The Company grants stock-based awards, including stock options, restricted stock units and other unit awards under its 2019 Equity Incentive Plan (the “2019 Plan”), which was approved by its stockholders on February 28, 2019 and amended in March 2021, March 2022, March 2023, March 2024, December 2024 and March 2025 and its 2024 Inducement Stock Incentive Plan, which was adopted by the Board of Directors in April 2024 for awards to new employees and amended in December 2024. The Company also has outstanding stock option awards under its 2012 Equity Incentive Plan (the “2012 Plan”), but is no longer granting awards under this plan.

The following table summarizes stock option activity, including aggregate intrinsic value, for the year-to-date period ending December 31, 2025:


	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	(in thousands)					(in years)		(in thousands)
Outstanding as of September 30, 2025		5,759		$	36.31		6.0	$	6,457
Granted		1,153			13.66
Exercised		(16	)		8.93
Forfeited		—			—
Expired		(252	)		34.77
Outstanding as of December 31, 2025		6,644		$	32.50		6.7	$	16,933
Options vested and expected to vest as of December 31, 2025		6,644		$	32.50		6.7	$	16,933
Options exercisable as of December 31, 2025		3,991		$	45.16		5.1	$	5,639

The Company awards both performance share units, or PSUs, and relative total stockholder return units, or rTSRUs, to its executive officers. The number of units granted represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 150% of the target number. The number of shares cancelled represents the target number of shares, less any shares that vested. The following table summarizes PSU and rTSRU activity (at target) for the year-to-date period ending December 31, 2025:


	PSUs				rTSRUs
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
	(in thousands)				(in thousands)
Unvested as of September 30, 2025		93	$	8.47		93	$	9.57
Granted		58		15.39		58		18.33
Vested		—		—		—		—
Cancelled		—		—		—		—
Unvested as of December 31, 2025		151	$	11.11		151	$	12.91

The following table summarizes the restricted stock unit activity for the year-to-date period ending December 31, 2025:


	Restricted Stock Units			Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of September 30, 2025		408		$	24.15
Granted		171			13.66
Vested		(147	)		34.16
Cancelled		(7	)		46.86
Unvested as of December 31, 2025		425		$	16.08

During the three months ended December 31, 2025 and 2024, the Company recognized the following stock-based compensation expense:


	Three Months Ended December 31,
	2025		2024
	(in thousands)
Research and development	$	1,660	$	1,432
General and administrative		2,150		4,234
	$	3,810	$	5,666


	Three Months Ended December 31,
	2025		2024
	(in thousands)
Stock options	$	2,475	$	3,343
Restricted stock units		1,098		1,411
rTSRUs		111		273
Performance stock units		126		639
	$	3,810	$	5,666

During the three months ended December 31, 2025 and 2024, the Company recognized stock-based compensation expense for performance-based stock units for which vesting became probable upon achievement of performance-based targets that occurred during the performance period.

As of December 31, 2025, the Company had an aggregate of $27,744 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.6 years.