Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock Based Compensation [Line Items]

12. Stock-Based Compensation

Stock Incentive Plan

Prior to the Closing, Legacy Infleqtion maintained its 2017 Stock Incentive Plan (the “2017 Plan”), under which it granted stock options and restricted stock awards to purchase or directly issue shares of common stock to employees, officers, directors, consultants and advisors. Upon the Closing, outstanding awards under the 2017 Plan were assumed by the Company and converted into awards exercisable for shares of the Company’s Common Stock using the Exchange Ratio. Prior to the Closing 53,165,588

shares of common stock were reserved for issuance under the 2017 Plan. No new awards may be granted under the 2017 Plan following the Closing.

On February 12, 2026, the Company’s stockholders approved the Infleqtion, Inc. 2026 Equity Incentive Plan (the “2026 Plan”), which was ratified by the Board on February 13, 2026. The 2026 Plan permits the granting of stock options, restricted stock awards and other equity-based awards to employees, directors, and consultants. As of March

31, 2026,

33,419,882

shares of common stock were reserved for issuance under the 2026 Plan.

Stock Options

The following table summarizes the Company’s stock option activity (in thousands, except share and per share amounts):


	Number of Options			Weighted Avg Exercise Price		Weighted Avg Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025		31,294,637		$	0.66		6.29	$	203,535
Granted		4,747,467			13.22
Exercised		(1,115,549	)		0.70
Forfeited/Cancelled		(352,526	)		6.63

Outstanding as of March 31, 2026		34,574,029		$	2.33		6.91	$	274,381

	As of March 31, 2026
Exercisable		25,064,895		$	0.65		6.15	$	230,164

The aggregate intrinsic value in the table above represents the difference between the exercise price of the underlying stock options and the fair value of the Company’s Common Stock for the respective date. The total intrinsic value of options exercised during the three months ended March 31, 2026

was

$7.2

million. The total grant date fair value of options vested during the three months ended March 31, 2026 was

$2.4

million.

Restricted Stock

During the three months ended March 31, 2026, certain restricted shares issued in connection with the Morton Acquisition vested upon the achievement of specified contingent payment milestones. See Note 9 –

Commitments and Contingencies

for additional information regarding the contingent payment arrangement.

The table below presents the activity of the restricted stock awards (“RSAs”):


	RSAs Outstanding			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		419,590		$	0.89
Granted		—			—
Vested		(179,825	)		0.89
Forfeited		—			—

Unvested as of March 31, 2026		239,765		$	0.89

Compensation Cost

Total stock-based compensation expense is included within the condensed consolidated statement of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	1,017	$	92
Research and development		2,414		72
Selling, general and administrative		4,862		954

Total stock-based compensation expense	$	8,293	$	1,118

Unvested Stock Options and RSAs

As of March 31, 2026, unrecognized stock-based compensation expense related to unvested stock option awards was $45.2 million, which the Company expects to recognize over a weighted-average period of 3.62 years.

Unrecognized stock-based compensation expense related to unvested restricted stock awards as of March 31, 2026 was nil. The remaining unvested restricted awards relate to the Morton

cquisition and are not recognized as compensation expense. See

Note 9

– Commitments and Contingencies for additional information regarding the contingent obligation.