On June 23, 2026, the Board of Directors approved an amendment to the Amended and Restated 2020 Long Term Incentive Plan (as amended, the “LTIP”) to increase the number of shares of common stock available for future awards. Following the amendment, a total of 22,922,341 shares are authorized for issuance under the plan, subject to certain annual adjustments. The amendment did not modify any outstanding awards and had no impact on the Company’s share-based compensation expense.

Stock options granted under the LTIP generally have a contractual term of 10 years and entitle the holder to purchase one share of common stock. The options granted to employees and consultants have varying vesting schedules, subject to the Optionee’s Continuous Service (each as defined in the LTIP).

On June 29, 2026, the Company granted 2,153,150 stock options to employees and consultants under the LTIP with an exercise price of $12.00 per share. These options have a contractual term of 10 years and entitle the holder to purchase one share of common stock at the exercise price. The options awarded vest 25% annually on each anniversary of the June 29, 2026 grant date subject to the Optionee’s Continuous Service. 100% of the options will vest upon a change in control, as defined in the LTIP. The fair value of the options granted on June 29, 2026, was estimated on the grant date using the Black-Scholes option-pricing model.

A summary of the stock option activity under the LTIP for the six months ended June 30, 2026 and for the year ended December 31, 2025, is presented below:

For the three months ended June 30, 2026 and 2025, the Company recognized share-based compensation expense from the options of $470,057 and $267,180, respectively.

For the six months ended June 30, 2026 and 2025, the Company recognized share-based compensation expense from the options of $2,608,846 and $801,132, respectively.

A summary of outstanding restricted stock units as of June 30, 2026, and activity during the six months then ended, is as follows:

On June 29, 2026, the Company granted 1,619,820 restricted stock units to certain executives and directors under the LTIP. The restricted stock units entitle the holder to one share of common stock per restricted stock unit. 1,546,901 restricted stock units vest 25% annually on each anniversary of the June 29, 2026 grant date and 72,919 vest 100% on the date of the Company’s 2027 annual meeting of stockholders, subject to the grantee’s Continuous Service.

On June 29, 2026, at the completion of the IPO, 868,250 restricted stock units vested. As of June 30, 2026 the shares of common stock associated with these awards had not been issued.

For the three months ended June 30, 2026 and 2025, the Company recognized expense for restricted stock units of $3,901,908 and zero, respectively.

For the six months ended June 30, 2026 and 2025, the Company recognized expense for restricted stock units of $4,408,283 and zero, respectively.