12. Employee Stock Purchase Plan

On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Employee Stock Purchase Plan (the ESPP), which became effective on January 24, 2024. The number of shares initially available for issuance pursuant to the ESPP is 812,242 shares. The ESPP provides for the sale of the Company's common stock to eligible employees at 85% of the fair market value of the Company's common stock at the commencement date of each offering period or the relevant date of purchase, whichever is lower. Payroll deductions are limited to 15% of the employee’s eligible compensation, subject to IRS limits. In addition, employees may not buy more than 100,000 shares during any purchase period or offering period. There were 39,060 and 32,019 shares purchased under the ESPP during the six months ended June 30, 2026 and 2025, respectively, and no shares purchased under the ESPP during the three months ended June 30, 2026 and 2025. As of June 30, 2026, there were approximately 1.5 million shares available for issuance under the ESPP.

The Company recorded stock-based compensation expense under the ESPP of approximately $0.2 million and $0.6 million for the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had $1.0 million of gross unrecognized stock-based compensation expense under the ESPP to be recognized over a weighted average period of 1.4 years.