In January 2024, the Board of Directors ("the Board") adopted the 2024 Inducement Plan (the "Inducement Plan") without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules ("Rule 5635(c)(4)"). In accordance with Rule 5635(c)(4), the Inducement Plan allows the Company to grant awards only to a newly hired employee who was not previously an employee or non-employee director or to an employee who is being rehired following a bona fide period of non-employment if such award is a material inducement to such employee entering into employment. In January 2025, the number of shares of common stock authorized for issuance under the Inducement Plan was increased by 870,000 shares. The total number of shares of common stock authorized for issuance under the Inducement Plan as of June 30, 2025 and December 31, 2024 was 1,000,000 shares and 130,000 shares, respectively.

The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of June 30, 2025 and December 31, 2024 was 2,941,950 shares and 1,970,833 shares, respectively.

The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of June 30, 2025 and December 31, 2024 was 395,850 shares. Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan.

The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of June 30, 2025 and December 31, 2024 was 369,368 shares and 175,145 shares, respectively.


	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	224,473	$	71.71
Issued	372,668	62.05
Vested	(61,593)	102.13
Forfeited	(19,952)	59.37
Unvested as of June 30, 2025	515,596	$	61.57

As of June 30, 2025, total unrecognized compensation cost related to unvested restricted stock units was $27.2 million, which is expected to be recognized over a weighted-average period of 3.28 years.


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding as of December 31, 2024	1,809,343	$	90.84
Granted	324,670	60.03
Exercised	(14,422)	38.83			$	535
Cancelled or Forfeited	(16,964)	66.95
Outstanding as of June 30, 2025	2,102,627	$	86.63	8.18	$	1,566
Exercisable as of June 30, 2025	1,132,791	$	111.08	7.42	$	1,336
Vested and expected to vest as of June 30, 2025	2,102,627	$	86.63	8.18	$	1,566

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and six months ended June 30, 2025:


	Three Months Ended June 30,			Six Months Ended June 30,
	2025			2025
Risk-free interest rate	3.90		%	4.45		%
Expected term (in years)	6.00			6.00
Expected volatility	93.10		%	93.08		%
Expected dividend yield	—		%	—		%
Weighted average grant-date fair value per share	$	34.10		$	46.74

As of June 30, 2025, total unrecognized compensation cost related to unvested stock options was $41.8 million, which is expected to be recognized over a weighted-average period of 2.40 years.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	3,230	$	2,060	$	7,010	$	7,658
General and administrative	4,540		3,818		9,546		12,695
Total stock-based compensation expense	$	7,770	$	5,878	$	16,556	$	20,353