In connection with the Merger, 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, 1,285,558 shares were added as available for issuance thereunder on January 1, 2025. As of June 30, 2025, 1,247,439 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, 257,111 shares were added as available for issuance thereunder on January 1, 2025. As of June 30, 2025, 803,675 shares were available for issuance under the 2021 ESPP.

The aggregate intrinsic value of options exercised was $155 and $493 during the three and six months ended June 30, 2025, respectively, and was $0 and $189 during the three and six months ended June 30, 2024, respectively. The cash proceeds from the options exercised was $230 and $870 during the three and six months ended June 30, 2025, respectively, and $2 and $269 during the three and six months ended June 30, 2024, respectively. The aggregate fair value of options vested was $243 and $371 during the three and six months ended June 30, 2025, respectively, and $922 and $1,686 during the three and six months ended June 30, 2024, respectively. There were 21,650 and 33,901 options granted during the three and six months ended June 30, 2025 and 2024, 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. For performance stock units (“PSUs”), the awards vest based on the achievement of certain performance goals over a specified period, generally ranging from four to five years. The fair value of PSUs is calculated based on the Company’s closing stock price on the grant date. Stock-based compensation expense is recognized over the applicable vesting period based on the number of units expected to vest. The aggregate fair value of RSUs and PSUs vested was $5,164 and $8,905 during the three and six months ended June 30, 2025, respectively, and $1,847 and $4,343 during the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, there was $24,845 of total unrecognized compensation expense related to options, RSUs, and PSUs expected to be recognized over a weighted average period of 2.2 years.