A summary of option activity for the three months ended March 31, 2026 is as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		9,407,851		$	11.93		7.2	$	42,967
Granted		2,574,095		$	13.99
Exercised		(465,661	)	$	6.94			$	3,161
Cancelled or forfeited		(74,343	)	$	11.44
Outstanding at March 31, 2026		11,441,942		$	12.60		7.9	$	49,741
Options exercisable as of March 31, 2026		5,560,686		$	14.84		6.6	$	22,717
Options unvested as of March 31, 2026		5,881,256		$	10.48		9.1	$	27,023
Weighted average grant-date fair value of options granted during the period	$	11.69

The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $3.2 million and $0.1 million, respectively.

The total fair value of stock options vested during the three months ended March 31, 2026 and 2025 was $4.6 million and $6.7 million, respectively.

A summary of restricted stock unit, or RSU, activity for the three months ended March 31, 2026 is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025		2,725,084		$	8.12
Granted		1,952,447		$	14.01
Vested		(676,314	)	$	10.95
Forfeited		(68,067	)	$	7.76
Nonvested as of March 31, 2026		3,933,150		$	10.56

In 2025, the Company granted performance-based restricted stock units, or PSUs, whereby vesting depends upon the occurrence of certain milestone events, or the 2025 PSUs. When the achievement of milestone events, which include certain clinical milestones related to avexitide for the treatment of PBH, becomes probable, compensation cost will be recognized from the grant date over the requisite service period and a cumulative catch-up adjustment will be recorded to reflect the portion of the employees' requisite service that has been provided to date. As of March 31, 2026, none of the milestone events related to the 2025 PSUs had been deemed probable of being achieved.

A summary of PSU activity for the three months ended March 31, 2026, is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025		2,089,494		$	6.01
Granted		—		$	—
Vested		—		$	—
Forfeited		(39,925	)	$	6.48
Nonvested as of March 31, 2026		2,049,569		$	6.00

Stock-based compensation expense for the three months ended March 31, 2026 and 2025, is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,755	$	1,822
Selling, general and administrative		4,365		5,011
Total stock-based compensation expense	$	6,120	$	6,833

The following table summarizes unrecognized stock-based compensation expense as of March 31, 2026, by type of awards (in thousands), and the weighted-average period over which that expense is expected to be recognized (in years). The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.


	March 31, 2026
	Unrecognized Expense		Weighted-average Recognition Period
Stock options	$	45,239		3.10
Restricted stock units	$	39,633		3.35
Performance-based restricted stock units	$	12,298		—