respectively.

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,457	$	390
General and administrative		1,919		704
Total stock-based compensation expense	$	3,376	$	1,094

As of March 31, 2026, there was approximately $51.6 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a remaining weighted-average service period of 2.88 years.