The 2025 Plan, which was adopted by the Company's Board of Directors in May 2025 and approved by the Company's stockholders in June 2025, became effective upon the consummation of the IPO. Upon the effectiveness of the 2025 Plan, the 2005 Plan was terminated and no further grants may be made under the 2005 Plan. The Company's 2025 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors of the Company.

A total of 4,204,204 shares of the Company’s common stock were initially authorized for issuance with respect to awards granted under the 2025 Plan. Shares subject to outstanding awards granted under the 2005 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated will be available for award grants under the 2025 Plan. In addition, per the terms of the 2025 Plan, the share limit will automatically increase on the first trading day in January of each year (commencing with 2026) by an amount equal to (1) 4% of the total number of shares of our common stock that are issued and outstanding on the last trading day in December in the prior year, or (2) lesser number as determined by the Company’s Board of Directors. Any shares subject to awards granted under the 2025 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, fail to vest, as well as shares used to pay the purchase or exercise price of awards or related tax withholding obligations, will become available for new award grants under the 2025 Plan. As of June 30, 2026, a total of 3,638,505 shares is available for award purposes under the 2025 Plan, including automatic increase on January 2, 2026 for 1,874,602 shares.

Pursuant to the 2005 Plan, the Company granted equity-based incentive awards prior to the IPO to the Company’s employees, directors, and consultants. The 2005 Plan permitted the grant of stock options (either Incentive Stock Options (“ISO” – employees only) or Non-Qualified Stock Options (“NQSO”)) and restricted stock awards (“RSA”); only ISOs and NQSOs were outstanding during the periods presented. Upon the effectiveness of the 2025 Plan, the 2005 Plan was terminated and no new awards were granted under the 2005 Plan after the IPO, and there were no shares of common stock available for new award grants as of June 30, 2026 under the 2005 Plan.

Options granted to employees and non-employees contain only service vesting conditions, with typical grants vesting over a four-years period (vesting 25% on the first anniversary of the award and 1/48th each month thereafter) but may be granted with different vesting profiles, including options that are vested-at-grant (immediate vesting) and that are subject to different vesting schedules. Options granted to employees and non-employees expire no more than 10 years from the date of grant.


	Options on Common Stock	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Outstanding (vested and expected to vest) as of December 31, 2025	1,975,648	$	1.74	7.47	$	17,869
Granted	2,050,158	6.63
Exercised	(287,876)	0.42			2,061
Forfeited, canceled, or expired	(3,662)	0.57
Outstanding (vested and expected to vest) as of June 30, 2026	3,734,268	$	4.53	8.8	$	11,822
Exercisable as of June 30, 2026	769,657	$	0.63	6.0	$	5,349

The aggregate intrinsic values are calculated as the differences between the exercise prices of the underlying options and the fair value of the Company’s common stock for options that were in the money. The Company had 2,964,611 unvested stock options outstanding as of June 30, 2026.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Risk-free interest rate	4.26 %	3.87 %	4.19 %	3.87 %
Expected term	6.08 years	5.99 years	6.01 years	5.99 years
Volatility of common stock	76.0 %	78.2 %	76.2 %	78.2 %
Expected dividend rate	— %	— %	— %	— %
Fair value per share of common stock	$6.90	$2.00	$6.63	$2.00

In estimating the fair value of the underlying common stock prior to IPO, the Company utilized a third party valuation firm whose analyses supported management's concluded estimate. Post IPO the fair value of the underlying common stock is based on the Company’s closing stock price on the date of grant.

On March 19, 2026 the Company granted a total of 24,270 restricted stock units (RSUs) to its six Non-Employee Directors utilizing a fair market value (FMV) of $6.18 per share of the Company's common stock on the grant date. These RSUs are scheduled to vest as to 50% of the RSUs on June 30, 2026 and as to the remaining 50% of the RSUs on December 31, 2026 subject to the Non-Employee Director's continued service on the Board through such vesting date.

Stock-based compensation, measured at the grant date, is recognized ratably over the requisite service period, using the straight-line method of expense attribution. Forfeitures are accounted for as a reduction in expense in the period in which they occur; no compensation cost is recorded for awards that do not vest. The Company


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Costs of revenue	$	11	$	1	$	36	$	5
Selling and marketing	41		3		45		14
Research and development	146		57		236		100
General and administrative	365		109		594		203
Total stock-based compensation expense	$	563	$	170	$	911	$	322