Note 11. Equity Incentive Plans and Stock-Based Compensation

As of March 31, 2026, the Company had a remaining allocated reserve of 0 shares of its common stock for issuance under its 2021 EIP, which provides for the granting of stock options, RSUs and stock appreciation rights to employees, directors, and consultants of the Company. On April 3, 2026, the Company filed an S-8, pursuant to the evergreen provisions of the Company's 2021 EIP, and added an additional 1,230,382 shares of common stock, par value $0.00001 per share. Shares available for future grant under the 2021 EIP as of April 4, 2026, was 644,565, adjusted for the new hire employee grants.

As of March 31, 2026, the Company had an allocated reserve of 148,787 shares of its common stock for issuance under its 2021 Employee Stock Purchase Plan (“2021 ESPP”). As of March 31, 2026, the Company had not begun any offering periods for the 2021 ESPP.

Stock options

As of March 31, 2026 and December 31, 2025, there is no aggregate intrinsic value of options outstanding.

As of March 31, 2026, total unrecognized compensation cost related to options was immaterial and is expected to be recognized over a weighted-average period of less than a year.

For the three months ended March 31, 2026, there were no options granted.

Restricted Stock Units

The fair value of RSUs under the Company’s 2021 EIP is estimated using the value of the Company’s common stock on the date of grant.

The aggregate intrinsic value of outstanding RSUs is calculated based on the closing price of the Company’s common stock as of the date outstanding. As of March 31, 2026, there was $19.8 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of approximately 3.1 years.

Stock-based Compensation Expense