Note 8. Stock-Based Compensation

The 2018 Omnibus Incentive Plan (the 2018 Plan) provides for an increase in the number of shares reserved for issuance on the first day of each fiscal year equal to the least of (i) 8,768,800 shares, (ii) 4% of the Company’s common stock and non-voting common stock outstanding at December 31 of the immediately preceding year, or (iii) such number of shares as determined by the Company’s Board of Directors. As a result of this provision, on January 1, 2025 and 2024, an additional 2,385,497 and 2,347,245 shares, respectively, became available for issuance under the 2018 Plan. As of June 30, 2025, the 2018 Plan had 9,004,625 shares of common stock available for future issuance.

Total stock-based compensation expense related to the Company’s equity incentive plan and employee stock purchase plan was recorded in the condensed statements of operations as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Research and development	$	412	$	4,807	$	2,746	$	9,169
General and administrative		2,301		3,621		5,454		7,181
Total stock-based compensation expense	$	2,713	$	8,428	$	8,200	$	16,350

The following table summarizes the Company's stock awards granted for each of the periods indicated:


	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value
Stock options		—	$	—		29,805	$	7.44		—	$	—		1,552,298	$	7.82
Restricted stock units		6,058	$	1.12		35,474	$	8.53		14,666	$	2.02		1,400,817	$	9.89