Stock-based compensation expense includes vesting expense from stock options and restricted stock units (each, an "RSU"). During the three months ended June 30, 2026 and 2025, we recognized total stock-based compensation expense of $2,428,006 and $94,450 respectively. During the six months ended June 30, 2026 and 2025, we recognized total stock-based compensation expense of $4,254,752 and $188,900, respectively.

June 30, 2026

June 30, 2025

Stock Options

Weighted-

Average Exercise

Price

Weighted-

Average

Remaining Life

Stock Options

Weighted-

Average Exercise

Price

Weighted-

Average

Remaining Life

$/share

Years

$/share

Years

8,323,000

$3.94

8.4

1,000,000

$4.57

5.9

On May 10, 2026, the Board approved an amendment and restatement of the Amended and Restated 2021 LTIP (the "Amended and Restated LTIP") which was originally adopted on May 28, 2021. As of the closing of the IPO, the maximum number of shares of common stock that may be issued under the Amended and Restated LTIP is 17,400,012, subject to adjustment upon certain changes in the Company’s capitalization and annual increase on the first day of each calendar year during the term of the Amended and Restated LTIP, beginning on and including January 1, 2027, and ending on and including January 1, 2036, equal to the lesser of 2% of the aggregate number of

shares of common stock issued and outstanding on December 31 of the immediately preceding calendar year and such smaller number of shares of common stock as determined by the administrator (the “New LTIP Share Reserve”). Shares of common stock issued under the Amended and Restated LTIP will consist of authorized and unissued or reacquired shares of common stock, including shares of common stock repurchased by the Company.

The Amended and Restated LTIP provides for the grant of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards, deferred stock units and cash awards to eligible participants. No awards will be granted under the Amended and Restated LTIP following the tenth anniversary of the effective date of the Amended and Restated LTIP.

No stock options were granted, exercised, expired, or cancelled during the six months ended June 30, 2026 and 2025. During the six months ended June 30, 2026 and 2025, 250,000 and no stock options were forfeited by former employees, respectively.

During the six months ended June 30, 2026, the vesting period of 100,000 options of one grantee was modified from July 15, 2026 to April 6, 2026. The incremental fair value of the modification of vested options of $893,809 was expensed immediately. The inputs used to measure the modification were as follows:

Black-Scholes Option Pricing Model Input

Basis

Inputs for Value of
Modification

Annualized volatility (%)

Volatility of publicly traded peers

79.25%

Expected term (years)

Award agreement

0.32

Dividend yield (%)

No dividends over the expected term

—%

Risk-free rate (%)

Risk-free U.S. Treasury yield over the expected term

3.73%

Exercise price ($/share)

Award agreement

$4.00

Common stock price ($/share)

Initial public offering price

$13.50


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
	$	$	$	$
Pre-development expense	186,937	—	391,177	—
General and administrative expense	2,157,732	94,450	3,780,238	188,900
	2,344,669	94,450	4,171,415	188,900

On June 5, 2026, eight non-employee Directors were awarded an aggregate of 71,432 RSUs with a grant date fair value of $14.00 per RSU as their 2026 annual grant under the Non-Employee Director Compensation Program. The RSUs vest on the earlier of one year from the grant date or the day immediately preceding the date of the next Annual Meeting of Stockholders. Under the terms of the Non-Employee Director Compensation Program, each non-employee director is entitled to receive an annual grant of RSUs with respect to a number of shares equal to $125,000 (based on the closing price of a share of common stock on the date of grant). No RSUs had been previously awarded.

The Company recognized stock-based compensation expense from RSUs of $83,337 and nil for the three and six months ended June 30, 2026 and 2025, respectively.