On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. No awards may be granted under the 2020 Plan after June 27, 2034. An aggregate of 2,000,000 shares of common stock is reserved for issuance in connection with awards granted under the 2020 Plan. As of March 31, 2026, 706,663 shares were available for future grants under the 2020 Plan.

The Company recognized stock-based compensation expense in the Condensed Consolidated Statements of Operations as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	226	$	131
General and administrative		496		432
Total stock-based compensation expense	$	722	$	563

The following table shows a summary of all RSU activity for the three months ended March 31, 2026:


	Number of Underlying Shares
Outstanding as of January 1, 2026		—
Granted		313,401
Cancelled		—
Vested		—
Outstanding as of March 31, 2026		313,401

The Company granted 313,401 RSUs during the three months ended March 31, 2026 with a weighted average grant date fair value of $5.12. The outstanding RSUs vest ratably over three years at the anniversary of the grant date. As of March 31, 2026, the unrecognized stock-based compensation expense associated with unvested RSUs was $1.6 million. There were no RSUs granted or outstanding prior to the first quarter of 2026.

The following table shows a summary of all stock option activity for the three months ended March 31, 2026:


	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2026		1,565,272		$	21.86
Granted		63,334			9.05
Forfeited		(90,535	)		22.22
Expired		—			-
Outstanding as of March 31, 2026		1,538,071		$	21.31		6.10	$	—
Exercisable as of March 31, 2026		1,289,730		$	22.84		6.18	$	—
Vested and expected to vest		1,538,071		$	21.31		6.10	$	—

As of March 31, 2026, there were 248,341 unvested stock options outstanding, and the unrecognized compensation cost associated with unvested stock options was $2.3 million. The associated stock-based compensation expense is expected to be recognized over a weighted-average period of 1.74 years.