In July 2018, the Company’s board of directors adopted, and the Company’s stockholders approved the 2018 Stock Plan (the “2018 Plan”) and the board of directors periodically approved changes in the number of authorized shares under the 2018 Plan. In April 2026, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2026 Equity Incentive Plan (the “2026 Plan” and together with the 2018 Plan, the “Stock Plans”), which became effective in connection with the Company’s IPO. Following the 2026 Plan’s effectiveness, no further grants will be made under the 2018 Plan, however, awards outstanding under the 2018 Plan will continue to be governed by their existing terms. In addition, shares subject to outstanding stock awards granted under the 2018 Plan that expire, or are forfeited, cancelled, withheld, or reacquired become available for grant pursuant to the 2026 Plan.

The Stock Plans provide for the grant of restricted stock awards, incentive and non-statutory stock options and restricted stock units (“RSUs”) to employees, nonemployee directors and consultants of the Company. Awards generally include service-based vesting terms of four years, with 25% of the award vesting one year from the vesting commencement date and then ratably over the following 36 months, though some vest over shorter periods, vesting monthly from grant date. Options granted under the Stock Plans generally expire ten years from the date of grant. Options are exercisable only to the extent vested unless early exercise is approved by the Company’s board of directors.

As of June 30, 2026, the total number of shares available for grant under the 2026 Plan was 4,990,358. The number of shares of the Company’s common stock reserved for issuance will automatically increase on January 1 of each calendar year, from January 1, 2027 through January 1, 2036, in an amount equal to 5% of the total number of shares of each and every class of common stock of the Company outstanding on December 31 of the preceding year; provided that before the date of any such increase, the board of directors may determine that such increase will be less than such amount.

As of June 30, 2026 and December 31, 2025, 311,822 and 35,629 shares of common stock granted pursuant to the early exercise of options were outstanding and subject to the Company’s repurchase right. The exercise price of all stock options granted under the Stock Plans must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant, as determined by the Company's board of directors.

As of June 30, 2026, there was $50.5 million of unamortized stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.58 years.

Stock options

RSUs

Other grants

For the three and six months ended June 30, 2026 and 2025, the total fair value of shares vested was de minimis.

In April 2025, the Company adopted the Employee Phantom Option Plan, which allows for the issuance of Phantom Options to purchase Phantom Shares of the Class B Common Stock of the Company. Following the IPO, Phantom Shares may be converted into common shares at a defined conversion price. Upon completion of the IPO and government registration, all outstanding Phantom Options automatically convert into options to acquire common stock. The Company issued 8,945 phantom stock options during three and six months ended June 30, 2026 with a weighted-average exercise price of $7.59 per share. As of June 30, 2026, the government registration was not complete.

2026 Employee Stock Purchase Plan

In April 2026, the Company’s 2026 Employee Stock Purchase Plan (“2026 ESPP”) became effective. Subject to any limitations contained therein, the 2026 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase the Company’s common stock at a discounted price per share. As of June 30, 2026, 656,400 shares of the Company's common stock were available for sale under the 2026 ESPP. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each calendar

year, from January 1, 2027 through January 1, 2036, by the lesser of (i) 1% of the total number of shares of each and every class of our common stock outstanding on December 31 of the preceding year and (ii) 1,969,200 shares; provided that before the date of any such increase, the board of directors may determine that such increase will be less than such amount.

No offerings have been authorized to date by the administrator under the 2026 ESPP. If the administrator authorizes an offering period under the 2026 ESPP, the administrator will establish the duration of offering periods and purchase periods, including the starting and ending dates of offering periods and purchase periods, provided that no offering period may have a duration exceeding 27 months.