On February 6, 2024, the Company, Horizon, and SVB entered into a $60.0 million financing commitment as discussed in Note 9. Warrants representing the right to purchase 41,345 shares of Series C-1 redeemable convertible preferred stock at a price of $11.49 per share were issued upon closing. Immediately prior to the Company’s initial public offering (“IPO”) on October 15, 2024, all warrants exercisable for redeemable convertible preferred stock were converted into warrants exercisable for common stock and reclassified from liabilities to equity. All warrants are currently exercisable, in whole or in part, and expire in 2030, 2032, and 2034. To the extent the warrants are not previously exercised, and if the fair market value of one share is greater than the exercise price under the warrants then in effect, the warrants shall be deemed automatically exercised immediately before expiration. The warrants issued to the lenders in connection with the VLSA survive its termination and remain outstanding and remain classified within stockholders’ equity.

The warrants are included in Additional paid-in capital as of September 30, 2026, and December 31, 2025.