A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding - December 31, 2025		2,714,651		$	15.54		8.52	$	22
Granted		29,300			3.67
Exercised		—			—
Expired		(27,058	)		11.02
Forfeited		(23,450	)		15.58
Options outstanding - March 31, 2026		2,693,443		$	15.45		8.31	$	109
Options exercisable - March 31, 2026		1,196,458		$	18.46		7.88	$	—

All outstanding options as of March 31, 2026 are expected to vest, subject to forfeitures.

The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s Common Stock as of March 31, 2026.

RSUs vest based on a service requirement and a liquidity event, which was satisfied upon completion of the Merger, plus service requirement. The following table summarizes RSU activities during the three months ended March 31, 2026:



	Number of Shares			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025		41,376		$	22.89
Granted		—			—
Vested and released		(8,277	)		22.89
Forfeited		(457	)		22.89
RSUs outstanding - March 31, 2026		32,642		$	22.89
Unvested balance as of March 31, 2026		32,642		$	22.89

In October 2024, the Board adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective immediately upon completion of the Merger. The Company recorded approximately $39 and $0 of share-based compensation expense during the three months ended March 31, 2026 and 2025, respectively, related to the 2024 ESPP, which is reflected in the Share-Based Compensation Expense table below.

The following table shows the allocation of share-based compensation expense related to the Company’s employee and non-employee share-based awards (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,284	$	1,317
General and administrative		1,496		1,428
Total	$	2,780	$	2,745