Stock Options

In August 2021, the Company’s Board of Directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”) which provided for the granting of stock appreciation rights, incentive stock options, restricted stock awards, other stock-based awards to eligible employees, officers, directors, consultants, and advisors. The stock options issued under the 2021 Plan expire not more than ten years from their respective grant dates. The 2021 Plan was subsequently amended on various dates through September 2025 to increase the number of shares available for the issuance of awards. As of the effective date of the 2026 Long-Term Incentive Plan (the “2026 Plan”) and as of June 30, 2026, there were no shares remaining available for future issuance under the 2021 Plan. Any options or other awards outstanding under the 2021 Plan remain outstanding and effective. The remaining shares reserved for issuance under the 2021 Plan ceased to be available for issuance at the time that the 2026 Plan became effective.

In May 2026, the Company’s Board of Directors adopted the 2026 Plan and the 2026 Employee Stock Purchase Plan (the “ESPP”), which both became effective in connection with the IPO. The 2026 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance-based awards and other stock-based awards or cash incentives to employees, directors and consultants. A total of 6,232,376 shares of the Company’s common stock have been reserved for future issuance under the 2026 Plan, in addition to any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 Plan and any shares underlying outstanding stock awards granted under the 2021 Plan that expire or are repurchased, forfeited, cancelled or withheld. The ESPP reserved a total of 516,400 shares for future issuance of common stock pursuant to purchase rights granted to employees, in addition to any automatic increases in the number of shares of common stock reserved for future issuance under the ESPP.

Upon the closing of the IPO, the Company granted 3,433,534 stock options to purchase shares of the Company’s common stock under the 2026 Plan to certain employees and directors, with an exercise price equal to the IPO price of $18.00 per share.

The stock options granted under the plans generally vest over four years, with 25% of the award vesting at a one-year cliff with the remaining portion vesting in equal installments over the remaining period, or in equal monthly installments over four years . The stock options granted contain service‑based vesting conditions and certain stock options granted contain performance‑based vesting conditions. Awards with a service‑based component require continued service with the Company over the requisite service period, while vesting for awards with performance‑based conditions is tied to the achievement of certain research and development milestones.

In December 2025, 166,550 stock options to purchase shares of the Company’s common stock were early exercised pursuant to approval by the Company’s Board of Directors. The unvested common stock purchased pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest according to their respective terms.

There were no stock options granted during the six months ended June 30, 2025. The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2026 was $14.15 per option. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised was $0.3 million and $0.1 million during the six months ended June 30, 2026 and 2025, respectively.

Restricted Stock

The Company recorded stock compensation expense of $0.2 million and $0.4 million related to the restricted stock awards during the three and six months ended June 30, 2026, respectively. The Company recorded stock compensation expense of a de minimis amount related to the restricted stock awards during the three and six months ended June 30, 2025.

The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur. As of June 30, 2026, total unrecognized compensation costs related to unvested stock options and restricted stock awards was $67.4 million, which is expected to be recognized over the remaining weighted average period of approximately 3.03 years.