The Company's 2020 Equity Incentive Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. As of March 31, 2025, 2,154,175 options were outstanding under the 2020 Plan.

The Company's 2021 Stock Option and Incentive Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. On January 1, 2025, the shares reserved for future grants under the 2021 Plan increased by 2,044,338 pursuant to the 2021 Plan Evergreen Provision. In March of 2025, as part of the Company's annual grant of equity, the Company granted 1,913,000 stock options to employees. As of March 31, 2025, 6,989,232 options were outstanding under the 2021 Plan.

The Company's 2021 Employee Stock Purchase Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report on Form 10-K. There was no increase to the shares reserved for future grants under the 2021 ESPP in January 2025. As of March 31, 2025, a total of 572,254 shares of common stock were reserved for issuance under this plan. No stock-based compensation expense was recognized during the three months ended March 31, 2025 related to the 2021 ESPP.

The Company also maintains an inducement award program that is separate from the Company's equity plans under which inducement awards may be granted consistent with Nasdaq Listing Rule 5635(c)(4). During the year ended December 31, 2024, the Company granted 330,000 options to purchase shares of the Company's common stock to new hires as inducements material to such employees entering into employment with the Company, of which 330,000 options remained outstanding as of March 31, 2025.

On May 3, 2024 (the "Effective Date"), the Company's Board of Directors approved a one-time stock option repricing (the "Option Repricing") for certain previously granted and still outstanding options held by the Company's employees and certain independent contractors. Pursuant to the Option Repricing, stock options granted under the Company's 2021 Stock Option and Incentive Plan prior to January 1, 2024, with an exercise price greater than $3.03 per share, were repriced to $3.03 per share, which was the closing trading price of the Company's common stock on the Nasdaq Global Market on the Effective Date.

Under the terms of the Option Repricing, a repriced option will revert to its original exercise price if, prior to the one-year anniversary of the Effective Date, (a) the option holder's employment is terminated by the Company with cause or by the option holder, or (b) the option is exercised. The repriced options otherwise retained their existing terms and conditions as set forth in the 2021 Stock Option and Incentive Plan. During the three months ended March 31, 2025, the Company recognized $0.5 million in incremental stock-based compensation expense from the Option Repricing. At March 31, 2025, there was $1.1 million unrecognized incremental stock-based compensation expense related to unvested options which will be recognized on the straight-line basis over the remaining vesting period of the repriced options. The incremental cost is included in general and administrative expense and research and development expense on the condensed consolidated statements of operations and comprehensive loss.

The Company recorded stock-based compensation expense of $2.6 million and $2.3 million during the three months ended March 31, 2025 and March 31, 2024, respectively. Stock-based compensation expense was classified as follows in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	981	$	779
General and administrative		1,661		1,533
Total stock-based compensation	$	2,642	$	2,312

At March 31, 2025, there was approximately $16.8 million unrecognized stock-based compensation expense related to unvested options, which is expected to be recognized over a weighted-average period of 2.74 years. At March 31, 2025, there was no unrecognized stock-based compensation expense related to unvested restricted stock.