The Company’s 2020 Stock Option and Grant Plan, as amended (the “2020 Plan”), provided for the Company to sell or issue common stock or restricted common stock, and other awards as determined by the Board could be granted to employees, non-employees and directors of the Company. As of the effective date of the 2026 Stock Option and Incentive Plan (the “2026 Plan”), and as of March 31, 2026, there were no shares remaining available for future issuance under the 2020 Plan. Any options or other awards outstanding under the 2020 Plan remain outstanding and effective.

In January 2026, the Board and the Company's stockholders adopted and approved the 2026 Plan, which became effective on January 8, 2026. The 2026 Plan initially reserved 4,009,452 shares of common stock for future issuances and is subject to automatic increases in the number of shares of common stock reserved for future issuances in accordance with the evergreen provisions in the 2026 Plan. The shares reserved for future issuance under the 2020 Plan ceased to be available for issuance at the time the 2026 Plan became effective. Any shares underlying outstanding stock awards granted under the 2020 Plan that subsequently expire or are repurchased, forfeited, cancelled, or withheld will return to the 2026 Plan and be reserved and available for issuance. As of March 31, 2026, there were 2,531,120 shares remaining available for future issuance under the 2026 Plan.

In January 2026, the Board and the Company's stockholders adopted and approved the 2026 Employee Stock Purchase Plan (the "2026 ESPP"), which became effective on January 8, 2026. The 2026 ESPP initially reserved 27,843 shares of common stock for future issuance and is subject to automatic increases in the number of shares of common stock reserved for future issuances in accordance with the evergreen provisions in the 2026 ESPP. As of March 31, 2026, there were 27,843 shares remaining available for future issuance under the 2026 ESPP.

The following table summarizes the stock option activity during the three months ended March 31, 2026:


	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2026		5,899,875		$	5.87		7.56	$	32,946
Granted		1,764,987			18.05		—		—
Exercised		(6,023	)		4.95		—		85
Cancelled		(6,955	)		15.88		—		—
Outstanding as of March 31, 2026		7,651,884		$	8.67		7.79	$	70,842
Options vested and exercisable as of March 31, 2026		3,574,189		$	4.12		6.26	$	49,228
Options unvested and expected to vest as of March 31, 2026		4,077,695		$	12.66		9.13	$	21,614

Compensation cost is recognized on a straight-line basis over the requisite service period. As of March 31, 2026, the total unrecognized compensation related to unvested stock option awards was $36.7 million which the Company expects to recognize over a weighted-average period of approximately 2.91 years.

The weighted-average grant date fair value per share of stock options granted during the three months ended March 31, 2026 and 2025 was $13.80 and $2.06, respectively. The total intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $0.1 million and $0.2 million, respectively.

The following table presents, on a weighted-average basis, the assumptions used in the Black Scholes option-pricing model to determine the grant-date fair value of the stock options granted during the years ended:


	March 31,			March 31,
	2026			2025
Expected term (in years)		6.04			6.07
Risk-free interest rate		3.84	%		4.47	%
Expected volatility		90.93	%		83.43	%
Dividend yield		—			—

The following table summarizes stock-based compensation expense included in operating expenses (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,288	$	598
General and administrative		1,734		637
Total	$	3,022	$	1,235