11.       Stock-Based Compensation

On May 29, 2026 (the “modification date”), the Company’s stockholders approved a one-time option repricing (the “Repricing”) of certain outstanding stock options (“Eligible Options”) granted under the Amended and Restated 2014 Equity Incentive Award Plan (the “2014 Plan”) and the 2016 Employment Commencement Incentive Plan (the “2016 Plan”). The Repricing was eligible to current employees, including executive officers, and certain consultants, but explicitly excluded non-employee directors. Only options with an original exercise price of $5.00 or higher were included in the Repricing. The pool of Eligible Options were granted from 2016 through 2023 and carried per-share exercise prices ranging from $5.44 to $30.98. The Company pursued the Repricing to restore the retention and motivational value of these underwater options without causing the equity dilution or cash expenditures associated with alternative compensation structures.

As of the modification date, the total number of shares underlying the Eligible Options was 8,907,542. These options were automatically repriced to the closing price on the date of stockholder approval of $1.59 per share. Additionally, the contractual term of all Eligible Options was extended to 10 years from the modification date.

If a holder terminates service or exercises an Eligible Option prior to the one-year retention date of May 29, 2027, the exercise price will automatically revert to its original exercise price, except as otherwise determined by the Company’s Board or Compensation Committee. Except for the reduction in exercise price and the extension of the contractual term, all other original terms and conditions of the options remain unchanged.

The incremental stock-based compensation expense was calculated using the Black-Scholes model. The Repricing resulted in total incremental stock-based compensation expense of $6.3 million, which will be recognized on a straight-line basis through May 29, 2027, the end of the retention period. For the three months ended June 30, 2026, the

Company recognized incremental stock-based compensation expense of $0.5 million associated with the Repricing, which is included in the table below.

The following table summarizes the classification of stock-based compensation expense in the Company’s condensed consolidated statements of operations related to employees and non-employees:

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