In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The number of shares available for issuance under the 2021 Plan is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 Plan. Pursuant to this automatic increase feature of the 2021 Plan, 1,054,867 shares were added as available for issuance thereunder on January 1, 2024. As of September 30, 2024, 690,690 shares were available for issuance under the 2021 Plan.

The number of shares available for issuance under the 2021 ESPP is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 ESPP. Pursuant to this automatic increase feature of the 2021 ESPP, 210,973 shares were added as available for issuance thereunder on January 1, 2024. As of September 30, 2024, 663,756 shares were available for issuance under the 2021 ESPP.

The aggregate intrinsic value of options exercised was $189 and the cash proceeds from the options exercised was $269 during the nine months ended September 30, 2024. There were no options exercised during the nine months ended September 30, 2023. The aggregate fair value of options vested was $2,435 and $2,795 during the nine months ended September 30, 2024 and 2023, respectively. There were 33,901 and 61,446 options granted during the nine months ended September 30, 2024 and 2023, respectively. The weighted-average grant date fair value of such options granted was $10.17 and $5.37 during the nine months ended September 30, 2024 and 2023, respectively.

For RSUs with service-based vesting conditions, the fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the applicable grant vesting term, generally three to four years.

As of September 30, 2024, there was $28,919 of total unrecognized compensation expense related to options and RSUs expected to be recognized over a weighted average period of 2.6 years.