In December 2023, the Company’s board of directors adopted the 2024 Employee Stock Purchase Plan, which was subsequently approved by the Company’s stockholders in February 2024 (the “2024 ESPP”), under which eligible employees may be provided with the opportunity to periodically purchase shares of the Company’s common stock at a discount through their accumulated periodic payroll deductions. As of June 30, 2026, the Company had 600,000 shares authorized for issuance under the 2024 ESPP, and no offering periods had started.

In March 2024, the Company adopted the 2024 Omnibus Incentive Compensation Plan (the “2024 Plan”), under which 3,983,334 shares of common stock were initially reserved for issuance. The 2024 Plan permits the grant of stock options, stock appreciation rights, stock awards, restricted stock units (“RSUs”), dividend equivalent rights, cash awards, and other awards to employees and non-employees, including members of the board of directors, consultants, or advisors. As of June 30, 2026, the Company had 1,565,629 shares available for issuance under the 2024 Plan.

Common stock options outstanding under the 2024 Plan were as follows (in thousands, except per share amounts and years):


	Number of Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Balance as of December 31, 2025		346		$	0.11		4.1	$	379
Exercised		(15	)	$	0.11
Balance as of June 30, 2026		331		$	0.11		3.6	$	947
Vested and expected to vest as of June 30, 2026		331		$	0.11		3.6	$	947
Exercisable as of June 30, 2026		331		$	0.11		3.6	$	947

No options were granted during the six months ended June 30, 2026. As of June 30, 2026, there was no unrecognized compensation cost related to common stock options.

In May 2025, the Company granted to the members of its board of directors certain share-based awards with a fixed monetary amount of $0.7 million equally allocated among the six grantees (“2025 RSUs”). The number of shares issuable to each grantee under the 2025 RSUs is calculated by dividing one-fourth of the allocated fixed monetary amount by the closing price of the Company’s common stock at the end of each fiscal quarter between April 1, 2025 and March 31, 2026. The 2025 RSUs were initially classified as a liability and were reclassified to equity up to the monetary amount for which the number of shares to be issued was determinable. During the three months ended March 31, 2026, the Company determined that an additional 144,732 shares became required to be issued to settle the remaining liability related to the 2025 RSUs. As a result, the remaining portion of the 2025 RSUs liability that had been initially classified as a liability became equity-classified as of March 31, 2026, and no liability associated with the 2025 RSUs remained as of June 30, 2026. Upon completion of the required service period, 501,516 RSUs vested on March 31, 2026, of which 167,172 RSUs were settled in common stock in April 2026, and the remaining 334,344 RSUs will be released in future periods, based on the passage of time or upon the occurrence of certain qualifying distribution events.

In September 2025, the Company also granted to its officers 300,000 RSUs that vest annually, in four equal installments, commencing from September 2026 and subject to continuous service.

In April 2026, the Company granted to the members of its board of directors certain share-based awards with a fixed monetary amount of $0.7 million equally allocated among the six grantees (“2026 RSUs”). The number of shares issuable to each grantee under the 2026 RSUs is calculated by dividing one-fourth of the allocated fixed monetary amount by the closing price of the Company’s common stock at the end of each fiscal quarter between April 1, 2026 and March 31, 2027. The RSUs will vest on March 31, 2027, subject to the grantees’ continuous service to the Company through this date, and will be released on the vesting date or in future periods. As of June

30, 2026, the Company determined that 55,554 shares became required to be issued to partially settle the liability related to the 2026 RSUs.

In April 2026, the Company granted various employees 500,000 RSUs that vest in eight equal installments on April 1 and May 1, commencing from April 2027 and subject to continuous service. In April 2026, the Company also granted to a certain employee 5,000 RSUs that vest annually, in four equal installments, commencing from April 2027 and subject to continuous service.

The RSU activity under the 2024 Plan was as follows (in thousands, except per share amounts):


	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value
Balance as of December 31, 2025		1,446		$	2.53
Granted		705		$	1.28
Vested and released		(264	)	$	1.81
Cancelled		(12	)	$	2.31
Balance as of June 30, 2026		1,875		$	2.16
Vested and unreleased as of June 30, 2026		445		$	1.55

As of June 30, 2026, there was $2.0 million of unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.9 years. Any unvested RSUs are forfeited upon separation from the Company. Forfeitures are accounted for as they occur.

The following table summarizes stock-based compensation included in the Company’s unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Cost of revenues	$	4	$	18	$	14	$	29
Research and development		78		215		205		361
Sales and marketing		21		45		55		79
General and administrative		241		234		515		554
Total	$	344	$	512	$	789	$	1,023

Stock-based compensation for the three and six months ended June 30, 2026 and 2025 primarily relates to the vesting of RSUs.

10. Stock-Based Compensation