The Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) to grant option awards to its officers, directors and employees as compensation for their services to the Company. In the fourth quarter of 2025, the Board approved increases to the aggregate shares of common stock available for issuance under the 2021 Plan from 771,832 shares to 4,411,143 shares.

Stock option awards under the 2021 Plan were to be issued at an exercise price of not less than 100% of the fair market value of the voting common stock at the date of the grant. The 2021 Plan was administered by the Board, which had the authority to grant awards, interpret the plan and related agreements, establish rules and regulations, and make all other determinations necessary for its administration. The Board could delegate these powers to a committee. Stock option awards granted under the 2021 Plan generally vest over 36 or 48 months, with 33.3% or 25% vesting one year after the grant date and the remainder vesting in equal monthly installments over the following 24 or 36 months, respectively.

In connection with the IPO in the first quarter of 2026, the Board adopted, and the stockholders approved, the 2026 Plan, which superseded the 2021 Plan. The 2026 Plan had an initial share pool of 4,032,751 shares available to be granted. Additionally, in connection with the IPO, the Board adopted, and the stockholders approved, the 2026 ESPP with an initial share pool of 316,668 shares available to be granted.

During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of $5.3 million and $0.2 million, respectively. Stock-based compensation expense for the three months ended March 31, 2026 and 2025 was allocated as follows:

Stock option awards grants in 2025 included 543,635 performance-based stock option awards with both a market condition and a performance condition made in the fourth quarter of 2025. The performance-based stock option awards were earned based upon achievement of specified corporate milestones, including a performance condition related to the completion of the Company’s initial public offering and a market condition related to attainment of certain post-IPO market capitalization levels. The weighted average grant date fair value of awards subject to both a market condition and a performance condition was $5.13. The Company achieved these milestones in the first quarter of 2026, resulting in the full vesting of the awards and recognition of $2.8 million in stock-based compensation in the first quarter of 2026.