Subsequent Events

9 Months Ended

Sep. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On November 2, 2026, the Company acquired one of its strategic partners, pursuant to an Agreement and Plan of Merger. The total purchase price consideration is up to $30.0 million, which includes up to $5.0 million in performance milestones. Due to the proximity of the acquisition to the filing of this Form 10-Q, the accounting for the acquisition is incomplete. As a result, the Company has not yet completed the allocation of the purchase price, including determining the fair value of consideration transferred, assets acquired, and liabilities assumed, and has not provided acquisition-related costs. Pro forma financial information and results of the acquiree’s operations since the acquisition date are not material.

On November 4, 2026, Steve Chapman resigned from service as the Company’s Chief Executive Officer and President and as a director on the Company’s Board of Directors, effective November 5, 2026. On November 4, 2026, the Board appointed Solomon Moshkevich as Chief Executive Officer and President of the Company, effective November 5, 2026. As Chief Executive Officer, Mr. Moshkevich will serve as the Company’s principal executive officer, and as a Class III director filling the vacancy created by Mr. Chapman’s resignation.

The Company entered into a Transition and Consulting Agreement with Mr. Chapman. Subject to the Transition and Consulting Agreement, Mr. Chapman will be entitled to receive:

•a lump-sum transition payment of $1,000,000, payable within 10 days after the Transition Agreement becomes effective;

•a 2026 annual bonus with a target of $1,500,000 payable consistently with other employees no later than March 15, 2027;

•payment or reimbursement of COBRA premiums for up to 12 months; and

•92,933 Time-Based RSUs that are unvested as of November 5, 2026 will vest between the date the Transition Agreement becomes effective through November 5, 2027.

•2024, 2025 and 2026 Performance-Based RSUs will remain outstanding and will vest, subject to certain conditions, based on actual achievement of the applicable performance goals for each respective award, and will be settled at the same time that the corresponding performance-based RSU awards held by the Company’s other executive officers are settled, provided the Consulting Agreement service period is completed.