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false false false false true true 10-K true 2025-12-31 false 001-34899 DE 46-5696597 601 Brickell Key Drive, Suite 1080 Miami FL 33131 510 906-4600 Common Stock, par value $0.001 per share PLSE NASDAQ No No Yes Yes Non-accelerated Filer true false false false false 266200000 67989078 Cybersecurity Risk Management and Strategy To combat ever-present cyber risks, the Company maintains a comprehensive cybersecurity program, which includes employee training, annual risk assessments and a comprehensive cybersecurity environment meant to detect, prevent, and limit unauthorized or harmful actions across our information technology environment. However, we operate in the medical device sector, which is subject to various cybersecurity risks that could adversely affect our business, financial condition, and results of operations, including intellectual property theft; fraud; extortion; harm to patients, customers, and employees; violation of privacy laws and other litigation and legal risk; and reputational risk. We have implemented a risk-based approach to identify and assess the cybersecurity threats that could affect our business and information systems. We use recognized commercially reasonable measures, tools and methodologies to manage cybersecurity risk that are tested on a regular cadence. We also monitor and evaluate our cybersecurity posture on an ongoing basis through regular vulnerability scans, penetration tests and third-party reviews. Other key components of our cybersecurity program include, but are not limited to, asset management, encryption, data loss prevention technology, access controls, identity and access management (IAM), such as multi-factor authentication (MFA), vulnerability management, endpoint threat detection and response (EDR), logging and monitoring involving the use of security information and event management (SIEM), privileged access management (PAM), email and web gateway protection, multi-faceted backup and data recovery solutions, anti-malware, firewalls, IDS and IPS, auditing and monitoring, regular policy updates, security awareness training, anti-phishing campaigns, intrusion detection and prevention, vulnerability and patch management, and third-party risk management. We also subscribe to third-party threat intelligence tools and services that support monitoring, analyzing, and responding to emerging risks and threats. We require third-party service providers with access to personal, confidential, or proprietary information to implement and maintain comprehensive cybersecurity practices consistent with applicable legal standards, although currently we do not audit this. While we believe our cybersecurity practices are comparable to those of similarly situated companies, the Company does not currently audit its third-party service providers’ cybersecurity practices, except through its regulatory and quality control auditing of vendors engaged in clinical trials or the manufacture of products used in the assembly of our medical devices. We also rely on industry leading third party service providers to provide the systems required to effectively run our clinical trials and require that these third-party service providers implement and maintain standard cybersecurity practices. We have business continuity plans that we regularly review and update in line with our evolving applications architecture. We believe our cybersecurity practices comply with applicable legal requirements, including those established by the FDA. To date, we have not experienced any material security incidents or data breaches as a result of a compromise of our information systems and are not aware of any cybersecurity incidents that have had a material impact or are reasonably likely to materially affect our business strategy, operating results, or financial condition. To combat ever-present cyber risks, the Company maintains a comprehensive cybersecurity program, which includes employee training, annual risk assessments and a comprehensive cybersecurity environment meant to detect, prevent, and limit unauthorized or harmful actions across our information technology environment. However, we operate in the medical device sector, which is subject to various cybersecurity risks that could adversely affect our business, financial condition, and results of operations, including intellectual property theft; fraud; extortion; harm to patients, customers, and employees; violation of privacy laws and other litigation and legal risk; and reputational risk. To date, we have not experienced any material security incidents or data breaches as a result of a compromise of our information systems and are not aware of any cybersecurity incidents that have had a material impact or are reasonably likely to materially affect our business strategy, operating results, or financial condition Cybersecurity Governance One of the key functions of our board of directors is informed oversight of our compliance program, including the processes used to mitigate risks associated with cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure generally, and our executive officers are responsible for the day-to-day management of the material risks we face. Our Board administers its enterprise-level oversight of risks associated with cybersecurity threats directly as a whole, as well as through delegation of responsibility to our Audit Committee, which serves and functions as the Board’s primary oversight body to monitor the Company’s cybersecurity and related information technology risk. The Audit Committee receives periodic reports from management personnel responsible for enterprise risk management, which also evaluates cybersecurity among other enterprise level risks on an annual basis. It also assesses the experience of management personnel responsible for preventing, mitigating, detecting, and remediating any cyber incidents, including applicable third-party providers. The Audit Committee also oversees the Company’s disclosure of any cybersecurity incident deemed material as required by the SEC or any other governmental authority, as applicable. At the operational level, the Company has established an information security team, including a Privacy and Security Council (“PSC”), consisting of representatives from IT, Legal, HR, and Finance, to help provide governance and strategic direction for managing cyber risks, maintaining IT regulatory compliance, and optimizing technology initiatives for alignment with our company goals and objectives. Pursuant to various policies adopted by the Company since 2021, including the Company's Privacy Policy, the Company’s senior most IT employee, our Information Security Coordinator (our “ISC”), is a member of the PSC and has frontline responsibility for assessing, identifying and managing material risks from cybersecurity threats. The PSC convenes not less than annually, and meetings include updates on cybersecurity matters provided by the information security team. Our ISC has expertise in the following areas which assist in assessing and managing applicable cybersecurity risk: 28 years of IT experience including endpoint detection, security, incident management and response, vulnerability management and response, event management and response, and network security segmentation. The ISC provides regular reports on ongoing risk and mitigation practices, including information about cyber risk management governance and status updates on various projects intended to enhance the overall cybersecurity posture of the Company, to our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, and General Counsel, who then report to the Audit Committee and the Board. Our incident response plan designates our ISC as primarily responsible for identifying and evaluating any cybersecurity incident or suspected incident and reporting any such incidents to our General Counsel in order for management to evaluate materiality, and to report to our Audit Committee, our Board and make public disclosures, as applicable. Our General Counsel is responsible for routinely updating both the Board and the Audit Committee on the Company’s cybersecurity personnel, practices and processes and, pursuant to our data breach response policy, which is updated from time to time, he must report to the Board in the event of any detected material incident and regularly update the Board on any mitigation and remediation steps being taken in connection with the Company’s response. The Company has, from time to time, engaged external experts, including cybersecurity assessors, consultants, auditors, and legal counsel, in evaluating and testing our risk management systems and on a project-specific basis to assist us with projects that will improve our IT infrastructure, strengthen our products’ security posture, and improve our cyber readiness. This enables us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes remain current. One of the key functions of our board of directors is informed oversight of our compliance program, including the processes used to mitigate risks associated with cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure generally, and our executive officers are responsible for the day-to-day management of the material risks we face. Our Board administers its enterprise-level oversight of risks associated with cybersecurity threats directly as a whole, as well as through delegation of responsibility to our Audit Committee, which serves and functions as the Board’s primary oversight body to monitor the Company’s cybersecurity and related information technology risk. The Audit Committee receives periodic reports from management personnel responsible for enterprise risk management, which also evaluates cybersecurity among other enterprise level risks on an annual basis. It also assesses the experience of management personnel responsible for preventing, mitigating, detecting, and remediating any cyber incidents, including applicable third-party providers. At the operational level, the Company has established an information security team, including a Privacy and Security Council (“PSC”), consisting of representatives from IT, Legal, HR, and Finance, to help provide governance and strategic direction for managing cyber risks, maintaining IT regulatory compliance, and optimizing technology initiatives for alignment with our company goals and objectives. Pursuant to various policies adopted by the Company since 2021, including the Company's Privacy Policy, the Company’s senior most IT employee, our Information Security Coordinator (our “ISC”), is a member of the PSC and has frontline responsibility for assessing, identifying and managing material risks from cybersecurity threats. Our ISC has expertise in the following areas which assist in assessing and managing applicable cybersecurity risk: 28 years of IT experience including endpoint detection, security, incident management and response, vulnerability management and response, event management and response, and network security segmentation 34 Deloitte & Touche LLP San Francisco, California

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1. Description of the Business Pulse Biosciences, Inc. is a novel ablation company committed to health innovation using its patented Nano-pulse Stimulation (“NPS”) technology, a revolutionary energy modality that delivers nanosecond-duration pulses of electrical energy, each less than a millionth of a second long, to nonthermally clear or kill targeted cells. NPS technology, also referred to as a Nanosecond Pulsed-Field Ablation (“nsPFA”) energy when used to ablate cellular tissue, can be used to treat a variety of medical conditions for which an optimal solution remains unfulfilled. The Company developed its proprietary nPulse System (formerly known as CellFX), a novel nsPFA delivery platform, and commercialized the initial application of its nsPFA energy to treat benign lesions of the skin. In parallel, the Company has designed a variety of applicators, or disposables, to explore the potential use of the nPulse platform to treat disorders in other medical specialties, such as cardiology, gastroenterology, gynecology, and otolaryngology. These applicators include devices for open surgical procedures, endoscopic or minimally invasive procedures, and endoluminal catheters, and each has been used in preclinical studies. Based on its preclinical experience and the potential to significantly improve outcomes for patients in a large and growing market, the Company decided in 2022 to focus its primary efforts on the use of nsPFA energy and the nPulse platform in the treatment of atrial fibrillation (“AF”), and in a select few other markets where it could have a profound positive impact on healthcare for both patients and providers, such as surgical soft tissue ablation. The Company is incorporated in the State of Delaware. It is located in Miami, Florida and continues to maintain its offices in Hayward, California. The Company maintains its website at www.pulsebiosciences.com where general information about the Company is available. Liquidity and Capital Resources The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $463.3 million as of December 31, 2025. As of December 31, 2025, the Company had cash and cash equivalents of $80.7 million. The Company believes that the existing financial resources are sufficient to continue operating activities at least one year past the issuance date of these consolidated financial statements. The Company has historically financed its operations primarily through the sale of common stock and debt. To date, the Company has generated limited revenue from product sales and has incurred significant operating losses in each year since inception. The Company may continue to incur additional losses for the next several years. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to raise sufficient capital when needed or generate sufficient cash flow from operations would impact the ability to pursue business strategies and could require the Company to delay, scale back or discontinue one or more product development programs, or other aspects of the Company's business objectives.

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2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities Exchange Commission (the “SEC”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries and intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Estimates include, but are not limited to, the valuation and recognition of stock-based compensation, the valuation of equity-classified subscription rights, inventory valuation, income taxes, and the useful lives assigned to long-lived assets. The Company evaluates its estimates and assumptions based on historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company places its cash equivalents with high credit quality financial institutions and, by policy, limits the amounts invested with any one financial institution or issuer. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses since inception. Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Financial instruments carried at fair value include cash and cash equivalents. The carrying amounts of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and are stated at fair value. Accounts Receivable Accounts receivable are recorded at invoice value, net of any allowance for credit losses. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company’s expected loss allowance methodology for receivables considers factors such as historical collection experience, credit quality, age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Specific allowance amounts are established to record the appropriate allowance for customers that have an identified risk of default. Balances are written off when they are ultimately determined to be uncollectible. The Company had no allowance for doubtful accounts as of December 31, 2025 and 2024. Inventory Inventory is stated at the lower of cost or net realizable value and based on standard costs approximating the purchase costs on a first-in, first-out basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. The cost basis of the Company’s inventory is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Additionally, the cost basis of the Company’s inventory does not include any fixed overhead costs associated with abnormally low utilization of its manufacturing facility. During the year ended December 31, 2025, the Company determined that costs had future economic benefit subsequent to receiving FDA approval, and as such, it began to capitalize inventory for its limited market release of percutaneous electrodes for its Vybrance Percutaneous Electrode System. Prior to capitalizing inventory, all direct and indirect manufacturing costs were charged to research and development expenses in the period incurred or written off as excess and obsolete inventory in 2022, including previously manufactured consoles. Property and Equipment Property and Equipment is recorded at cost and depreciated using the straight-line method over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Upon the sale or retirement of property and equipment, the costs and related accumulated depreciation and amortization are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operating expenses. Maintenance and repairs are charged to operations as incurred. Intangible Assets The Company’s intangible assets consist of acquired patents and licenses, which are amortized over their estimated useful lives of twelve years. Impairment of Long-Lived Assets The Company reviews long-lived assets, consisting of property and equipment and intangible assets, for impairment during each fiscal year or when events or changes in circumstances indicate the carrying value of these assets may exceed their current fair values. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. No impairment losses were incurred during the periods presented. Goodwill The Company records goodwill when the consideration paid in a business acquisition exceeds the fair value of the net tangible assets and the identified intangible assets acquired. The Company reviews goodwill for impairment at the reporting unit level, of which there is one reportable unit, at least annually or whenever changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. To date, there has been no impairment of goodwill. Revenue from Contracts with Customers The Company accounts for a contract with a customer when the rights and obligations of the parties are identifiable, the contract has commercial substance, and the collectability of the consideration to be received from the customer is considered probable. Contracts with customers are for the sale of the nPulse Vybrance system, which includes system components, software, and system accessories. Instruments and other accessories may also be included with the system or may be sold on a standalone basis. These products are considered performance obligations to the extent they are separately identifiable from other products in the contract and when the customer can either benefit from the product on its own or with other goods or services that are readily available to the customer. The Company recognizes revenue at a point in time when it satisfies performance obligations by transferring control of promised goods to its customers. Transfer of control occurs based on shipping terms as contractually negotiated. The amount of revenue recognized is equal to the consideration to which the Company expects to be entitled in exchange for the promised goods. Though some products may be sold on a stand-alone basis, initial customer contracts will likely involve the bundling of products which will be delivered concurrently to the customer for a single price. The initial limited market release period will also include evaluation agreements with customers that allow either the Company or the customer to terminate the contract at any point without penalty. The termination right limits the effective contract term to the period for which the contract was not terminated. The Company generally extends payment terms to customers after the Company performs a necessary credit evaluation to ensure future collectability of the outstanding balance. Payment generally occurs within a relatively short period of time after delivery of products. The transaction price is the consideration to which the Company expects to be entitled in exchange for providing the promised goods to customers. Though most customer orders are for a fixed amount of consideration, the Company evaluates the possible impact of variable consideration in determining the transaction price, in particular the possibility of future returns. Sales agreements allow for a right of return only if the product does not conform to the agreed upon quality standards or if the product was shipped due to Company error. The Company anticipates such returns will be minimal and has made no adjustments to the transaction price for any estimated returns. The transaction price is determined at contract execution and updated each quarter for any changes in circumstances (e.g., changes in estimated return amount). The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes which are imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. When there are multiple performance obligations present, the total transaction price shall be allocated to each of the performance obligations based upon the relative standalone selling price (“SSP”) of those performance obligations. The Company establishes SSPs based on multiple factors including prices charged by the Company for similar offerings, product-specific business objectives, and the estimated cost to provide the performance obligation. Shipping and handling activities are not considered to be a separate performance obligation. The Company has made an accounting policy election to account for shipping and handling activities as fulfillment activities when these activities occur after the customer obtains control of the product. The Company has determined that certain promises in the multiple-element arrangements, such as installation, training, and certain ancillary products, are immaterial in the context of the contract and do not represent separate performance obligations to which transaction price is allocated. The Company utilizes the practical expedient under ASC 606 and does not disclose unsatisfied performance obligations for contracts as the contracts generally have an original duration of less than one year. Additionally, the Company does not currently have significant contract assets or deferred revenue. The Company does not incur contract origination costs. Research and Development Expenses Research and development expenses consist primarily of compensation expenses, fees paid to consultants and outside service providers and organizations (including university research institutes), costs associated with clinical trials, development prototypes and other expenses relating to the acquisition, design, development and testing of the Company’s product candidates, and certain facilities related costs. Research and development expenses incurred by the Company are expensed as incurred. Accrued Research and Development Expenses The Company accrues liabilities for estimated costs of research and development activities conducted by its third-party service providers, which include the conduct of preclinical and clinical studies. The estimated costs of research and development activities are recorded based upon the estimated amount of services provided but not yet invoiced, and these costs are included in accrued liabilities on the consolidated balance sheets and within research and development expense on the consolidated statements of operations and comprehensive loss. These costs are accrued based on factors such as estimates of the work completed and budget provided and in accordance with agreements established with third-party service providers. Significant judgments and estimates are made in determining the accrued liabilities balance in each reporting period. Accrued liabilities are adjusted as actual costs become known. Changes in these estimates that result in material changes to the Company’s accruals could materially affect its financial condition and results of operations. There have not been any material differences between accrued costs and actual costs incurred since the Company’s inception. Patent Expenses The Company is the owner of numerous domestic and foreign patents. Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, patent costs not related to acquired patents, including patent-related legal fees, filing fees and other costs, including internally generated costs, are expensed as incurred. During both of the years ended December 31, 2025 and 2024, patent expenses totaled $0.5 million, respectively. Patent expenses are included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. Stock-Based Compensation The Company's stock-based compensation programs include stock options and an employee stock purchase program. The Company periodically issues stock options to officers, directors, employees, and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date. In general, stock-based payments to officers, directors and employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values, which are estimated using the Black-Scholes option-pricing model or the Monte Carlo simulation model. The Company accounts for forfeitures as they occur. The Company has granted stock options with time-based, performance-based, market-based, and both market-based and performance-based vesting conditions. For stock options with time-based and performance-based vesting conditions, the grant date fair value of each grant is determined using the Black-Scholes option pricing model which requires a number of assumptions. Each of these assumptions is subjective and generally requires significant judgment and estimation by management. Expected Term - The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The Company utilizes this method due to lack of historical exercise data of the Company’s stock-based awards. Expected Volatility - The computation of expected volatility was based on a calculation using the historical volatility of the Company's common stock. Risk-Free Interest Rate - The risk-free interest rate is based on the Treasury Constant Maturities as provided by the Federal Reserve in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend - The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. Stock-based compensation expense for stock options with time-based vesting conditions is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. For stock options with performance-based vesting conditions, the Company does not recognize compensation expense until it is probable that the performance-based vesting condition will be achieved. The analysis to determine such probability involves estimates and judgements from management related to certain financial measures and achievements of strategic and operational milestones, which involve inherent risk and uncertainty regarding the future outcomes of the milestones. If actual results are not consistent with the Company’s estimates or assumptions, the Company may be exposed to changes in stock-based compensation expense that could be material. For stock options with market-based vesting conditions, the conditions relate to the achievement of certain market capitalization targets of the Company. Using a Monte Carlo simulation model, the Company estimated the fair value of the market-based options on the grant date or modification date, with the associated stock-based compensation expense recognized over the requisite service period. The requisite service period is the service period derived from the Monte Carlo simulation model. If the market capitalization targets are met sooner than the derived service period, the Company will accelerate the recognition of stock-based compensation expense to reflect the cumulative expense associated with the vested shares. For stock options with both market-based and performance-based vesting conditions, the conditions relate to both the achievement of certain market capitalization targets of the Company, as well as the achievement of certain revenue and margin metrics. Using a Monte Carlo simulation model, the Company estimated the fair value of the market-based options on the grant date, along with a derived service period. Compensation expense for the awards is recognized over the requisite service period, which is the longer of the service period derived from the Monte Carlo simulation model or the implicit service period (the period when the performance condition is expected to be met). Compensation expense is recognized only once it becomes probable that the associated performance condition will be achieved and the employee is expected to render the requisite service. Once these criteria are met, the Company will recognize expense using the accelerated attribution method over the requisite service period. If, at any point, the performance condition is no longer probable of being achieved or the employee is no longer expected to complete the requisite service period, any previously recognized expense will be reversed. Additionally, if both the market and performance conditions are satisfied before the end of the requisite service period, any remaining unrecognized expense will be recognized immediately, provided that the employee is still providing service. The Monte Carlo simulation models require the Company to make assumptions and judgements about the variables used in the calculations including the expected volatility, the risk-free interest rate, expected dividend yield, and the expected term. The assumptions used in the option-pricing model represent management’s best estimates. If factors change and different assumptions are used, the Company's stock-based compensation expense could be materially different in the future. Income Taxes The Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance when it is more likely than not that some portion, or all of the Company’s deferred tax assets will not be realized. The Company accounts for income tax contingencies using a benefit recognition model. If it considers that a tax position is more likely than not to be sustained upon audit, based solely on the technical merits of the position, it recognizes the benefit. The Company measures the benefit by determining the amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position is examined by the appropriate taxing authority that has full knowledge of all relevant information. The Company is subject to taxation in the United States federal jurisdiction, and various state jurisdictions. The net operating loss and research and development credit carryforwards that are available for utilization in future years may be subject to examination by federal and state tax authorities. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of December 31, 2025 and 2024, there were no significant accruals for interest related to unrecognized tax benefits or tax penalties. Comprehensive Loss The Company displays comprehensive loss, and if applicable its components, as part of the consolidated statements of operations and comprehensive loss. Net Loss Per Share The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding during the period. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net loss per share. Reclassification Certain reclassifications have been made to the prior period presentation of the cash flows from operating activities within the consolidated statements of cash flows to conform to current period presentation. Specifically, the presentation of operating lease expenses has been reclassified from “Right-of-use assets” within “Changes in operating assets and liabilities” to “Non-cash lease expense” within “Adjustments to reconcile net loss to net cash used in operating activities”. Additionally, certain reclassifications have been made to the prior period presentation of other income within the consolidated statements of operations and comprehensive loss to conform to current period presentation. Specifically, the presentation of "Other expense" has been reclassified out of "Interest income, net." As a result of these changes, the presentation of these expenses in the comparative periods has been changed to conform to the current period. These reclassifications did not have an impact on the Company’s results of operations and total cash flows from operating activities for the years ended December 31, 2025 and 2024, respectively, or the Company's financial position as of December 31, 2025 and 2024, respectively. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU retrospectively in the fiscal year ended December 31, 2025. See Note 12 for further details. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance is effective for the Company's interim and annual periods beginning in 2026. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities Exchange Commission (the “SEC”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries and intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Estimates include, but are not limited to, the valuation and recognition of stock-based compensation, the valuation of equity-classified subscription rights, inventory valuation, income taxes, and the useful lives assigned to long-lived assets. The Company evaluates its estimates and assumptions based on historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ materially from these estimates.

Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company places its cash equivalents with high credit quality financial institutions and, by policy, limits the amounts invested with any one financial institution or issuer. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses since inception.

Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Financial instruments carried at fair value include cash and cash equivalents. The carrying amounts of accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities.

Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and are stated at fair value.

Accounts Receivable Accounts receivable are recorded at invoice value, net of any allowance for credit losses. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company’s expected loss allowance methodology for receivables considers factors such as historical collection experience, credit quality, age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Specific allowance amounts are established to record the appropriate allowance for customers that have an identified risk of default. Balances are written off when they are ultimately determined to be uncollectible. The Company had no allowance for doubtful accounts as of December 31, 2025 and 2024.

Inventory Inventory is stated at the lower of cost or net realizable value and based on standard costs approximating the purchase costs on a first-in, first-out basis. Inventory costs include direct materials, direct labor, and normal manufacturing overhead. The cost basis of the Company’s inventory is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. Additionally, the cost basis of the Company’s inventory does not include any fixed overhead costs associated with abnormally low utilization of its manufacturing facility. During the year ended December 31, 2025, the Company determined that costs had future economic benefit subsequent to receiving FDA approval, and as such, it began to capitalize inventory for its limited market release of percutaneous electrodes for its Vybrance Percutaneous Electrode System. Prior to capitalizing inventory, all direct and indirect manufacturing costs were charged to research and development expenses in the period incurred or written off as excess and obsolete inventory in 2022, including previously manufactured consoles.

Property and Equipment Property and Equipment is recorded at cost and depreciated using the straight-line method over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Upon the sale or retirement of property and equipment, the costs and related accumulated depreciation and amortization are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operating expenses. Maintenance and repairs are charged to operations as incurred.

Intangible Assets The Company’s intangible assets consist of acquired patents and licenses, which are amortized over their estimated useful lives of twelve years.

Goodwill The Company records goodwill when the consideration paid in a business acquisition exceeds the fair value of the net tangible assets and the identified intangible assets acquired. The Company reviews goodwill for impairment at the reporting unit level, of which there is one reportable unit, at least annually or whenever changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. To date, there has been no impairment of goodwill.

Revenue from Contracts with Customers The Company accounts for a contract with a customer when the rights and obligations of the parties are identifiable, the contract has commercial substance, and the collectability of the consideration to be received from the customer is considered probable. Contracts with customers are for the sale of the nPulse Vybrance system, which includes system components, software, and system accessories. Instruments and other accessories may also be included with the system or may be sold on a standalone basis. These products are considered performance obligations to the extent they are separately identifiable from other products in the contract and when the customer can either benefit from the product on its own or with other goods or services that are readily available to the customer. The Company recognizes revenue at a point in time when it satisfies performance obligations by transferring control of promised goods to its customers. Transfer of control occurs based on shipping terms as contractually negotiated. The amount of revenue recognized is equal to the consideration to which the Company expects to be entitled in exchange for the promised goods. Though some products may be sold on a stand-alone basis, initial customer contracts will likely involve the bundling of products which will be delivered concurrently to the customer for a single price. The initial limited market release period will also include evaluation agreements with customers that allow either the Company or the customer to terminate the contract at any point without penalty. The termination right limits the effective contract term to the period for which the contract was not terminated. The Company generally extends payment terms to customers after the Company performs a necessary credit evaluation to ensure future collectability of the outstanding balance. Payment generally occurs within a relatively short period of time after delivery of products. The transaction price is the consideration to which the Company expects to be entitled in exchange for providing the promised goods to customers. Though most customer orders are for a fixed amount of consideration, the Company evaluates the possible impact of variable consideration in determining the transaction price, in particular the possibility of future returns. Sales agreements allow for a right of return only if the product does not conform to the agreed upon quality standards or if the product was shipped due to Company error. The Company anticipates such returns will be minimal and has made no adjustments to the transaction price for any estimated returns. The transaction price is determined at contract execution and updated each quarter for any changes in circumstances (e.g., changes in estimated return amount). The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes which are imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. When there are multiple performance obligations present, the total transaction price shall be allocated to each of the performance obligations based upon the relative standalone selling price (“SSP”) of those performance obligations. The Company establishes SSPs based on multiple factors including prices charged by the Company for similar offerings, product-specific business objectives, and the estimated cost to provide the performance obligation. Shipping and handling activities are not considered to be a separate performance obligation. The Company has made an accounting policy election to account for shipping and handling activities as fulfillment activities when these activities occur after the customer obtains control of the product. The Company has determined that certain promises in the multiple-element arrangements, such as installation, training, and certain ancillary products, are immaterial in the context of the contract and do not represent separate performance obligations to which transaction price is allocated. The Company utilizes the practical expedient under ASC 606 and does not disclose unsatisfied performance obligations for contracts as the contracts generally have an original duration of less than one year. Additionally, the Company does not currently have significant contract assets or deferred revenue. The Company does not incur contract origination costs.

Research and Development Expenses Research and development expenses consist primarily of compensation expenses, fees paid to consultants and outside service providers and organizations (including university research institutes), costs associated with clinical trials, development prototypes and other expenses relating to the acquisition, design, development and testing of the Company’s product candidates, and certain facilities related costs. Research and development expenses incurred by the Company are expensed as incurred.

Accrued Research and Development Expenses The Company accrues liabilities for estimated costs of research and development activities conducted by its third-party service providers, which include the conduct of preclinical and clinical studies. The estimated costs of research and development activities are recorded based upon the estimated amount of services provided but not yet invoiced, and these costs are included in accrued liabilities on the consolidated balance sheets and within research and development expense on the consolidated statements of operations and comprehensive loss. These costs are accrued based on factors such as estimates of the work completed and budget provided and in accordance with agreements established with third-party service providers. Significant judgments and estimates are made in determining the accrued liabilities balance in each reporting period. Accrued liabilities are adjusted as actual costs become known. Changes in these estimates that result in material changes to the Company’s accruals could materially affect its financial condition and results of operations. There have not been any material differences between accrued costs and actual costs incurred since the Company’s inception.

Patent Expenses The Company is the owner of numerous domestic and foreign patents. Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and any related patent applications, patent costs not related to acquired patents, including patent-related legal fees, filing fees and other costs, including internally generated costs, are expensed as incurred. During both of the years ended December 31, 2025 and 2024, patent expenses totaled $0.5 million, respectively. Patent expenses are included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. 500000

Stock-Based Compensation The Company's stock-based compensation programs include stock options and an employee stock purchase program. The Company periodically issues stock options to officers, directors, employees, and consultants for services rendered. Such issuances vest and expire according to terms established at the issuance date. In general, stock-based payments to officers, directors and employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair values, which are estimated using the Black-Scholes option-pricing model or the Monte Carlo simulation model. The Company accounts for forfeitures as they occur. The Company has granted stock options with time-based, performance-based, market-based, and both market-based and performance-based vesting conditions. For stock options with time-based and performance-based vesting conditions, the grant date fair value of each grant is determined using the Black-Scholes option pricing model which requires a number of assumptions. Each of these assumptions is subjective and generally requires significant judgment and estimation by management. Expected Term - The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The Company utilizes this method due to lack of historical exercise data of the Company’s stock-based awards. Expected Volatility - The computation of expected volatility was based on a calculation using the historical volatility of the Company's common stock. Risk-Free Interest Rate - The risk-free interest rate is based on the Treasury Constant Maturities as provided by the Federal Reserve in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend - The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. Stock-based compensation expense for stock options with time-based vesting conditions is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. For stock options with performance-based vesting conditions, the Company does not recognize compensation expense until it is probable that the performance-based vesting condition will be achieved. The analysis to determine such probability involves estimates and judgements from management related to certain financial measures and achievements of strategic and operational milestones, which involve inherent risk and uncertainty regarding the future outcomes of the milestones. If actual results are not consistent with the Company’s estimates or assumptions, the Company may be exposed to changes in stock-based compensation expense that could be material. For stock options with market-based vesting conditions, the conditions relate to the achievement of certain market capitalization targets of the Company. Using a Monte Carlo simulation model, the Company estimated the fair value of the market-based options on the grant date or modification date, with the associated stock-based compensation expense recognized over the requisite service period. The requisite service period is the service period derived from the Monte Carlo simulation model. If the market capitalization targets are met sooner than the derived service period, the Company will accelerate the recognition of stock-based compensation expense to reflect the cumulative expense associated with the vested shares. For stock options with both market-based and performance-based vesting conditions, the conditions relate to both the achievement of certain market capitalization targets of the Company, as well as the achievement of certain revenue and margin metrics. Using a Monte Carlo simulation model, the Company estimated the fair value of the market-based options on the grant date, along with a derived service period. Compensation expense for the awards is recognized over the requisite service period, which is the longer of the service period derived from the Monte Carlo simulation model or the implicit service period (the period when the performance condition is expected to be met). Compensation expense is recognized only once it becomes probable that the associated performance condition will be achieved and the employee is expected to render the requisite service. Once these criteria are met, the Company will recognize expense using the accelerated attribution method over the requisite service period. If, at any point, the performance condition is no longer probable of being achieved or the employee is no longer expected to complete the requisite service period, any previously recognized expense will be reversed. Additionally, if both the market and performance conditions are satisfied before the end of the requisite service period, any remaining unrecognized expense will be recognized immediately, provided that the employee is still providing service. The Monte Carlo simulation models require the Company to make assumptions and judgements about the variables used in the calculations including the expected volatility, the risk-free interest rate, expected dividend yield, and the expected term. The assumptions used in the option-pricing model represent management’s best estimates. If factors change and different assumptions are used, the Company's stock-based compensation expense could be materially different in the future.

Income Taxes The Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance when it is more likely than not that some portion, or all of the Company’s deferred tax assets will not be realized. The Company accounts for income tax contingencies using a benefit recognition model. If it considers that a tax position is more likely than not to be sustained upon audit, based solely on the technical merits of the position, it recognizes the benefit. The Company measures the benefit by determining the amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position is examined by the appropriate taxing authority that has full knowledge of all relevant information. The Company is subject to taxation in the United States federal jurisdiction, and various state jurisdictions. The net operating loss and research and development credit carryforwards that are available for utilization in future years may be subject to examination by federal and state tax authorities. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of December 31, 2025 and 2024, there were no significant accruals for interest related to unrecognized tax benefits or tax penalties.

Net Loss Per Share The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding during the period. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net loss per share.

Reclassification Certain reclassifications have been made to the prior period presentation of the cash flows from operating activities within the consolidated statements of cash flows to conform to current period presentation. Specifically, the presentation of operating lease expenses has been reclassified from “Right-of-use assets” within “Changes in operating assets and liabilities” to “Non-cash lease expense” within “Adjustments to reconcile net loss to net cash used in operating activities”. Additionally, certain reclassifications have been made to the prior period presentation of other income within the consolidated statements of operations and comprehensive loss to conform to current period presentation. Specifically, the presentation of "Other expense" has been reclassified out of "Interest income, net." As a result of these changes, the presentation of these expenses in the comparative periods has been changed to conform to the current period. These reclassifications did not have an impact on the Company’s results of operations and total cash flows from operating activities for the years ended December 31, 2025 and 2024, respectively, or the Company's financial position as of December 31, 2025 and 2024, respectively.

Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU retrospectively in the fiscal year ended December 31, 2025. See Note 12 for further details. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance is effective for the Company's interim and annual periods beginning in 2026. The Company is currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

3. Fair Value Measurement The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents measured and recognized at fair value (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 26%;"> </td><td style="font-size: 10pt; width: 1%;"> </td><td style="font-size: 10pt; width: 21%;"> </td><td style="font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td><td colspan="14" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 40%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">December 31, 2025 </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 26%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Assets </td><td style="font-size: 10pt; width: 1%;"> </td><td style="text-align: center; font-size: 10pt; margin-left: 0pt; width: 21%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Classification </td><td style="font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Level 1 </td><td style="font-size: 10pt; width: 1%;"> </td><td style="font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Level 2 </td><td style="font-size: 10pt; width: 1%;"> </td><td style="font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Level 3 </td><td style="font-size: 10pt; width: 1%;"> </td><td style="font-size: 10pt; width: 1%; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Total </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 26%; vertical-align: bottom;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Money market funds </td><td style="font-size: 10pt; width: 1%;"> </td><td style="text-align: center; font-size: 10pt; margin-left: 0pt; width: 21%; vertical-align: bottom;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Cash and cash equivalents </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-size: 10pt; margin-left: 0pt; vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);">75,025</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">75,025</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="width: 27%;"> </td><td style="width: 1%;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 20%;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td colspan="14" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 40%;"> December 31, 2024 </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman"; font-size: 10pt; width: 27%; border-bottom: 1px solid rgb(0, 0, 0);"> Assets </td><td style="width: 1%;"> </td><td style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 20%; border-bottom: 1px solid rgb(0, 0, 0);"> Classification </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Level 1 </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Level 2 </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Level 3 </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td style="font-family: "Times New Roman"; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Total </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman"; font-size: 10pt; width: 27%; vertical-align: bottom;"> Money market funds </td><td style="width: 1%;"> </td><td style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 20%; vertical-align: bottom;"> Cash and cash equivalents </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; vertical-align: bottom; border-bottom: 3px double rgb(0, 0, 0);">113,776</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">113,776</td></tr> </tbody></table> During the years ended December 31, 2025 and 2024, the Company did not record impairment charges related to its cash equivalents. During the years ended December 31, 2025 and 2024, the Company did not have any transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy. Additionally, the Company did not have any financial liabilities measured on a recurring basis as of December 31, 2025 or 2024.

75025000

113776000

4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Leasehold improvements </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">2,519</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">2,519</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Laboratory equipment </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">1,632</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">1,342</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Furniture, fixtures and equipment </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">982</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">966</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Software </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">283</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">272</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Construction in progress </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">9</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">29</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total property and equipment, gross </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,425</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,128</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Less: Accumulated depreciation </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(4,374</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(3,968</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total property and equipment, net </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,051</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,160</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table> Depreciation expense for the years ended December 31, 2025 and 2024, was $0.4 million and $0.5 million, respectively.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Leasehold improvements </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">2,519</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">2,519</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Laboratory equipment </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">1,632</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">1,342</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Furniture, fixtures and equipment </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">982</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">966</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Software </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">283</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">272</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Construction in progress </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">9</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">29</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total property and equipment, gross </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,425</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5,128</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Less: Accumulated depreciation </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(4,374</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(3,968</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total property and equipment, net </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,051</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,160</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table>

2519000

1632000

1342000

982000

966000

283000

272000

9000

29000

5425000

5128000

4374000

3968000

1051000

1160000

400000

500000

5. Intangible Assets, Net Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS for biomedical applications acquired from Old Dominion University Research Foundation (ODURF), Eastern Virginia Medical School (EVMS), and the University of Southern California. In addition, the Company entered into a sponsored research agreement (“SRA”) with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, a leading research organization in the field, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets straight-line over an estimated useful life of 12 years. Intangible assets, net consisted of the following (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="vertical-align: bottom; font-size: 10pt;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">December 31, </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="vertical-align: bottom; font-size: 10pt;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2025 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2024 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt; width: 70%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Acquired patents and licenses </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">8,005</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">7,985</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Less: Accumulated amortization </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(7,430</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6,765</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt 0pt 0pt 9pt; font-family: "Times New Roman", Times, serif;">Total intangible assets, net </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">575</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,220</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td></tr> </tbody></table> A schedule of the amortization of intangible assets as of December 31, 2025 is as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 85%;"> Fiscal Year </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amount </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2026 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">558</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Thereafter </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">17</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total intangible assets, net </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">575</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table>

P12Y

8005000

7985000

7430000

6765000

575000

1220000

558000

17000

575000

6. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">December 31, </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2025 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2024 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Accrued compensation-related costs </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">1,979</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">4,097</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Accrued research and development services </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">877</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">480</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Accrued professional services </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">357</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">368</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Accrued other </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">363</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">188</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Accrued legal settlement </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">1,196</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Accrued severance </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">698</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt 0pt 0pt 9pt; font-family: "Times New Roman", Times, serif;">Total accrued liabilities </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,576</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7,027</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td></tr> </tbody></table>

1979000

4097000

877000 480000

357000

368000

363000

188000

1196000

698000

3576000

7027000

7. Goodwill In 2014, the Company acquired three companies (the "Acquisitions") for aggregate consideration of $5.5 million. In accordance with ASC Topic 805, Business Combinations, the Company recorded goodwill of $2.8 million in connection with the Acquisitions as the consideration paid exceeded the fair value of net tangible and intangible assets acquired. In accordance with ASC Topic 350, Intangibles-Goodwill and Other, the Company reviews goodwill for impairment at least annually or whenever changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. As of December 31, 2025, there were no indicators of impairment and it was determined that no impairment of goodwill existed.

5500000

2800000

8. Leases Operating Leases The Company leases office and laboratory facilities for its principal operations in Hayward, California, and office facilities for its corporate headquarters in Miami, Florida. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company. These optional periods have not been considered in the determination of the right-of-use assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company conducted evaluations of its contracts and determined it has only operating leases. Variable lease expense for these leases primarily consists of common area maintenance and other operating costs. Total lease costs and cash paid for the Company's leases were as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Cash paid for operating lease liabilities </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,150</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,938</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Operating lease cost </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,933</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,786</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Variable lease cost </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">626</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">667</td></tr> </tbody></table> The weighted-average remaining lease term and discount rates for the Company’s leases were as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Lease term (in years) </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">3.9</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">4.9</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Discount rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">9.8%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">9.8%</td></tr> </tbody></table> The maturities of the Company’s lease liabilities as of December 31, 2025 were as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 85%;"> Fiscal Year </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amount </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2026 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,221</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2027 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,296</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2028 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,377</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2029 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,077</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> 2030 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">73</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total lease payments </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9,044</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less imputed interest </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,514)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total lease liabilities </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7,530</td></tr> </tbody></table>

2150000

1938000

1933000

1786000

626000

667000

P3Y10M24D

P4Y10M24D

0.098

2221000

2296000

2377000

2077000

73000

9044000

7530000

9. Stockholders' Equity Preferred Stock The Company has authorized a total of 50,000,000 shares of preferred stock, par value $0.001 per share, none of which were outstanding as of December 31, 2025 and 2024. The Company’s Board of Directors (the “Board”) has the authority to issue preferred stock and to determine the rights, preferences, privileges, and restrictions, including voting rights, without any further vote or action by the Company’s stockholders. Common Stock The Company has authorized a total of 500,000,000 shares of common stock, par value $0.001 per share. 2024 Rights Offering and Subscription Rights On March 28, 2024, the Company announced that its Board unanimously approved plans to initiate a rights offering, whereby the Company would distribute non-transferable subscription rights at no charge to all holders of the Company's common stock, par value $0.001 per share (the "Common Stock"), as of the close of business on a record date to be determined. On May 20, 2024, the Company announced that the Board had set May 31, 2024 as the record date (the "Record Date"). All holders of Common Stock as of the Record Date received non-transferable subscription rights to purchase up to an aggregate of six million units (the "2024 Units") with an aggregate offering value of up to $60 million (the "2024 Rights Offering") at a price per 2024 Unit equal to the lesser of: (i) $10 (the "Initial Price") and (ii) the volume weighted average price of the Common Stock for the ten trading day period through and including the expiration date, June 26, 2024 (the "Expiration Date"), of the Rights Offering (the "Alternate Price"). Each subscription right entitled the holder to purchase 0.10864186 2024 Units for each share of Common Stock owned as of the Record Date. Each 2024 Unit consisted of one share of Common Stock and two warrants, each being a warrant to purchase one-half of one share of Common Stock. The subscription rights were to expire and have no value if they were not exercised prior to the Expiration Date. The Company determined that the equity-classified subscription rights represent a pro-rata distribution issued to existing stockholders as of the Record Date, which is based on a purchase price of $10 per 2024 Unit as compared to (1) the price of $11.55 per one share of Common Stock on the Record Date, plus (2) the value of the warrants on the Record Date. The Company determined the fair value of the equity-classified subscription rights as of the Record Date, which involved the use of a Monte Carlo simulation model to value the underlying warrants. The Monte Carlo simulation model was based on certain significant unobservable inputs, such as a risk-free interest rate, stock price volatility, dividend yield, and expected term of the rights offering. The fair value of the equity-classified subscription rights was $47.7 million and was recorded in equity on the balance sheet as part of additional paid-in capital. The deemed pro-rata distribution to shareholders of $47.7 million was reflected as an offsetting reduction in additional paid-in capital. The Company is in an accumulated deficit position and has elected a policy of recognizing the deemed pro-rata distribution to shareholders as a reduction to additional paid-in capital rather than a further increase to its accumulated deficit. On July 3, 2024, the Company announced the closing of its 2024 Rights Offering. The 2024 Rights Offering resulted in the sale of six million 2024 Units, at a price of $10.00 per 2024 Unit. Each 2024 Unit consisted of one share of the Company’s common stock, par value $0.001 per share, and two warrants, each being a warrant to purchase one-half of one share of common stock. The common stock and warrants comprising the 2024 Units separated upon the closing of the 2024 Rights Offering and were issued individually. A total of 5,999,998 shares of common stock and warrants to acquire up to approximately an additional six million shares of common stock were issued in the offering. The Company received aggregate gross proceeds from the 2024 Rights Offering of $60 million. See 2024 Rights Offering Warrants below for additional details of the warrants. Robert W. Duggan, the Company’s majority stockholder and Co-Chairman, purchased approximately 88% of the units offered through the 2024 Rights Offering. Common Stock Warrants 2024 Rights Offering Warrants In connection with the 2024 Rights Offering, the Company issued 2024 Rights Offering Warrants to purchase a total of 5,999,999 shares of its common stock at an exercise price of $11.00 per whole share, which equaled 110% of the subscription price for the Units. The aggregate number of shares of our common stock issuable upon the exercise of each set of warrants included in a given subscription for Units was rounded up to the nearest whole share. Warrants are exercisable immediately and will expire on the fifth anniversary of the closing of the 2024 Rights Offering. Half of the warrants issued in the rights offering were redeemable for $0.01 per underlying share of common stock, on not less than thirty days’ written notice, if the volume-weighted average price ("VWAP") of the Company’s common stock equaled or exceeded 150% of the exercise price for the warrants, or $16.50, for twenty consecutive trading days. In December 2024, the Company delivered an irrevocable notice of redemption to redeem this first tranche of common stock warrants because the VWAP of the Company's common stock over the twenty consecutive trading days before the notice was $18.85. Accordingly, pursuant to the 150% redemption feature, the Company redeemed 36,442 warrants on the redemption date, February 5, 2025, which would have entitled holder to purchase up to 18,221 shares of common stock, and none of these warrants are still outstanding. The other half of the warrants issued in the rights offering remain redeemable for $0.01 per underlying share of common stock, on not less than thirty days’ written notice, but only if the VWAP of the Company’s common stock equals or exceeds 200% of the exercise price for the warrants, or $22.00, for twenty consecutive trading days. As of December 31, 2025, there were no outstanding 2024 Rights Offering Warrants subject to the 150% redemption feature and there were 405,624 outstanding 2024 Rights Offering Warrants subject to the 200% redemption feature, entitling holders to purchase up to approximately 202,812 shares of common stock. During the year ended December 31, 2025, we have received a total of $14.1 million in gross proceeds from exercises of the 2024 Rights Offering Warrants. Cumulatively, as of December 31, 2025, we have received a total of $63.6 million in gross proceeds from exercises of the 2024 Rights Offering Warrants. A summary of total warrant activity for the year ended December 31, 2025 is presented below: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: center; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: center; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Remaining </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Number of </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Contractual </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Warrants </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Exercise Price </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Life </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="text-align: center; font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="text-align: center; font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td colspan="2" style="text-align: center; font-size: 10pt; padding: 0; margin: 0">(in years)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; vertical-align: bottom;"> Warrants outstanding as of December 31, 2024 </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; vertical-align: bottom;">2,996,967</td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; vertical-align: bottom;">$</td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; vertical-align: bottom;">11.00</td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; vertical-align: bottom;">4.49</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Exercised </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">(2,554,901</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">11.00</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td><td style="font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt 0pt 0pt 9pt; font-family: "Times New Roman", Times, serif;">Redeemed/Cancelled </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(36,442</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">11.00</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 55%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Warrants outstanding as of December 31, 2025 </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">405,624</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11.00</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3.49</td></tr> </tbody></table>

50000000

0.001

500000000

0.001

60000000

0.10864186 1 2

11.55

47700000 47700000

0.001

5999998

60000000

0.88

5999999

1.10 0.01 1.50 16.5 18.85 1.50 36442

18221

0.01 2 22

1.50

405624

202812

14100000

63600000

2996967

P4Y5M26D 2554901 11 36442 11

405624

P3Y5M26D

10. Stock-Based Compensation 2017 Equity Incentive Plan In May 2017, the Company's Board of Directors (the "Board") adopted, and the Company’s stockholders approved, the Company’s 2017 Equity Incentive Plan (the "2017 Plan"). The 2017 Plan has a 10-year term, and provides for the grant of stock options, stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to employees, directors and consultants of the Company and any parent or subsidiary of the Company. Subject to an annual evergreen increase and adjustment in the case of certain capitalization events, the Company initially reserved 1,500,000 shares of the Company’s common stock for issuance pursuant to awards under the 2017 Plan. In addition, shares remaining available under the Company’s 2015 Equity Incentive Plan, as amended (the “2015 Plan”), and shares reserved but not issued pursuant to outstanding equity awards that expire or terminate without being exercised or that are forfeited or repurchased by the Company will be added to the shares of common stock available for issuance under the 2017 Plan. The 2017 Plan is administered by the Compensation Committee of the Board. The number of shares of the Company’s common stock available for issuance under the 2017 Plan also include an annual increase on the first day of each fiscal year, equal to the least of (i) 1,200,000 shares, (ii) 4% of the Company’s common stock outstanding at December 31 of the immediately preceding year, or (iii) such number of shares as determined by the Board. On September 30, 2025, the Company's stockholders approved an amendment to the 2017 Plan, which provided for an increase in the number of shares of common stock reserved for issuance thereunder by 2,000,000 shares. As of December 31, 2025, 1,215,439 shares of common stock remained available for issuance under the 2017 Plan. 2017 Inducement Equity Incentive Plan In November 2017, the Board adopted the 2017 Inducement Equity Incentive Plan (the “Inducement Plan”) without stockholder approval and initially reserved 1,000,000 shares of the Company’s common stock for insurance pursuant to equity awards granted under the Inducement Plan. The Inducement Plan has a 10-year term and provides for the grant of equity-based awards, including non-statutory stock options, RSUs, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the 2017 Plan, including with respect to treatment of equity awards in the event of a “merger” or “change in control” as defined under the Inducement Plan. Options issued under the Inducement Plan may have a term up to ten years and have variable vesting provisions. New hire grants generally vest 25% per year starting upon the first anniversary of the grant. Equity-based awards issued under the Inducement Plan are only issuable to individuals not previously engaged as employees or non-employee directors of the Company prior to the Inducement Plan’s adoption date. As of December 31, 2025, 2,304,109 shares of common stock were available for issuance under the Inducement Plan. 2017 Employee Stock Purchase Plan In May 2017, the Board adopted, and the Company's stockholders approved, the Company’s 2017 Employee Stock Purchase Plan (the "2017 ESPP"). The 2017 ESPP is a broad-based plan that provides employees of the Company and its designated affiliates with the opportunity to become stockholders through periodic payroll deductions that are applied towards the purchase of Company common shares at a discount from the then-current market price. Subject to adjustment in the case of certain capitalization events, a total of 250,000 common shares of the Company were available for purchase at adoption of the 2017 ESPP. Pursuant to the 2017 ESPP, the annual share increase pursuant to the evergreen provision is determined based on the least of (i) 450,000 shares, (ii) 1.5% of the Company’s common stock outstanding as of December 31 of the immediately preceding year, or (iii) such number of shares as determined by the Board. As of December 31, 2025, 851,582 shares of common stock were available for issuance under the 2017 ESPP. A summary of stock option activity under the 2015 Plan, 2017 Plan and Inducement Plan for the year ended December 31, 2025 is presented below: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="14" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 46%;"> Stock Options Outstanding </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Number of shares </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Weighted average exercise price </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Weighted average remaining life </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">Aggregate Intrinsic Value</td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; text-align: center;">(in years)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; text-align: center;">(in thousands)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> Balances — December 31, 2024 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,979,332</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9.59</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.11</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">97,563</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> Options granted </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">2,909,743</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">18.64</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> Options exercised </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">(592,612</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">4.22</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> Options canceled </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">(209,175</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">7.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Options expired </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(1,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">6.84</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Balances — December 31, 2025 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">13,086,288</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">11.87</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">6.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">58,029</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Exercisable — December 31, 2025 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">5,102,332</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">13.34</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">5.17</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">21,086</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td></tr> </tbody></table> The aggregate intrinsic value of all stock options exercised during the years ended December 31, 2025 and 2024 was $7.3 million and $2.0 million, respectively. Intrinsic values of options exercised are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock on the date of exercise. Intrinsic values of options outstanding are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock as of the reporting date. For the years ended December 31, 2025 and 2024, the weighted-average grant date fair value of options granted was $15.16 and $8.35, respectively. The Company has granted stock options with time-based, performance-based, market-based, and both market-based and performance-based vesting conditions. The Company grants time-based options which vest and become exercisable, subject to the individual’s continued employment or service through the applicable vesting date. Time-based options can have various vesting schedules, most commonly new hire grants, which generally vest 25% per year starting upon the first anniversary of the grant. Performance-based stock options granted to certain Company executives and other employees contain performance conditions related to financial measures and achievements of strategic and operational milestones. The options will vest and become exercisable once the specific performance condition is fulfilled. Market-based stock options granted to certain Company executives and other employees contain market conditions related to achievement of market capitalization targets. The options will vest and become exercisable once the specific market capitalization target is fulfilled. Both market-based and performance-based stock options granted to certain Company executives contain market conditions related to the achievement of market capitalization targets as well as the achievement of revenue and margin metrics. The options will vest and become exercisable once both the specific market capitalization targets as well as the specific revenue and margin targets are fulfilled. Modifications In October 2024, the Board approved changes to the performance-based vesting conditions of certain unvested outstanding common stock option awards that were improbable of vesting. Specifically, 600,113 performance-based stock option awards were modified to time-based vesting criteria and 206,389 performance-based stock option awards were modified to market-based vesting criteria. The modified time-based awards will vest and become exercisable, subject to the individual’s continued employment or service through the applicable vesting date, based upon individually specific vesting schedules with annual vesting milestones. The vesting schedules have a range from two to four years. The modified market-based awards will vest and become exercisable, subject to the individual’s continued employment and service through the applicable vesting date, based upon the achievement of certain market capitalization targets. Additionally, in October 2024, the Board approved a modification to certain market-based awards to adopt a uniform methodology for calculating its market capitalization whereas they aligned all awards to use consecutive calendar days and not consecutive trading days in the calculation. These modifications resulted in approximately $3.2 million of additional stock-based compensation expense for the year ended December 31, 2024. Stock-Based Compensation Expense Total stock-based compensation expense recorded in the consolidated statements of operations and comprehensive loss was as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Cost of product revenue </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">96</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Research and development </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">9,555</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">6,293</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Selling, general and administrative </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">11,806</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,293</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total stock-based compensation expense </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21,457</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,586</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table> As of December 31, 2025, not all of the performance conditions of the performance options are probable to be achieved. Stock-based compensation expense has only been recognized for those conditions that are assumed to be probable. Total stock-based compensation expense by award type was as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Time-based options </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14,865</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,343</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Performance-based options </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">38</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Market-based options </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6,203</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,926</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> ESPP </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">389</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">279</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total stock-based compensation expense </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21,457</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">13,586</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table> As of December 31, 2025 and 2024, the Company had a total of $29.5 million and $18.1 million of unrecognized compensation cost for time-based stock options outstanding, respectively, which is expected to be recognized over a weighted average period of 5.3 and 5.4 years, respectively. As of December 31, 2025 and 2024, the Company had a total of $27.6 million and $11.0 million of unrecognized compensation cost for performance-based, market-based, and both market-based and performance-based stock options outstanding, respectively, which is expected to be recognized over a weighted average period of 2.7 and 1.6 years, respectively. The fair value of time-based and performance-based stock options granted under the 2017 Plan and Inducement Plan and the shares available for purchase under the ESPP were determined using the Black-Scholes option pricing model on the grant date and modification date. The Company estimated the fair value of market-based stock options and both market and performance-based stock options using a Monte Carlo simulation model on the grant date and modification date. The following summarizes the range of assumptions used in calculating the fair value of the awards with stock options grouped by valuation methodology: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Time-Based and Performance-Based Stock Options </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected term (in years) </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 5.0 - 6.9 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">2.9 - 6.3</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected volatility </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 93% - 100% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">91% - 99%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Risk-free interest rate </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 3.8% - 4.6% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">3.8% - 4.5%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected dividend yield </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Market-Based Stock Options and Market and Performance-Based Stock Options1 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected term (in years) </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">1.0 - 7.8</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">1.4 - 4.3</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected volatility </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">90%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">90%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Risk-free interest rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">4.3% - 4.6%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">3.5% - 3.7%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected dividend yield </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> ESPP </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected term (in years) </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 0.5 - 1.0 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">0.5 - 1.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected volatility </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 53% - 98% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">98%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Risk-free interest rate </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 3.8% - 4.9% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">4.4% - 5.3%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected dividend yield </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> </tbody></table> ___________________ 1 Assumptions for the year ended December 31, 2024, under this header apply only to market-based stock options as market and performance-based stock options were not outstanding during the year ended December 31, 2024.

P10Y

1500000

1200000

0.04

2000000

1215439

1000000

P10Y

0.25

2304109

250000

450000 0.015

851582

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="14" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 46%;"> Stock Options Outstanding </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Number of shares </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Weighted average exercise price </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> Weighted average remaining life </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;">Aggregate Intrinsic Value</td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; text-align: center;">(in years)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; text-align: center;">(in thousands)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> Balances — December 31, 2024 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,979,332</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">9.59</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.11</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">97,563</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> Options granted </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">2,909,743</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">18.64</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> Options exercised </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">(592,612</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">4.22</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding: 0px; margin: 0px;"> Options canceled </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">(209,175</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;">7.71</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Options expired </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(1,000</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">6.84</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Balances — December 31, 2025 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">13,086,288</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">11.87</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">6.99</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">58,029</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Exercisable — December 31, 2025 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">5,102,332</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">13.34</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">5.17</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">21,086</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 3px; margin: 0px;"> </td></tr> </tbody></table>

10979332

9.59

P7Y1M9D

97563000

2909743

18.64

592612

4.22

209175

7.71

1000

6.84

13086288

11.87

P6Y11M26D

58029000

5102332

13.34

P5Y2M1D

21086000

7300000

2000000

15.16

8.35

0.25

600113 206389

3200000

96000

9555000

6293000

11806000

7293000

21457000

13586000

14865000

10343000

38000

6203000

2926000

389000

279000

21457000

13586000

29500000

18100000

P5Y3M18D

P5Y4M24D

27600000

11000000

P2Y8M12D

P1Y7M6D

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Time-Based and Performance-Based Stock Options </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected term (in years) </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 5.0 - 6.9 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">2.9 - 6.3</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected volatility </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 93% - 100% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">91% - 99%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Risk-free interest rate </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 3.8% - 4.6% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">3.8% - 4.5%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected dividend yield </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Market-Based Stock Options and Market and Performance-Based Stock Options1 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected term (in years) </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">1.0 - 7.8</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">1.4 - 4.3</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected volatility </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">90%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">90%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Risk-free interest rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">4.3% - 4.6%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">3.5% - 3.7%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected dividend yield </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> ESPP </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" rowspan="1" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected term (in years) </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 0.5 - 1.0 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">0.5 - 1.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected volatility </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 53% - 98% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">98%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Risk-free interest rate </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> 3.8% - 4.9% </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">4.4% - 5.3%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Expected dividend yield </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> </tbody></table>

P5Y

P6Y10M24D

P2Y10M24D

P6Y3M18D

0.93

0.91

0.99

0.038

0.046

0.038

0.045

P1Y

P7Y9M18D

P1Y4M24D

P4Y3M18D

0.90

0.043

0.046

0.035

0.037

P0Y6M

P1Y

P0Y6M

P1Y

0.53

0.98

0.038

0.049

0.044

0.053

11. Defined Contribution Plan The Company sponsors a 401(k) retirement plan for its employees under which it may make discretionary contributions. The plan provides for tax-deferred salary deductions for all employees and employee contributions are voluntary. The Company did not make any employer matching contributions to the plan during the years ended December 31, 2025 and 2024.

12. Income Taxes Total loss before income taxes for the years ended December 31, 2025 and 2024 were $72.8 million and $53.6 million, respectively. All losses were domestic and there were no foreign losses. During the years ended December 31, 2025 and 2024, the Company did not recognize an income tax provision. The provision for income taxes differs from the amount estimated by applying the statutory federal income tax rate to net loss before taxes as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="14" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> Tax at federal statutory rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(15,284</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(11,253</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td></tr> <tr class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> State income tax, net of federal tax benefit1 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">21</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">(2,993</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">5.6</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Research and development credits </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1,028</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.4</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(901</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.7</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Nontaxable or nondeductible items </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Stock-based compensation </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,043</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1.4</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">561</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Other </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">533</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.7</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.1</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Changes in unrecognized tax benefits </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">494</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.7</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,444</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(6.4</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Change in valuation allowance </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">14,221</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(19.6</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">11,116</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(20.8</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Effective Tax Rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">%</td></tr> </tbody></table> ___________________ 1 State taxes in California comprise the majority (greater than 50 percent) of the state and local income taxes, net of federal effect category for both 2024 and 2025. Deferred income taxes reflect the impact of carryforwards and temporary differences between the amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. The carryforwards and temporary differences, which give rise to a significant portion of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024, are as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">December 31, </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2025 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2024 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Deferred tax assets </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Accruals </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">503</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">1,218</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Net operating loss carryforwards </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">74,859</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">66,952</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Tax credit carryforwards </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">12,008</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">10,838</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Stock-based compensation </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">14,450</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">9,588</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> R&D capitalization </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">18,527</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">10,358</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Lease liability </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">1,890</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">1,869</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Property and equipment </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">43</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">35</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Intangible assets </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">544</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">279</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; text-indent: 9pt; font-family: "Times New Roman", Times, serif;">Gross deferred tax assets </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">122,824</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">101,137</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Valuation allowance </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(121,249</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(99,542</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; text-indent: 9pt; font-family: "Times New Roman", Times, serif;">Total deferred tax assets </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">1,575</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">1,595</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Deferred tax liabilities </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Right-of-use assets </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(1,575</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(1,595</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; text-indent: 9pt; font-family: "Times New Roman", Times, serif;">Total deferred tax liabilities </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,575</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">(1,595</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net deferred tax assets/(liabilities) </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">$</td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double black;">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">$</td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double black;">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;"> </td></tr> </tbody></table> The Company’s unrecognized tax benefits as of December 31, 2025 and 2024 were $18.5 million and $17.4 million, respectively. If recognized, none of the unrecognized tax benefits would impact income tax expense to the extent that the Company continues to maintain a full valuation allowance against its deferred tax assets. A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows (in thousands): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Unrecognized tax benefits at beginning of year </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">17,376</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10,170</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Increases related to current year tax positions </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,405</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,366</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Increases related to prior year tax positions </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,993</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Decreases related to prior year tax positions </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(255</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(153</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Unrecognized tax benefits at end of year </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18,526</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">17,376</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table> The Company’s policy is to recognize interest and penalties related to income taxes as components of interest expense and other expense, respectively. The Company did not accrue interest and penalties related to unrecognized tax benefits as of December 31, 2025 and does not anticipate any significant change within twelve months of this reporting date. The Company’s valuation allowance increased by $21.7 million in the year ended December 31, 2025 and increased by $11.7 million in the year ended December 31, 2024. As of December 31, 2025, the Company had federal and state net operating loss (“NOL”) carryforwards of $575.0 million which begin to expire in 2034. Of the $281.9 million of federal NOLs, $256.3 million is carried forward indefinitely but is limited to 80% of the taxable income. As of December 31, 2025, the Company had U.S. federal and California research and development (“R&D”) tax credits of approximately $10.5 million, and $10.6 million, respectively. The federal R&D credits begin to expire in 2035, while California credits do not expire. The Company is subject to taxation in the United States for Federal and State. All jurisdictions and tax years currently remain open for IRS examination. As of December 31, 2025, the Company was not under examination by the Internal Revenue Service or any state tax jurisdiction. Internal Revenue Code Section 382 ownership change generally occurs if one or more stockholders or groups of stockholders who own at least 5% of our stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. We believe that we have had one or more ownership changes prior to 2018, but recently performed a Section 382 study to analyze fiscal years 2018 through 2024, and we do not believe that we have had any additional ownership changes over that period. Possible future changes in our stock ownership could result in limitations. On July 4, 2025, H.R. 1, a U.S. budget reconciliation bill, was signed into law. The Company has assessed the provisions of the new legislation and has integrated the resulting impacts into its effective income tax rate. Management has concluded that the bill does not have an impact on the Company's consolidated financial statements for the current period.

72800000

53600000

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="14" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 52%;"> Tax at federal statutory rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(15,284</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(11,253</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">%</td></tr> <tr class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> State income tax, net of federal tax benefit1 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">21</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">(2,993</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">5.6</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Research and development credits </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1,028</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.4</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(901</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.7</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Nontaxable or nondeductible items </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Stock-based compensation </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,043</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1.4</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">561</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1.0</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Other </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">533</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.7</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.1</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Changes in unrecognized tax benefits </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">494</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(0.7</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,444</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(6.4</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Change in valuation allowance </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">14,221</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(19.6</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">11,116</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(20.8</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Effective Tax Rate </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">%</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">%</td></tr> </tbody></table>

15284000

0.21

11253000

0.21

21000

-2993000

0.056

1028000 0.014 901000 0.017

-1043000

-0.014

-561000

-0.01

-533000

-0.007

-26000

-0.001

494000 0.007 3444000 0.064

-14221000

-0.196

-11116000

-0.208

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; width: 100%; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="6" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">December 31, </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2025 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">2024 </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; width: 70%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Deferred tax assets </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Accruals </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">503</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0">$</td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">1,218</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Net operating loss carryforwards </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">74,859</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">66,952</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Tax credit carryforwards </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">12,008</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">10,838</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Stock-based compensation </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">14,450</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">9,588</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> R&D capitalization </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">18,527</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">10,358</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Lease liability </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">1,890</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">1,869</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt; padding: 0; margin: 0"> Property and equipment </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding: 0; margin: 0">43</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding: 0; margin: 0">35</td><td style="width: 1%; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Intangible assets </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">544</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">279</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; text-indent: 9pt; font-family: "Times New Roman", Times, serif;">Gross deferred tax assets </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">122,824</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">101,137</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Valuation allowance </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(121,249</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(99,542</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; text-indent: 9pt; font-family: "Times New Roman", Times, serif;">Total deferred tax assets </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">1,575</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">1,595</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Deferred tax liabilities </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Right-of-use assets </td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(1,575</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">(1,595</td><td style="width: 1%; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid black;">)</td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; text-indent: 9pt; font-family: "Times New Roman", Times, serif;">Total deferred tax liabilities </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,575</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-size: 10pt; margin-left: 0pt;">(1,595</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; margin: 0pt; font-family: "Times New Roman", Times, serif;">Net deferred tax assets/(liabilities) </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">$</td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double black;">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">$</td><td style="width: 12%; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double black;">—</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;"> </td></tr> </tbody></table>

503000

1218000

74859000

66952000

12008000

10838000

14450000

9588000

18527000 10358000 1890000 1869000

43000

35000

544000

279000

122824000

101137000

121249000

99542000

1575000

1595000

1575000

1595000

1575000

1595000

18500000

17400000

17376000

10170000

1405000

4366000

2993000

255000

153000

18526000

17376000

21700000

11700000

575000000

281900000

256300000

10500000

10600000

13. Net Loss Per Share The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding during the period. For purposes of this calculation, options to purchase common stock and warrants converted into common stock are considered common stock equivalents. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net loss per share. The following outstanding equity instruments were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> Warrants converted into common stock </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding: 0; margin: 0">202,812</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">1,498,483</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Common stock options </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;">13,086,288</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;">10,979,332</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px;"> Estimated shares issuable under the employee stock purchase plan </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">58,015</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-top: 0px; padding-right: 0px; padding-left: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);">29,922</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 1px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">13,347,115</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">12,507,737</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table>

202812

1498483

13086288

10979332

58015

29922

13347115

12507737

14. Segment Reporting The Company conducts business as one operating and reportable segment relating to the research and development of the Company’s NPS technology. The Company's chief executive officer, who is the chief operating decision maker ("CODM"), views the Company’s operations and manages its business in one operating segment. The CODM uses the Company’s consolidated net loss to monitor actual results as compared to the budget in assessing segment performance and allocation of resources. Managing and allocating resources on an entity-wide basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources, and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The CODM is regularly provided with more detailed expense information than what is included in our consolidated statement of operations and comprehensive loss. All product sales are in the United States and there are no significant groupings of product revenue the CODM considers or reviews when making operating decisions and assessing performance. The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net loss in the statements of operations (in thousands). <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Product revenue </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">350</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Adjusted cost of product revenue1 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">336</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Cross platform research and engineering2 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14,290</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">13,487</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> R&D manufacturing and engineering3 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,856</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,939</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Clinical and regulatory4 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,389</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,052</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> General and administrative5 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,227</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,909</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Sales and marketing6 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7,663</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,106</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Other segment items7 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">22,528</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14,764</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Total other income, net </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,158</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,672</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net loss </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(72,781</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(53,585</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td></tr> </tbody></table> ___________________ 1 Adjusted cost of product revenue includes material costs, cash compensation costs, fees paid to consultants and outside service providers and organizations, and other expenses relating to manufacturing the Company’s commercial products. It does not include stock-based compensation, depreciation, amortization, IT and facilities costs - see descriptions of Other segment items in footnote 7 and General and administrative in footnote 5 below. 2 Cross platform research and engineering includes compensation costs, fees paid to consultants and outside service providers and organizations, prototype spending and other expenses relating to the acquisition, design and development of the Company’s clinical stage devices. 3 R&D manufacturing and engineering includes compensation costs, fees paid to consultants and outside service providers and organizations, and costs associated with the procurement of materials and the manufacturing of the Company’s clinical stage devices. 4 Clinical and regulatory includes compensation costs, fees paid to consultants and outside service providers and organizations, and costs associated with clinical trials and regulatory approvals required for the development of the Company’s clinical stage devices. 5 General and administrative includes compensation costs and fees paid to consultants and outside service providers and organizations in support of the administrative functions of the Company, including finance, legal, human resources, IT and facilities. 6 Sales and marketing includes compensation costs, fees paid to consultants and outside service providers and organizations, costs associated with marketing and sales strategy as well as execution of marketing and sales initiatives for the Company's products. 7 Other segment items includes stock-based compensation, depreciation and amortization. As of December 31, 2025 and 2024, all of the Company’s long-lived assets are located in the United States.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Year Ended December 31, </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2025 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2024 </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Product revenue </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">350</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Adjusted cost of product revenue1 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">336</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Cross platform research and engineering2 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14,290</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">13,487</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> R&D manufacturing and engineering3 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,856</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,939</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Clinical and regulatory4 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,389</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">4,052</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> General and administrative5 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,227</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,909</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Sales and marketing6 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7,663</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,106</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Other segment items7 </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">22,528</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">14,764</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0px; padding: 0px;"> Total other income, net </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(4,158</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,672</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net loss </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(72,781</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(53,585</td><td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td></tr> </tbody></table>

350000

336000

14290000 13487000

8856000

4939000

8389000 4052000

15227000

15909000

7663000

3106000

22528000

14764000

-4158000

-2672000

-72781000

-53585000

15. Related Party Transactions On July 3, 2024, the Company announced the closing of its 2024 Rights Offering. The 2024 Rights Offering resulted in the sale of six million 2024 Units, at a price of $10.00 per 2024 Unit. Each 2024 Unit consisted of one share of the Company’s common stock, par value $0.001 per share, and two warrants, each being a warrant to purchase one-half of one share of common stock. The common stock and warrants comprising the 2024 Units separated upon the closing of the 2024 Rights Offering and were issued individually. A total of 5,999,998 shares of common stock and warrants to acquire up to approximately an additional six million shares of common stock were issued in the offering. The Company received aggregate gross proceeds from the 2024 Rights Offering of $60 million. Robert W. Duggan, the Company’s majority stockholder and Co-Chairman, purchased approximately 88% of the units offered through the 2024 Rights Offering. See Note 9 for further details.

0.001

5999998

60000000

0.88 <a href="#" id="otherinfo" title="otherinfo"></a>Item 9B. Other Information During our last fiscal quarter, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," each as defined in Regulation S-K Item 408. State taxes in California comprise the majority (greater than 50 percent) of the state and local income taxes, net of federal effect category for both 2024 and 2025. Other segment items includes stock-based compensation, depreciation and amortization. Cross platform research and engineering includes compensation costs, fees paid to consultants and outside service providers and organizations, prototype spending and other expenses relating to the acquisition, design and development of the Company’s clinical stage devices. Clinical and regulatory includes compensation costs, fees paid to consultants and outside service providers and organizations, and costs associated with clinical trials and regulatory approvals required for the development of the Company’s clinical stage devices. Sales and marketing includes compensation costs, fees paid to consultants and outside service providers and organizations, costs associated with marketing and sales strategy as well as execution of marketing and sales initiatives for the Company's products. Adjusted cost of product revenue includes material costs, cash compensation costs, fees paid to consultants and outside service providers and organizations, and other expenses relating to manufacturing the Company’s commercial products. It does not include stock-based compensation, depreciation, amortization, IT and facilities costs - see descriptions of Other segment items in footnote 7 and General and administrative in footnote 5 below. R&D manufacturing and engineering includes compensation costs, fees paid to consultants and outside service providers and organizations, and costs associated with the procurement of materials and the manufacturing of the Company’s clinical stage devices. General and administrative includes compensation costs and fees paid to consultants and outside service providers and organizations in support of the administrative functions of the Company, including finance, legal, human resources, IT and facilities.