DEF 14A of Myomo, Inc., May 14, 2026

DEF 14A of Myomo, Inc.

Filed May 14, 2026 · FY20250001193125-26-223981

Open on EDGAR

  1. PROPOSAL ONE - ELECTION OF CLASS III DIRECTORS

    PROPOSAL ONE - ELECTION OF CLASS III DIRECTORS

  2. Number of Directors; Board Structure

    Number of Directors; Board Structure Our certificate of incorporation and bylaws provide that the number of directors on our board of directors shall be fixed from time to time by a resolution of the majority of our board of directors. Our board of directors currently consists of seven members. Our board of directors is divided into three staggered classes as nearly equal in number as possible. One class is elected each year at the annual meeting of stockholders for a term of three years. The term of the Class III directors expires at the Annual Meeting. The term of the Class I directors expires at the 2027 Annual Meeting of Stockholders, and the term of the Class II directors expires at the 2028 Annual Meeting of Stockholders. Upon expiration of the term of a class of directors, directors in that class will be eligible to be elected for a new three-year term at the annual meeting of stockholders in the year in which their term expires. The following presents our current directors, their respective term on the board of directors, ages and positions as of April 29, 2026:

  3. Number of Directors; Board Structure

    | Name | Age | Position | | Directors whose terms will expire at the 2026 Annual Meeting | | | | Thomas F. Kirk (1)(2)(3)(4) | 80 | Lead Independent Director | | Paul R. Gudonis | 72 | President, Chief Executive Officer and Chairman of the Board of Directors | | Directors whose terms will expire at the 2027 Annual Meeting | | | | Thomas A. Crowley (1)(2)(3) | 79 | Director | | Milton M. Morris (2)(4) | 56 | Director | | Joseph M. Manko, Jr. (6) | 60 | Director | | Directors whose terms will expire at the 2028 Annual Meeting | | | | Heather C. Getz (1)(3) | 51 | Director | | William J. Febbo (5) | 57 | Director |

  4. Number of Directors; Board Structure

    (1) Member of the Audit Committee (2) Member of the Compensation Committee (3) Member of the Nominating and Corporate Governance Committee (4) Member of the Technology, Quality and Regulatory Committee (5) Mr. Febbo was appointed on April 14, 2026 and has not been placed on any committees (6) Mr. Manko was appointed on May 9, 2026 and has not been placed on any committees

  5. Nominees

    Nominees Based on the recommendation of the nominating and corporate governance committee of our board of directors, our board of directors has nominated Thomas F. Kirk and Paul R. Gudonis as Class III directors to serve for a three-year term ending at the 2029 Annual Meeting of Stockholders or until their successors are duly elected and qualified, subject to their earlier death, resignation or removal. Mr. Kirk and Mr. Gudonis are current members of our board of directors and have consented to serve if elected. Unless you direct otherwise through your proxy voting instructions, the persons named as proxies will vote all proxies received “for” the election of the two nominees. Proxies cannot be voted for a greater number of individuals than the one nominee named in this Proxy Statement. If the nominees are unable or unwilling to serve at the time of the Annual Meeting, the persons named as proxies may vote for substitute nominees chosen by the present board of directors. In the alternative, the proxies may not vote for substitute nominees and instead leave a vacancy on the board of directors. The board of directors may fill such vacancies at a later date or reduce the size of the board of directors. We have no reason to believe that either of the nominees will be unwilling or unable to serve if elected as directors. The election of the two Class III nominees requires a plurality of the votes of the shares present in person, by remote communication, if applicable, or represented by proxy duly authorized at the meeting and entitled to vote generally on the election of directors. Shares voting “withheld” on Proposal One will have no effect on the election of directors. Broker non-votes will have no effect on the election of directors.

  6. Recommendation of the Board of Directors

    Recommendation of the Board of Directors THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF ITS TWO NOMINEES FOR CLASS III DIRECTOR. The biographies of the nominees and continuing directors below contain information regarding each such person’s service as a director, business experience, director positions held currently or at any time during the last five years and the experiences, qualifications, attributes or skills that caused the nominating and corporate governance committee to determine that the person should serve as a director of the Company. In addition to the information presented below regarding each such person’s specific experience, qualifications, attributes and skills that led the board of directors and its nominating and corporate governance committee to the conclusion that he or she should serve as a director, we also believe that each of our directors has a reputation for integrity, honesty and adherence to high ethical standards. Each of our directors has demonstrated business acumen and an ability to exercise sound judgment, as well as a commitment of service to our company and our board of directors. Finally, we value our directors’ experience in relevant areas of business management and on other boards of directors and board committees. Our corporate governance guidelines also dictate that a majority of the board of directors be comprised of independent directors whom our board of directors has determined have no material relationship with the Company and who are otherwise “independent” directors under the published listing requirements of the NYSE American, LLC (“NYSE American”). The Company has determined that, with the exception of Mr. Gudonis, our President and Chief Executive Officer, all of our other directors qualify as “independent” directors.

  7. Nominees for Election for a Three-Year Term Ending at the 2029 Annual Meeting

    Nominees for Election for a Three-Year Term Ending at the 2029 Annual Meeting Thomas F. Kirk has served as a member of our board of directors since September 2014 and as Lead Independent Director since October 2016. Mr. Kirk is a seasoned healthcare executive with extensive experience leading growth, operational transformation, and strategic expansion across medical services and device organizations. He most recently served as Chairman and Chief Executive Officer of American Medical Staffing, Inc. from 2013 to 2024, where he led the company’s significant growth by expanding into additional clinical specialties, broadening its base of healthcare and rehabilitation customers, and executing on geographic expansion, third-party reimbursement strategies, and strategic acquisitions. Under his leadership, the company more than tripled in size. Previously, Mr. Kirk served as Chief Executive Officer of Hanger, Inc. from March 2008 to May 2012 and earlier as its Chief Operating Officer from January 2002 to February 2008. During his tenure, he drove revenue growth of more than 250% by increasing the number of patient care centers, introducing new musculoskeletal devices and services, and expanding core capabilities such as fabrication, distribution, and rehabilitation into scaled business segments. He also served as a member of Hanger’s Board of Directors from January 2002 to November 2013. He has also held multiple leadership roles with the American Orthotic and Prosthetic Association, including serving in key committee and governance positions from 2002 to 2013. Earlier in his career, Mr. Kirk was a partner at AlixPartners, where he advised clients on strategy, operations, supply chain, and financial restructuring across healthcare and other industries. Before this, he held executive positions in operations, finance, mergers and acquisitions, marketing, and new business and product commercialization with publicly held firms in the US and Europe in the medical services/devices, pharmaceuticals, specialty chemicals, and automotive supply industries. Mr. Kirk holds a B.S. in Mechanical Engineering from Carnegie Mellon University and an MBA and Ph.D. from the University of Pittsburgh. His experience in executive leadership, finance, and strategic planning makes him well qualified and provides a valuable perspective to our board of directors. Paul R. Gudonis has been the Chairman of our board of directors since August 2016 and our Chief Executive Officer and a director of our company since July 2011. Mr. Gudonis was also appointed President in February 2017. During his tenure at Myomo, he has grown our operations, obtained reimbursement of the MyoPro by Medicare and other payers in the United States, and has expanded our business internationally. He brings 40 years of experience in launching new technology-based products and services to our company. His career spans the fields of software, telecommunications, internet services, and robotics. Prior to joining our company, Mr. Gudonis served as President at FIRST Robotics, or FIRST, from October 2005 until June 2010. Prior to his position at FIRST, Mr. Gudonis was the Chief Executive Officer of Centra Software, Inc., from August 2003 until April 2005. Mr. Gudonis was also the Chief Executive Officer of Genuity, Inc. from January 2000 until March 2003. He has also served as Chairman of the Massachusetts High Tech Council. Mr. Gudonis is a member of the Dean’s Advisory Council at his alma mater, Northwestern University’s McCormick School of Engineering, where he earned his degree in electrical engineering. At McCormick, he also serves on the industry advisory board of the Biomedical Engineering Department. He earned his MBA degree from Harvard University. We believe Mr. Gudonis’s leadership experience at Myomo, engineering background and substantive experience in growing early stage ventures, provide the requisite qualifications, skills, perspectives and experience that make him well qualified to serve on our board of directors.

  8. Directors Continuing in Office Until the 2027 Annual Meeting

    Directors Continuing in Office Until the 2027 Annual Meeting Thomas A. Crowley, Jr. has been a member of our board of directors since March 2012. Mr. Crowley retired as Chief Executive Officer of Vertical Spine, LLC in 2025 and served on its board of directors from 2011 to 2025. He also served on the board of Cascade Medical Enterprises, LLC from January 2008 to January 2020, as Chairman of Core Essence Orthopedics, Inc. from March 2011 until March 2012, as President and board member of Aircast, LLC from September 2003 until May 2006 and as a board member of Freedom Innovations from March 2011 until June 2013. Additionally, Mr. Crowley served as member of the Corporate Advisory Council of the American Society for Surgery of the Hand from November 2004 to May 2006. Mr. Crowley was President of Small Bone Innovations, Inc. from February 2008 until February 2011. He also served as Managing Director—Healthcare Investment Banking at Friedman Billings Ramsey from September 2006 until January 2008. Mr. Crowley holds a BA from Fairfield University, an MS from Columbia University School of Business and is a Graduate, U.S. Army Command and General Staff College, Ft. Leavenworth, KS. We believe Mr. Crowley’s executive experience, and his financial, investment and management experience provide the requisite qualifications, skills, perspectives and experience that make him well qualified to serve on our board of directors. Milton M. Morris, Ph.D., NACD.DC, has been a member of our board of directors since June 2021. Dr. Morris is also National Association of Corporate Directors (NACD) Directorship CertifiedTM and currently serves both public and private companies as a consultant. Dr. Morris has served on the board of directors of Embecta Corp. since March 2022 and Nordson Corp. since September 2022. Dr. Morris has over 30 years of operating & oversight experience within large and small cap companies and is nationally recognized for his leadership in successful commercialization of high-tech medical devices. Dr. Morris has a successful track record of leading turnarounds, building high performing teams and growing value in highly regulated global markets. Dr. Morris was formerly the Chairman of the board of directors, President and Chief Executive Officer of Neuspera Medical, Inc. (“Neuspera”), a privately held company, from July 2015 to June 2022. During his tenure, Neuspera experienced significant growth in valuation and received FDA approval for its ultraminiaturized neurostimulator system for pain. Prior to joining Neuspera, Dr. Morris was the Sr. Vice President of Research & Development and Emerging Therapies at Cyberonics (now LivaNova) from January 2009 to December 2014, where he assembled and led an R&D team that pioneered the first closed-loop vagus nerve stimulation device for Epilepsy. Dr. Morris was employed by Guidant Corporation and its successor, Boston Scientific Corporation from August 1996 to August 2007. During his tenure, he held several positions, including Principal Research Scientist; Director, Research & Development; and Director, Marketing where he served as the Arrhythmia Franchise leader with responsibilities for both the implantable pacemaker and defibrillator businesses for the Cardiac Rhythm Management division of Boston Scientific. Prior to joining Guidant, Dr. Morris spent five years working as a Research Assistant in the Medical Computing Laboratory at the University of Michigan in collaboration with the electrophysiology group at the University of Michigan hospital and the Michigan Heart and Vascular Institute. During this period, Dr. Morris was awarded fellowships from the National Science Foundation (NSF) and the National Institutes of Health (NIH) in support of his research on the development of novel approaches to low power arrhythmia classification algorithms designed for implantable defibrillators. Dr. Morris is named as an inventor on over 30 patents and an author on 20 peer reviewed publications, book chapters, abstracts and scientific presentations. Dr. Morris serves as a Trustee for Northwestern University and as a Fellow in the American Institute for Medical and Biological Engineering (AIMBE) where he was inducted for contributions to developing and commercializing innovations in bioelectronic medicine. Dr. Morris received an MBA from the Kellogg School of Management, a Masters and Ph.D. in Electrical Engineering from the University of Michigan and a Bachelor of Science in Electrical Engineering from Northwestern University. We believe Dr. Morris’s executive experience in the medical device industry and his experience in developing and successfully launching new medical device products in regulated markets, both domestic and international, qualifies him to serve on our board of directors. Joseph M. Manko, Jr. was appointed to the board of directors on May 9, 2026. Mr. Manko has been the Senior Principal in Horton Capital Management LLC, the investment manager for the Horton Capital Partners Fund, LP (“Horton Fund”) since 2013. The Horton Fund is a significant shareholder in the Company. Mr. Manko has over 25 years of investment experience in the asset management, investment banking, private equity and corporate securities markets. From 2005 to 2010, Mr. Manko was a Partner and Chief Executive Officer of Switzerland-based BZ Fund Management Limited, where he was responsible for corporate finance, private equity investments, three public equity funds and the firm’s Special Situations and Event-Driven strategies. Prior to that Mr. Manko was a Managing Director with Deutsche Bank in London. He began his investment banking career at Merrill Lynch as a Vice President in Hong Kong and prior to that, Mr. Manko was a corporate finance attorney at Skadden, Arps, Slate, Meagher & Flom LLP. Mr. Manko has served on the board of several companies in the med-tech and bio-pharmaceutical industry and has advised numerous companies in the pharmaceutical, biotech and medtech industries and currently serves as a director and Chairman of Safeguard Scientifics, Inc. and director of KORU Medical Systems, Inc. and previously served as a director of Wireless Telecom Group, Inc., One Stop Systems, Inc., and Creative Realities, Inc. Mr. Manko earned both his B.A. and Juris Doctor from the University of Pennsylvania. We beleive Mr. Manko's experience and success in investing in medtech companies provides the skills, perespective and experience that qualify him to serve on our board of directors.

  9. Identifying and Evaluating Director Nominees

    Identifying and Evaluating Director Nominees The board of directors is responsible for selecting its own members. The board of directors delegates the selection and nomination process to the nominating and corporate governance committee, with the expectation that other members of the board of directors, and management, will be requested to take part in the process as appropriate. Generally, the nominating and corporate governance committee identifies candidates for director nominees in consultation with management, through the use of search firms or other advisors, through the recommendations submitted by stockholders or through such other methods as the nominating and corporate governance committee deems to be helpful to identify candidates. Once candidates have been identified, the nominating and corporate governance committee confirms that the candidates meet all of the minimum qualifications for director nominees established by the nominating and corporate governance committee. The nominating and corporate governance committee may gather information about the candidates in connection with its evaluation of a director candidate, including through candidate interviews, inquiry of the person or persons making the recommendation or nomination, engagement of an outside search firm, or reliance on the knowledge of the members of the nominating and corporate governance committee, the board of directors or management. The nominating and corporate governance committee then meets as a group to discuss and evaluate the qualities and skills of each candidate, both on an individual basis and taking into account the overall composition and needs of the board of directors. Based on the results of the evaluation process, the nominating and corporate governance committee recommends candidates for the board of directors’ approval as director nominees for election to the board of directors.

  10. Director Compensation

    Director Compensation The following table presents the total compensation for each person who served as a member of our board of directors during the year ended December 31, 2025. Total compensation for Mr. Gudonis for services as an employee is presented in “Executive Compensation—Summary Compensation Table” above.

  11. Director Compensation

    | Name | Fees Earned or Paid in Cash | Stock Awards ($)(1) | Total ($) | | Thomas A. Crowley, Jr. (2) | $62,500 | $85,000 | $147,500 | | Thomas F. Kirk (3) | $62,500 | $85,000 | $147,500 | | Milton M. Morris (4) | $62,500 | $85,000 | $147,500 | | Heather Getz (5) | $62,500 | $85,000 | $147,500 | | Amy Knapp (6) | $27,500 | $— | $27,500 | | Yitzchak Jacobovitz (7) | $— | $— | $— |

  12. Director Compensation

    (1) Amounts reported in this column reflect the grant date fair value of restricted stock units ("RSUs") granted to directors in accordance with FASB ASC Topic 718. Such grant date fair values do not take into account forfeitures related to service-vesting conditions. The assumptions made in the calculation of these amounts are included in Note 9 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. These amounts are not the actual value that the named executive officer may realize upon exercise or vesting of these stock awards. (2) As of December 31, 2025, Mr. Crowley held options to purchase 312 shares of common stock and 14,860 unvested RSUs. (3) As of December 31, 2025, Mr. Kirk held options to purchase 312 shares of common stock and 14,860 unvested RSUs. (4) As of December 31, 2025, Mr. Morris held no options to purchase shares of common stock and 14,860 unvested RSUs. (5) As of December 31, 2024, Ms. Getz held no options to purchase shares of common stock and 14,860 unvested RSUs. (6) Ms. Knapp did not stand for re-election and her term ended on June 10, 2025. As of December 31, 2025 Ms. Knapp held 312 unexercised stock options and did not hold any unvested RSUs. (7) Mr. Jacobovitz did not stand for re-election and his term ended on June 10, 2025. Mr. Jacobovitz was not compensated for his board of director service, and as of December 31, 2025, Mr. Jacobovitz did not hold any unexercised stock options or unvested RSUs. Effective in June 2025, each of our non-employee directors is entitled to receive an annual cash retainer of $60,000 (increased from $55,000), paid quarterly. An additional $5,000 per year is paid to directors who chair one of our committees. In addition, our non-employee directors are entitled to receive $85,000 paid in the form of RSUs, which vest over four quarters. We issued 29,720 RSUs to each of our non-employee directors on June 11, 2025, which vest over four quarters beginning September 11, 2025.

  13. Summary Compensation Table

    Summary Compensation Table The following table summarizes the compensation of our named executive officers for the years ended December 31, 2025 and 2024.

  14. Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(5) | Total ($) | | Paul R. Gudonis, | 2025 | 375,000 | 600,072 | 208,611(3) | 17,500 | 1,201,183 | | Chief Executive Officer | 2024 | 348,077 | 453,700 | 423,150(4) | 15,540 | 1,240,467 | | David A. Henry | 2025 | 283,900 | 291,367 | 97,475(3) | 17,500 | 690,242 | | Chief Financial Officer | 2024 | 263,600 | 244,300 | 259,016(4) | 17,250 | 784,166 | | Harry Kovelman, | 2025 | 283,662 | 238,489 | 78,312(3) | 7,335 | 607,798 | | Chief Medical Officer | 2024 | 273,738 | 184,970 | 224,149(4) | 12,255 | 695,112 |

  15. Summary Compensation Table

    (1) Amounts reflect the aggregate grant date fair value of time-based RSUs awarded to the named executive officer in the year ended December 31, 2025 and 2024, in accordance with FASB ASC Topic 718. Such grant date fair values do not take into account any estimated forfeitures related to service-vesting conditions. The assumptions made in the calculation of these amounts are included in Note 9 of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. These amounts are not the actual value that the named executive officer may realize upon exercise or vesting of these stock awards. Amounts for 2025 also reflect the grant date fair value of performance based RSUs awarded to named executive officers assuming probable achievement. The grant date fair value of such performance-based RSUs assuming maximum achievement, would be $224,999 in the case of Mr. Gudonis, $109,249, in the case of Mr. Henry and $90,001 in the case of Mr. Kovelman. (2) Represents bonuses paid to the named executive officers with respect to performance in 2025 and 2024. (3) Each executive's 2025 bonus will be paid in the form of fully vested RSUs. The grant date with respect to these RSUs is expected to occur after the filing date of this proxy statement. (4) A portion of each executive's 2024 bonus was paid in the form of fully-vested RSUs on March 11, 2025, with the remainder paid in cash. This amount is reported in each executive's non-equity incentive plan compensation in 2024. The grant date fair values of the amount paid in RSUs were $39,376 for Mr. Gudonis, $24,102 for Mr. Henry and $20,856 for Mr. Kovelman. (5) Amounts consist of 401(k) match contributions

  16. Outstanding Equity Awards at Year End

    Outstanding Equity Awards at Year End The following table summarizes outstanding unexercised options, unvested stocks and equity incentive plan awards held by each of our named executive officers, as of December 31, 2025:

  17. Outstanding Equity Awards at Year End

    | Name | Grant Dates | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Prices | Option Expiration Dates | Number of Shares, or Units of Stock that Have not Vested | Market Value of Shares, or Units of Stock that Have Not Vested (3) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have not Vested | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have not Vested (3) | | Paul R. Gudonis | 6/29/2016 | 208 | — | $31.488 | 6/29/2026 | — | — | — | — | | | 1/2/2018 | 2,666 | — | $109.50 | 1/2/2028 | — | — | — | — | | | 6/5/2024 | — | — | — | — | 86,667(1) | $78,867 | — | — | | | 6/11/2025 | — | — | — | — | 157,342(1) | $143,181 | 78,671(2) | $71,591 | | David A. Henry | 2/19/2019 | 1,666 | — | $40.20 | 2/19/2029 | — | $— | — | — | | | 6/5/2024 | — | — | — | — | 46,667(1) | $42,467 | — | — | | | 6/11/2025 | — | — | — | — | 76,398(1) | $69,522 | 38,199(2) | $34,761 | | Harry Kovelman | 11/2/2020 | 5,000 | — | $4.47 | 47788 | — | — | — | — | | | 6/5/2024 | — | — | — | — | 35,333(1) | $32,153 | — | — | | | 6/11/2025 | — | — | $— | — | 62,398(1) | $56,782 | 31,469(2) | $28,637 |

  18. Outstanding Equity Awards at Year End

    (1) RSUs vest in three equal annual installments following the grant date. (2) Represents a long-term performance award stock grant. Vesting under the award occurs as follows: (i) one-third vest upon the first achievement of $75.0 million in fiscal year revenue; (ii) one-third vest upon the first achievement of $87.5 million in fiscal year revenue, plus any unvested shares in (i) above; and (iii) one third vest upon the achievement of $100 million in fiscal year revenue, plus any unvested shares from (ii) above. The measurement periods under the award are the fiscal years ending December 31, 2025, 2026, 2027 and 2028. (3) The market value is calculated by multiplying $0.91, the closing price of a share of our common stock on the last trading day of 2025 (December 31, 2025) as reported on NYSE American, by the number of unvested RSUs.

  19. Pay-Versus-Performance Table

    | | Summary Compensation Table Total for PEO (1) | Compensation Actually Paid to PEO (2) | Average Summary Compensation Table Total for Non-PEO Named Executive Officers(1) | Average Compensation Actually Paid to Non-PEO Named Executive Officers (3) | Value of Initial Fixed $100 Investment Based on Total Stockholder Return (4) | $ Millions Net Income (Loss) | | 2025 | $1,201,183 | $(348,553) | $649,020 | $(35,409) | $178.08 | $(15.6) | | 2024 | $1,240,467 | $1,508,229 | $739,639 | $856,016 | $1,259.29 | $(6.2) | | 2023 | $663,900 | $2,115,059 | $478,636 | $1,150,349 | $979.66 | $(8.1) |

  20. Analysis of Information Presented in the Pay Versus Performance Table

    Analysis of Information Presented in the Pay Versus Performance Table We believe our stock price fell during 2025 as a result of lead generation challenges brought on by a change by a social media company as to how we could use their data to reach prospective patients. The result was fewer quality leads and a higher cost per pipeline add, leading to slower revenue growth compared to 2024, revised full year revenue guidance and a higher cash burn in 2025, as we increased advertising spend to try and compensate for these challenges. This occurred after a period of a higher stock price toward the end of 2023 and carrying over into early 2025, in conjunction with the announcement by the Centers for Medicare and Medicaid Services ("CMS"), that they intended to reclassify our products to the brace benefit category, reimbursed on a lump sum basis, instead of their original classification as durable medical equipment, which is reimbursed on a rental basis. CMS published preliminary fees for our products at that time. Compensation actually paid in 2025 reflects our lower stock price, slower revenue growth, higher cash burn and net loss, turning negative for the PEO and the average of the non-PEO named executive officers. Compensation actually paid in 2024 and 2023 includes equity grants in 2023 that were made when the grant date fair value was significantly lower than the stock price at the end of both 2023 and 2024. However, the value of a $100 investment as of December 31, 2024, reflects the stock price at the beginning of 2022. An investor at the beginning of 2023, however, would have experienced a more than ten-fold increase in the value of their investment though the end of 2024. In this context, the compensation actually paid in 2024 and 2023 is in line with what investors have experienced since 2023. Investors holding our stock since the beginning of 2023 are still experiencing a 78% return. Comparing the compensation actually paid in 2025 to amounts reported in the executive compensation table, compensation actually paid to the PEO was a higher negative amount in 2025, reflecting the PEO's increased exposure to changes in equity compensation compared to the other non-PEO named executive officers. This relationship between PEO and non-PEO named executive officer pay is reflected in 2024 and 2023 as well. Compensation actually paid to the PEO was higher by 22% and 219% in 2024 and 2023, respectively, compared with increases of 16% and 140% for the average of the non-PEO named executive officers in 2024 and 2023, respectively, as those periods were reflective of a higher stock price. We have generated net losses since inception. Net loss increased in 2025 for the aforementioned reasons. Changes in compensation actually paid to the PEO and the average of the named executive officers reflect the change in net loss in the periods presented. This is consistent with the guidance of our board and specifically the compensation committee to align executive compensation with performance.