The Company currently grants stock options and restricted stock units to employees and directors under the 2020 Stock Incentive Plan (the “2020 Plan”) and formerly, the Company granted stock options under the 2016 Long Term Incentive Plan. The 2020 Plan is administered by the Compensation Committee of the Company’s Board of Directors. The 2020 Plan is intended to attract and retain employees and directors and provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company.

Based on the provisions of the 2020 Plan, the number of shares of common stock available for issuance under the 2020 Plan increased by 6,400,000 shares on January 1, 2026. On September 18, 2025, the Board approved an increase of 8,000,000 shares of common stock available for issuance under the 2020 Plan (the “Incremental Pool”), which was approved by the majority of the shares voting at the Company’s Annual Meeting of Stockholders on June 10, 2026. As of June 30, 2026, there were 11,470,313 shares available for grant under the 2020 Plan.

On May 3, 2024, the Board adopted the 2024 Inducement Pool (the “Inducement Pool”), which mirrors the terms of the 2020 Plan, with a total of 2,000,000 shares of common stock reserved for issuance under the Inducement Pool. Effective January 22, 2025, the number of shares of common stock available under the Inducement Pool increased by 2,000,000 shares. The Inducement Pool provides for the grant of non-qualified stock options and was approved by the Compensation Committee of the Board without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. As of June 30, 2026, there were 1,707,478 shares available for grant under the Inducement Pool.


	Number of Options	Weighted average exercise price		Weighted average remaining contractual term (years)
Outstanding at December 31, 2025	119,464,728	$	4.14	7.8
Granted	5,092,636	17.15
Forfeited	(4,938,700)	9.69
Exercised	(1,250,849)	5.22
Outstanding at June 30, 2026	118,367,815	$	4.45	7.4
Vested and expected to vest as of June 30, 2026	113,153,918	$	4.35	7.3
Exercisable at June 30, 2026	67,128,849	$	2.76	7.0


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
Research and development		$	24,141	$	128,577	$	48,544	$	132,636
General and administrative		44,565		350,207		92,953		357,244
Total stock-based compensation expense		$	68,706	$	478,784	$	141,497	$	489,880


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
Stock options		$	67,554	$	478,553	$	139,644	$	489,416
Restricted stock units		895		—		1,260		—
Employee stock purchase plan		257		231		593		464
Total stock-based compensation expense		$	68,706	$	478,784	$	141,497	$	489,880

During the second quarter of 2025, the Compensation Committee of the Board of Directors approved a modification to the Company's outstanding unvested performance-based stock option awards for certain employees and executives that will require only the service-based vesting requirements to continue to be satisfied in order to become fully vested, subject to employee consent. The Company accounted for this change as a Type III modification (improbable-to-probable) in accordance with the requirements of Accounting Standards Codification Topic 718 (ASC 718). As a result, 44,488,976 options were valued on the modification date. The Company is recognizing the newly assessed measurement date fair value of the awards as compensation expense over the remaining vesting period. During the three and six months ended June 30, 2026, the Company recognized expense of $39,053 and $80,449 respectively associated with the modification. As of June 30, 2026, the unrecognized compensation cost associated with the modification was $127,201 and is expected to be expensed over a weighted-average recognition period of approximately 1.2 years.