Note 8. Subsequent Events

For the purposes of the condensed financial statements as of June 30, 2026, and the three and six months then ended, the Company has evaluated the subsequent events through September 18, 2026, the date the condensed financial statements were issued.

On July 31, 2026, the Company effected a 1-for-4.6855 reverse stock split of its common stock and convertible preferred stock. The par value and the authorized shares of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. These accompanying condensed financial statements and notes to the condensed financial statements give retroactive effect to the reverse stock split for all periods presented.

On August 10, 2026, the Company completed its IPO, pursuant to which it issued and sold 9,375,000 shares of common stock at a public offering price of $16.00 per share (the “IPO Price”). The aggregate gross proceeds of the IPO were $150.0 million before deducting underwriting discounts, commissions, and offering expenses of $15.3 million, for aggregate net proceeds from the IPO of $134.7 million. In addition, the Company granted the underwriters an option for a period of 30 days to purchase up to 1,406,250 additional shares of common stock. On August 25, 2026 the underwriters partially exercised their 30-day option and purchased an additional 1,141,240 shares of the Company’s common stock at the IPO Price, upon which the Company received net proceeds of approximately $17.0 million. All underwriting discounts, commissions, and offering expenses, including the previously deferred offering costs as disclosed previously in this Quarterly Report, will be charged to additional paid in capital as recorded against the gross proceeds.

In connection with the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 18,258,960 shares of common stock.

In connection with the closing of the IPO, the Company’s board of directors adopted the 2026 Equity Incentive Plan (the “2026 Plan”), a successor to and continuation of the 2020 Plan (as defined in Note 5), and the 2026 Employee Stock Purchase Plan (the “2026 ESPP”). Upon the effectiveness of the 2026 Plan, 5,280,528 shares of common stock were authorized for issuance which consists of (1) 3,781,612 new shares of common stock, and (2) 1,498,916 shares available for issuance under the 2020 Plan. Furthermore, upon effectiveness of the 2026 Plan, no further grants will be made under the 2020 Plan. Upon the effectiveness of the 2026 ESPP, 302,529 shares of common stock were authorized for issuance.