17. Subsequent Events

The Company has evaluated subsequent events through November 13, 2026, the date the condensed consolidated financial statements were issued.

The October 2026 Private Placement

On October 26, 2026, the Company completed the initial closing of a private placement offering of its common stock and issued 212,121 shares of common stock at $3.30 per share for gross proceeds of $700. In connection with the initial closing, the Company issued the placement agent warrants to purchase 16,970 shares of common stock at an exercise price of $3.30 per share with a five-year term. The warrants are equity-classified and had an estimated grant-date fair value of approximately $35.

Equity Awards

On October 23, 2026, the Company granted stock options to purchase an aggregate of 4,332,900 shares of common stock and 45,000 RSUs under the 2026 EIP to employees, officers and non-employee directors. On November 11, 2026, the Company granted additional stock options to purchase 58,000 shares of common stock under the 2026 EIP. The stock options have an exercise price of $3.00 per share and a contractual term of ten years and generally vest over one to four years. The RSUs vest on January 1, 2027. The aggregate grant-date fair value of these awards was approximately $9.2 million, which will be recognized over the requisite service periods.