NOTE 10 — STOCK-BASED COMPENSATION

The Company maintains the 2024 Equity Incentive Plan (the “2024 Plan”), under which 209,668 shares of common stock were reserved for issuance, as adjusted for the reverse stock split. As of June 30, 2026, no shares remained available for future grant under the 2024 Plan. That reserve reflects the increase from 153,846 shares approved by the stockholders on December 1, 2025 in connection with the MindWave transaction. Options outstanding under the 2024 Plan were 131,037 as of June 30, 2026, leaving 78,631 shares available for future grant. The 100,000 shares of common stock granted to the Chief Executive Officer and Chief Medical Officer during the three months ended June 30, 2025 were issued as stock grants outside the 2024 Plan reserve. The Apimeds Pharmaceuticals US, Inc. 2025 Equity Incentive Plan was also approved on December 1, 2025; no awards had been granted under the 2025 Plan as of June 30, 2026.

Stock option activity for the six months ended June 30, 2026 was as follows:

All share and per-share amounts above have been adjusted for the 1-for-10 reverse stock split. The aggregate intrinsic value of options outstanding was $0 as of June 30, 2026 because the exercise price exceeded the market price of the Company’s common stock. As of June 30, 2026, unrecognized compensation cost related to unvested option awards was $1,059,377, which the Company expects to recognize over a weighted-average period of 2.4 years.

Stock-based compensation expense was recorded as follows:

The amounts above exclude the $8,113,318 of advisory shares committed for issuance described in Note 9, which was recognized in general and administrative expense in the three months ended March 31, 2026.