12. Equity Incentive Plan and Stock-Based Compensation

2018 Stock Incentive Plan

In 2018, the Company adopted the 2018 Stock Incentive Plan (the “Plan”). The Plan provides for the grants of stock options, stock appreciation rights, dividend equivalent rights, restricted stock units, restricted stock awards (“RSAs”), and other stock-based awards to employees, consultants and advisors of the Company. Options granted under the Plan may be either incentive stock options or nonqualified stock options. Incentive stock options (“ISO”) may be granted only to Company employees, including officers and directors who are also employees. Nonqualified stock options (“NSO”) may be granted to Company employees, consultants and advisors. As of June 30, 2026, the Company has reserved 1,672,540 shares of common stock for issuance under the Plan.

Options under the Plan may be granted for periods of up to ten years and at prices based upon the estimated fair value of the shares on the date of grant as determined by the Board of Directors, provided, however, that (i) the exercise price of an option shall not be less than 100% of the estimated fair value of the shares on the date of grant, (ii) the exercise price of an ISO granted to a greater than 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, and (iii) the term of an ISO granted to a greater than 10% stockholder should not exceed five years. Options granted generally vest over four years.

Options and RSAs granted under the Plan vest on a straight-line basis over a period of four years, with certain options vesting 25% after the first year of service and 1/48th vesting on a monthly basis thereafter. RSAs granted by the Company may be repurchased in the event that conditions specified by the administrator are not satisfied prior to the end of such applicable restriction periods established by the administrator of such awards.

On October 6, 2021, the Company granted 101,320 performance-based stock option awards to the Chief Executive Officer that only vest upon the successful completion of the first-in-human proof-of concept study. On June 26 2026, the Company's Board of Directors approved a grant of 13,239 performance-based stock option awards to the Chief Operating Officer that begin vesting upon the achievement of specified clinical development milestones. The Company recognizes stock option awards with performance vesting conditions based on the grant date fair value over the service period using the accelerated attribution method to the extent that achievement of the performance condition is probable. For the three months ended June 30, 2026, no expense has been recognized related to these performance-based stock option awards as the achievement of the performance conditions was not probable.

The Plan allows for early exercises of stock options that will be subject to a right of repurchase by the Company for any unvested shares. The repurchase rights lapse over the original vesting period of the options. The Company accounts for the cash received in consideration for the early exercised options as a liability included in accrued and other current liabilities, which is then reclassified to stockholders’ equity as the options vest. As of June 30, 2026, the Company had no shares of common stock subject to an early exercise option repurchase provision under the Plan.

As of June 30, 2026, there were 1,672,540 shares reserved for issuance as stock option awards under the Plan.

Stock Option Activity

The weighted-average grant-date fair value of stock options granted to employees during the six months ended June 30, 2026 and 2025 was $20.98 per share and $5.87 per share, respectively. The total intrinsic value of stock options exercised during the six months ended June 30, 2026 was $0.4 million. As of June 30, 2026, the total unrecognized stock-based compensation related to unvested stock options was $2.7 million, which the Company expects to recognize over a remaining weighted-average period of 1.22 years.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money at June 30, 2026.

Restricted Stock Award Activity

As of June 30, 2026 and December 31, 2025, the Company had 48,021 RSAs that were issued and outstanding to non-employee consultants. The outstanding RSAs had a weighted average grant date fair value of $2.84 per share. From the total RSAs issued and outstanding, zero shares were unvested as of June 30, 2026 and December 31, 2025. The awards are legally issued and are considered outstanding as of the grant date. The fair value of RSAs granted is equal to the estimated

fair value of the Company’s common stock on the grant date. Stock-based compensation expense recognized during the three and six months ended June 30, 2026 and 2025 was zero.

Stock Based Compensation

No stock-based compensation related to performance-based awards was recognized in the three and six months ended June 30, 2026 and 2025 as the performance conditions were not probable.