What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2026-03-05 compared with 2025-03-06 · 70 added, 74 removed, 330 unchanged (30% of the section changed)

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No underwriters were involved in this issuance of shares.

Following the closing of the IPO, no shares of redeemable convertible preferred stock were authorized or outstanding.

Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding.

Warrant to Purchase Common Stock

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The number of shares of our common stock and the weighted-average exercise price have been adjusted to reflect the reverse stock split related to our IPO in April 2024.

During 2022, we granted to certain of our directors, employees and consultants (in connection with continuous services provided to us by such persons) options to purchase 59,189 shares of our common stock with a weighted average exercise price of $8.51 per share under our 2012 Equity Incentive Plan.

The number of shares of our common stock and the weighted-average exercise price have been adjusted to reflect the reverse stock split related to our IPO in April 2024.

The offer, sale and issuance of these options were deemed to be exempt from registration under the Securities Act in reliance on either Rule 701 in that the transactions were under compensatory benefit plans and contracts relating to compensation as provided under Rule 701 or Section 4(a)(2) in that the issuance of securities was to accredited investors in a private placement transaction that did not involve a public offering.

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On April 4, 2024, our Registration Statement on Form S-1 (333-278003) relating to the initial public offering of our common stock was declared effective by the SEC (the “Registration Statement”).

Pursuant to such Registration Statement, we issued and sold an aggregate of 7,423,682 shares of our common stock, which includes 548,682 shares sold pursuant to the underwriters’ partial exercise of their option to purchase additional shares, at the public offering price of $16.00 per share.

Pursuant to such Registration Statement, we issued and sold an aggregate of 7,423,682 shares of our common stock, which includes 548,682 shares sold

pursuant to the underwriters’ partial exercise of their option to purchase additional shares, at the public offering price of $16.00 per share.

On April 9, 2024, we closed the sale of 6,875,000 shares and on April 19, 2024, we closed the sale of the 548,682 shares sold pursuant to the underwriters’ partial exercise of their option to purchase additional shares.

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We target biological pathways associated with specific clinical impairments that we believe, once modulated, will demonstrably alter the course of disease.

We have focused our efforts on developing selective compounds targeting challenging molecular pathways and have built a portfolio of small molecule drug candidates.

We focus on developing selective compounds targeting challenging molecular pathways and have built a portfolio of small molecule drug candidates.

We believe our two clinical-stage, internally-discovered drug candidates, PIPE-791 and PIPE-307, will have broad applicability across multiple NI&I indications.

We are developing PIPE-307 in collaboration with J&J.

Our wholly-owned lead asset, PIPE-791, is a novel, brain penetrant, small molecule inhibitor of the LPA1R in development for IPF, PrMS, and chronic pain.

LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies and Phase 1 healthy volunteer data support the development of PIPE-791 for IPF, as well as PrMS and chronic pain.

Specifically, based on its high bioavailability, low plasma protein binding, and long receptor residence time in our preclinical studies compared to the preclinical data of other LPA1R antagonists, we believe PIPE-791 has the potential to be a differentiated LPA1R therapy.

We have completed a Phase 1 clinical trial of PIPE-791 in healthy volunteers in support of clinical development in IPF, PrMS and chronic pain.

In December 2024, we commenced a Phase 1b open-label trial to measure the relationship of PK to lung and brain receptor occupancy by PET imaging.

We expect the top-line data from this trial will be available in the second quarter of 2025.

This Phase 1b PET trial will inform dose selection for our planned Phase 2 trials of PIPE-791 in IPF and PrMS.

In November 2024, the FDA authorized our IND for the treatment of chronic pain associated with two separate indications, OA and LBP.

On March 4, 2025, we announced the initiation of patient dosing in an exploratory PIPE-791 Phase 1b, randomized, double-blind, placebo-controlled, crossover, chronic pain trial.

We expect to enroll approximately 40 patients at up to five sites in the U.S., and a treatment duration of 28 days.

We anticipate top-line data from this trial in early 2026.

Our second drug candidate, PIPE-307, is a novel, small molecule selective inhibitor of the M1R, in development for depression and RRMS.

Our wholly-owned lead asset, PIPE-791, is a novel, brain penetrant, small molecule inhibitor of the LPA1R in development for IPF and chronic pain.

LPA1R antagonism is a clinically validated mechanism in IPF, and we believe that our preclinical studies, Phase 1 healthy volunteer data, and Phase 1 PET data support the development of PIPE-791 for IPF and chronic pain.

Specifically, based on its high bioavailability, high selectivity, low plasma protein binding, and long receptor residence time, we believe PIPE-791 has the potential to be a differentiated LPA1R therapy.

In September 2025, we reported positive top-line data from our completed Phase 1b PET trial which measured the relationship of PK to RO by PET imaging.

The data from the Phase 1b PET trial further affirmed the planned dose selection for our Phase 2 trial of PIPE-791 in IPF, which was initiated in December 2025.

In the fourth quarter of 2025, we completed enrollment for a phase 1b, randomized, double-blind, placebo-controlled, crossover study which was designed to explore the safety and efficacy of oral PIPE-791 in subjects with COAP or CLBP.

We anticipate top-line data from this trial in the second quarter of 2026.

Our second novel drug candidate, PIPE-307, is a selective, small-molecule inhibitor of the M1R, in development for depression and RRMS.

We have completed two Phase 1 trials of PIPE-307 in healthy volunteers.

In 2023, we initiated a Phase 2 VISTA trial of PIPE-307 for the potential treatment of RRMS.

In January 2025, we announced that we have fully enrolled our Phase 2 VISTA trial.

We expect the top-line data from this trial will be available in the second half of 2025.

In December 2024, J&J began recruiting an estimated 124 adult participants for a Phase 2 trial of PIPE-307/JNJ-89495120 for the potential treatment of MDD.

This trial is a randomized, double-blind, multicenter, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety and tolerability of PIPE-307/JNJ-89495120 as monotherapy in adult participants with MDD.

In December 2024, J&J began recruiting an estimated 124 adult participants for the Phase 2 Moonlight-1 trial of PIPE-307, renamed by J&J to JNJ-89495120.

This trial is a randomized, double-blind, multicenter, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety, and tolerability of PIPE-307/JNJ-89495120 as a monotherapy in adult participants with MDD.

In November 2025, we reported top-line data from our Phase 2 VISTA trial of PIPE-307 for the treatment of patients with RRMS.

The trial demonstrated acceptable safety and tolerability at both doses that were investigated in the trial.

The trial did not meet its prespecified primary and secondary efficacy endpoints.

J&J has sole discretion whether or not to further

develop PIPE-307 for RRMS, MDD or any other indication.

We believe PIPE-307 is the most advanced selective M1R antagonist in clinical development.

In addition, we are leveraging our drug discovery capabilities to expand our clinical portfolio.

In January 2024, we nominated and commenced preclinical studies for CTX-343, a peripherally-restricted (unable to access the CNS) LPA1R antagonist.

In parallel, we are actively conducting preclinical and discovery-phase experiments targeting other NI&I indications where our internally-discovered molecules may have therapeutic potential.

We are currently focused on developing the following product candidates in our pipeline:

(1) We made a strategic decision to defer further clinical development of our PIPE-791 PrMS program and to defer the initiation of clinical development for our CTX-343 program until funding is obtained to specifically move these programs forward.

(2) J&J has sole discretion whether or not to further develop PIPE-307 for RRMS and MDD.

We are also actively conducting preclinical and discovery-phase experiments targeting other NI&I indications where our internally-discovered molecules may have therapeutic potential.

We expect our operating expenses to significantly increase as we continue to develop, conduct clinical trials, and seek regulatory approvals for our drug candidates, engage in other research and development activities to expand the indications for our existing drug candidates and develop a pipeline of additional drug candidates, expand our operations and headcount, maintain and expand our intellectual property portfolio, and, if we obtain approval for one or more of our drug candidates, launch commercial activities.

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J&J is generally responsible for all development, manufacturing and commercialization activities for PIPE-307.

Upon J&J conducting a first Phase 3 clinical trial for a product using PIPE-307, we have an opt-in right to fund a portion of all Phase 3 and subsequent development costs for PIPE-307.

Upon J&J conducting a first Phase 3 clinical trial for a product using PIPE-307, we have an opt-in right to fund a portion of

all Phase 3 and subsequent development costs for PIPE-307.

If we opt to fund such development costs, then the royalties we are eligible to receive will increase by one to two percentage points.

We are conducting, at our own expense, a Phase 2 clinical trial of PIPE-307 in patients with RRMS.

We completed enrollment of our Phase 2 clinical trial in December 2024, and expect the top-line data from this trial will be available in the second half of 2025.

J&J has the right to discontinue our clinical trial if it has good faith concerns that this trial presents safety risks or could have a material adverse effect on its development or commercialization of PIPE-307.

In addition, J&J has the right, in its sole discretion, to further develop or to elect not to develop PIPE-307 for this indication.

In December 2024, J&J began recruiting an estimated 124 adult participants for a Phase 2 trial of PIPE-307/JNJ-89495120 for the potential treatment of MDD.

In November 2025, we reported top-line data from our Phase 2 VISTA trial of PIPE-307 for the treatment of patients with RRMS.

The trial demonstrated acceptable safety and tolerability at both doses that were investigated in the trial.

The trial did not meet its prespecified primary and secondary efficacy endpoints.

J&J has sole discretion whether or not to further develop PIPE-307 for RRMS and MDD.

In December 2024, J&J began recruiting an estimated 124 adult participants for the Phase 2 Moonlight-1 trial of PIPE-307, renamed by J&J to JNJ-89495120.

The J&J License Agreement expires on a licensed product-by-product and country-by-country basis upon the last to occur of:

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Direct external development program expense

PIPE-791 $ 22,656 $ 11,257

PIPE-307 7,567 11,249

CTX-343 3,156 2,460

Discovery programs 5,339 4,789

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Facilities costs 2,234 1,183

Others 2,275 1,917

Total research and development costs $ 51,522 $ 38,422

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These increased costs will likely include increased expenses related to audit, legal, regulatory services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs.

Other Income (Expense)

Interest Income

Interest income consists of interest earned on our cash, cash equivalents and marketable securities.

Interest Expense

Interest expense consists of (i) interest on our outstanding loan and security agreement (the “Loan Agreement”) with First Citizens Bank (“First Citizens”), and (ii) amortization of our debt discount associated with the Loan Agreement recorded in connection with the fair value of the warrant issued to First Citizens, the debt issuance costs incurred and the obligation to make a final payment fee.

We repaid all of the outstanding principal on the Loan Agreement as of June 2023.

We are subject to corporate U.S.

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As a result of the TCJA, for U.S.

federal income tax purposes, net operating losses generated prior to January 1, 2018 can be carried forward for up to 20 years, while net operating losses generated on or after January 1, 2018 can be carried forward indefinitely, but are limited to 80% utilization against future taxable income each year.

federal income tax purposes, net operating losses generated prior to December 31, 2017 can be carried forward for up to 20 years, while net operating losses generated on or after December 31, 2017 can be carried forward indefinitely, but are limited to 80% utilization against future taxable income each year.

Out of the total federal net operating losses, approximately $135.5 million were generated after December 31, 2017, and therefore do not expire.

Utilization of our net operating loss carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the IRC and similar state provisions.

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The following table summarizes our results of operations (in thousands) for the years ended December 31, 2025 and 2024:

License revenue

December 31, Change

Operating expenses:

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Total operating expenses 68,059 50,894 17,165

Income (loss) from operations

Loss from operations (68,059) (50,894) (17,165)

Other income (expense):

Interest income 8,246 8,905 (659)

Interest expense

Change in fair value of warrant liability — (106) 106

Change in fair value of investor rights and obligations liability

Other expense

Other expense, net (165) (163) (2)

Total other income, net 8,081 8,636 (555)

Income (loss) before income

Provision for income taxes

Net income (loss)

License revenue .

License revenues were $50.0 million for the year ended December 31, 2023.

The revenue for the year ended December 31, 2023 is solely attributable to an upfront payment from the J&J License Agreement.

Net loss $ (59,978) $ (42,258) $ (17,720)

Research and development expenses .

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The increase of $13.1 million was primarily due to the following:

$5.6 million increase in contract research organization costs primarily related to our ongoing VISTA Phase 2 clinical trial for PIPE-307 for the potential treatment of RRMS, Phase 1b trial for PIPE-791 for the treatment of chronic pain, and Phase 1b PET trial for PIPE-791,

$4.1 million increase in expenses for toxicology studies primarily for PIPE-791,

• $9.0 million increase in CRO costs due to a $8.3 million increase in startup costs related to the Phase 2 trial for PIPE-791 for the treatment of IPF, a $2.9 million increase in costs related to the Phase 1b trial for PIPE-791 for the treatment of chronic pain, and a $1.1 million increase in costs related to the Phase 1b PET trial for PIPE-791, partially offset by a $3.3 million decrease in costs related to the VISTA Phase 2 clinical trial for PIPE-307 for the treatment of RRMS;

• $4.2 million increase in personnel-related expense associated with an increase in personnel from period to period;

• $1.6 million increase in non-cash stock-based compensation;

$0.5 million increase in biology and chemistry supplies, and

• $1.1 million increase in facilities costs;

Partially offsetting these increases was a $3.0 million decrease in consulting expense associated with contractual milestone payments paid in 2023 related to the receipt of the upfront payment from the J&J License Agreement and a $2.0 million decrease in manufacturing expenses for PIPE-791.

• $0.6 million increase in consulting expenses;

• $0.2 million increase in biology and chemistry supplies.

Partially offsetting these increases was a $2.2 million decrease in expenses for toxicology studies primarily for PIPE-791, a $1.0 million decrease in manufacturing expenses for PIPE-791 and CTX-343, and a $0.4 million decrease in certain preclinical activities.

General and administrative expenses .

General and administrative expenses were $16.5 million and $12.5 million for the years ended December 31, 2025 and 2024, respectively.

The increase of $6.2 million was primarily due to a $2.8 million increase in non-cash stock-based compensation, a $1.6 million increase in consulting and legal expenses, a $1.3 million increase in personnel-related expenses related to an overall increase in personnel from period to period, and a $0.5 million increase in director and officer insurance associated with our recently completed IPO.

The increase of $4.0 million was primarily due to a $2.0 million increase in personnel-related expenses related to an overall increase in personnel from period to period, $1.6 million increase in non-cash stock-based compensation, $0.3 million increase in facilities costs, and a $0.1 million increase in director and officer insurance.

Interest income .

Interest income was $8.2 million and $8.9 million for the years ended December 31, 2025 and 2024, respectively.

The increase of $4.3 million was due to an increase in funds invested in marketable securities and an increase in the yields earned on our marketable securities.

Change in fair value of investor rights and obligations liability .

In 2023, we recognized a $2.9 million non-cash gain related to the decrease in fair value of our investor rights and obligations liability as the result of a change in a specified limited partner’s status which resulted in the termination of certain rights.

Provision for income taxes .

For the year ended December 31, 2024, we did not record an income tax expense benefit due to the full valuation allowance and no benefit from a forecasted the pretax loss operating loss for the year ended December 31, 2024.

For the year ended December 31, 2023, we recorded tax expense of $0.5 million, on pretax income of $23.2 million.

The decrease of $0.7 million was due to a decrease in the yields earned on our cash equivalents and marketable securities from period to period.

Liquidity and Capital Resources

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We expect to incur substantial expenditures as we advance our drug candidates through clinical development, undergo the regulatory approval process, engage in other research and development activities to expand our pipeline of drug candidates, expand our operations and headcount, maintain and expand our intellectual property portfolio and, if we obtain approval for one or more of our drug candidates, launch commercial activities.

We also expect to incur additional costs associated with our operating as a public company, including significant legal, accounting, investor relations, director and officer insurance, and other expenses that we did not incur as a private company.

Through December 31, 2024, we have funded our operations primarily through the issuance of convertible promissory notes, the private placements of our convertible preferred stock, the J&J License Agreement, our Loan Agreement with First Citizens, and net proceeds from our initial public offering (“IPO”).

Through December 31, 2024, we have raised gross proceeds of approximately $312.8 million from the issuance of our convertible preferred stock, promissory notes, our Class A common stock in the IPO, and have received an upfront payment from the J&J License Agreement of $50.0 million.

Upon the closing of our IPO, our outstanding convertible preferred stock automatically converted into Class A common stock or Class B common stock, as applicable.

In April 2024, we raised approximately $107.9 million in net proceeds from the IPO of our shares of Class A common stock.

We have incurred and expect to continue to incur additional costs associated with our operating as a public company, including significant legal, accounting, investor relations, director and officer insurance, and other expenses that we did not incur as a private company.

Through December 31, 2025, we have funded our operations primarily from the sale of equity securities and convertible equity securities, and the J&J License Agreement.

Through December 31, 2025, we have raised gross proceeds of approximately $431.6 million through equity issuances and an upfront payment from the J&J License Agreement of $50.0 million.

Upon the closing of the IPO, our outstanding convertible preferred stock automatically converted into Class A common stock or Class B common stock, as applicable.

In May 2025, we entered into the ATM Sales Agreement relating to the offer and sale of up to $75.0 million in shares of our Class A common stock, par value $0.001 per share (the “Shares”) in the ATM Program.

During the year ended December 31, 2025, we sold 3,241,110 shares of our Class A common stock pursuant to the ATM Sales Agreement.

The shares of Class A common stock were sold at a weighted average price of $6.04 per share, resulting in gross proceeds of $19.6 million.

The Company raised $19.0 million in net proceeds after deducting sales agent commissions and offering costs of $0.6 million.

As of December 31, 2025, the Company had $55.4 million of capacity remaining under the ATM Sales Agreement.

In December 2025, we completed a follow-on public offering in which 8,097,570 shares of our Class A common stock, which included 750,632 shares of our Class A common stock sold pursuant to the partial exercise of the underwriters’ option to purchase additional shares, were sold at a public offering price of $12.25 per share resulting in aggregate gross proceeds of $99.2 million.

We raised $93.0 million in net proceeds after deducting underwriting discounts, commissions, and offering expenses of $6.2 million.

As of December 31, 2025, we had an accumulated deficit of $177.4 million.

As of December 31, 2025, we had cash, cash equivalents and marketable securities of $262.9 million.

Based on our current operating plan, we believe that our existing cash and cash equivalents and short-term investments, will be sufficient to meet our anticipated operating expenses and capital expenditure requirements through at least the next 12 months, following the date of this Annual Report.

Based on our current operating plan, we believe that our existing cash and cash equivalents and marketable securities, will be sufficient to meet our anticipated operating expenses and capital expenditure requirements through at least the next 12 months, following the date of this Annual Report.

As we continue to pursue our business plan, we expect to finance our operations through both public and private sales of equity, debt financings or other commercial arrangements, which could include milestone payments from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties.

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If events or circumstances occur such that we do not obtain additional funding, we may need to delay, reduce or eliminate our product development or future commercialization efforts, which could have a material adverse effect on our business, results of operations or financial condition.

Further, if we raise funds through licensing or other commercial arrangements with third parties, we may be required to relinquish valuable rights to our technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock.

Further, if we raise funds through licensing or other commercial arrangements with third parties, we may be required to relinquish valuable rights to our technology,

future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock.

The following table sets forth a summary of our cash flows for the period indicated (in thousands):

Net cash provided by (used in) operating activities

Net cash used in operating activities $ (55,312) $ (32,845)

Net cash used in investing activities (3,713) (69,739)

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Operating Activities

Net cash used in operating activities for the year ended December 31, 2024 was primarily due to our net loss of $42.3 million, partially offset by $4.1 million of non-cash charges such as stock-based compensation, depreciation and amortization, operating lease expense, accretion of premiums/discounts on marketable securities, and change in fair value of an outstanding warrant to purchase shares of our common stock.

Net cash used in operating activities for the year ended December 31, 2025 was primarily related to our net loss of $60.0 million and a $6.0 million change in operating assets and liabilities, partially offset by $10.7 million of non-cash charges such as stock-based compensation, depreciation and amortization, operating lease expense, and accretion of premiums/discounts on marketable securities.

Net cash used in operating activities for the year ended December 31, 2024 was primarily related to our net loss of $42.3 million, partially offset by $4.1 million of non-cash charges such as stock-based compensation, depreciation and amortization, operating lease expense, accretion of premiums/discounts on marketable securities, and change in fair value of an outstanding warrant to purchase shares of our common stock.

Also impacting our net cash used in operating activities for the year ended December 31, 2024 was a $5.3 million increase in our in operating assets and liabilities.

Net cash provided by operating activities for the year ended December 31, 2023 was primarily due to our net income of $22.7 million, offset by $2.3 million of non-cash charges such as stock-based compensation, depreciation and amortization, non-cash operating lease expense, accretion of premiums/discounts on marketable securities, the change in fair value of our investor rights and obligations liability, and accretion of debt discount, and a $1.0 million change in operating assets and liabilities.

Investing Activities

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Financing Activities

Net cash provided by financing activities was $112.7 million for the year ended December 31, 2025, which primarily related to $93.0 million of net proceeds from the issuance of common stock in our follow-on public offering, $19.0 million of net proceeds from the issuance of common stock in the ATM Program, $0.5 million of proceeds from purchases made under our employee stock purchase plan, and $0.2 million of proceeds from the exercise of stock options.

This increase was partially offset by $0.3 million of payments for deferred offering costs.

Net cash provided by financing activities was $109.0 million for the year ended December 31, 2024, which primarily related to $107.9 million of net proceeds from the issuance of common stock in our IPO, $0.4 million of proceeds from the exercise of stock options, and $0.4 million of proceeds from purchases made under our employee stock purchase plan.

Net cash provided by financing activities was $56.2 million for the year ended December 31, 2023, which primarily related to $60.1 million of net proceeds from the issuance of Series C convertible preferred stock and $0.2 million of proceeds from the exercise of stock options, partially offset by $3.8 million principal payments on our outstanding Loan Agreement and $0.3 million payments of deferred offering costs.

Funding Requirements

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Contractual Obligations and Commitments

Our contractual obligations and commitments relate to our operating leases that relate primarily to our leases of office and laboratory space in San Diego, California.

Our contractual obligations and commitments relate to our operating leases that relate primarily to our leases of office and laboratory space in San Diego, California and leased equipment used in connection with our on-going Phase 2 clinical trial of PIPE-791 for the treatment of IPF.

Our total contractual commitments for our lease agreements amount to approximately $9.5 million as of December 31, 2025.

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While our significant accounting policies are described in more detail in Note 2 to our audited financial statements included elsewhere in this report, we believe the following accounting policies and estimates to be the most critical to the preparation of our financial statements.

Under ASC 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services.

Under Accounting Standards Codification (“ASC”) 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services.

To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of Topic 606, we perform the following five steps:

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We account for these expenses according to the progress of the associated preclinical study or clinical trial as measured by the timing of various aspects of the trial or related activities.

We determine accrual estimates through review of the underlying contracts along with preparation of financial models taking into account discussions with research and other key personnel as to the progress of studies, or other services being conducted.

We determine accrual estimates through review

of the underlying contracts along with preparation of financial models taking into account discussions with research and other key personnel as to the progress of studies, or other services being conducted.

During the course of a trial, we adjust our rate of expense recognition if actual results differ from our estimates.

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We recorded stock-based compensation of $10.0 million for the year ended December 31, 2025, compared to $6.8 million for the year ended December 31, 2024.

As of December 31, 2024 and December 31, 2023, there was approximately $20.7 million and $6.6 million, respectively, of total unrecognized stock-based compensation related to nonvested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.9 and 1.3 years, respectively.

As of December 31, 2025 and December 31, 2024, there was approximately $20.5 million and $20.7 million, respectively, of total unrecognized stock-based compensation related to nonvested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.4 years and 2.9 years, respectively.

The intrinsic value of all outstanding options as of December 31, 2025 was approximately $18.2 million, compared to $21.5 million as of December 31, 2024.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity