In September 2021, the Company’s board of directors approved the adoption of the 2021 Equity Incentive Plan, under which the Company is authorized to issue incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock awards and performance awards that may be settled in cash, stock, or other property. On  October 10, 2025, the Company’s stockholders approved an amendment to the Company’s 2021 Equity Incentive Plan (as amended, the “Plan”) to (i) increase the aggregate number of shares of Common Stock available under the Plan to a total of 18,000,000 shares, (ii) include warrant as a type of awards issuable under the Plan, and (iii) to ratify the 2021 Equity Incentive Plan.

The aggregate number of shares of common stock authorized for issuance under the Plan is 18,000,000 shares, which may be increased through an amendment to the Plan adopted by the board of directors. The number of shares authorized is subject to standard adjustments in the event of a stock split, stock dividend or other extraordinary dividend, or other similar change in the Company’s common stock or capital structure. Awards that expire or are cancelled generally become available for issuance again under the Plan. Awards have a maximum term of ten years from the grant date and vest over four years, but may vest over varying periods, as specified by the Company’s board of directors for each grant.

A summary of stock option transactions for the three months ended March 31, 2026, is as follows:

As of March 31, 2026, there were 7,570,646 options outstanding, with a weighted average exercise price of $0.66, a weighted average remaining term of 6.94 years, and an aggregate intrinsic value of $3.6 million. Of these, 5,448,452 were vested, with a weighted average exercise price of $0.46, a weighted average remaining term of 6.41 years and an aggregate intrinsic value of $3.2 million. The options vest over a period of 4 years.

In February 2026, the Company granted 16,448 stock options with an exercise price of $1.69 and a term of 10 years. In March 2026, the Company granted 200,000 stock options with an exercise price of $1.08. The options vest over a period of 4 years. The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards to compensation expense over the vesting period. The fair market value of February and March 2026, stock-based awards was determined using the Black-Scholes option pricing model which used the following assumptions:

Total stock-based compensation recognized for options was as follows (in thousands):

As of March 31, 2026, the unrecognized stock-based compensation cost related to outstanding stock options that are expected to vest was $1.6 million which the Company expects to recognize over an estimated weighted average period of 2.49 years.

On September 26, 2021, the Company’s board of directors approved the adoption of the 2021 Equity Incentive Plan (the “2021 Plan”), under which the Company is authorized to issue incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock awards, and performance awards that may be settled in cash, stock, or other property.

The aggregate number of shares of common stock authorized for issuance under the 2021 Plan is 8,394,360 shares, which may be increased through an amendment to the 2021 Plan adopted by the board of directors. The number of shares authorized is subject to standard adjustments in the event of a stock split, stock dividend or other extraordinary dividend, or other similar change in the Company’s common stock or capital structure. Awards that expire or are cancelled generally become available for issuance again under the 2021 Plan. Awards have a maximum term of ten years from the grant date and generally vest over four years, but may vest over varying periods, as specified by the Company’s board of directors for each grant. On October 10, 2025, the Company’s stockholders approved an amendment to the Company’s 2021 Equity Incentive Plan (the “Amended Incentive Plan”) to (i) increase the aggregate number of shares of Common Stock available under the 2021 Equity Incentive Plan to a total of 18,000,000 shares, (ii) include warrant as a type of awards issuable under the Amended Incentive Plan, and (iii) to ratify the 2021 Equity Incentive Plan.

A summary of stock option transactions is as follows:

As of December 31, 2025, there were 7,556,434 options outstanding, with a weighted average exercise price of $0.44, a weighted average remaining term of 7.08 years, and an aggregate intrinsic value of $8.6 million. Of these, 5,204,064 were vested, with a weighted average exercise price of $0.43, a weighted average remaining term of 6.61 years and an aggregate intrinsic value of $6.8 million.

On May 30, 2025, the Company granted 833,588 stock options with a post stock split exercise price of $2.11 and a term of 10 years. The options vest over a period of 4 years. The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards to compensation expense over the vesting period. The fair market value of the May 30, 2025, stock-based awards was determined using the Black-Scholes option pricing model which used the following assumptions:

On September 29, 2025, the Company granted 3,448 stock options with an  exercise price of $8.70 and a term of 10 years. The options vest over a period of 4 years. The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards to compensation expense over the vesting period. The fair market value of the September 29, 2025, stock-based awards was determined using the Black-Scholes option pricing model which used the following assumptions:

Total stock-based compensation recognized for options was as follows (in thousands):

As of December 31, 2025, the unrecognized stock-based compensation cost related to outstanding stock options that are expected to vest was $1.6 million, which the Company expects to recognize over an estimated weighted average period of 2.52 years.