Prior to the 2024 Company reorganization, the Company granted profits interests under the 2019 Equity Incentive Plan, adopted on March 13, 2019 (the “2019 Plan”). The Company granted profits interests with a threshold amount established by the Board of Managers of the Company’s predecessor, Metagenomi LLC, on the date of issuance. The 2019 Plan allowed for grants of profits interests to the Company’s officers, employees, directors and consultants. Immediately after the reorganization, all of the outstanding profits interest units were exchanged for shares of common stock, including shares subject to certain vesting conditions. The following table presents a summary of the unvested common stock activity:


Unvested Common Stock	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		61,127		$	55.85
Vested		(23,357	)		36.51
Forfeited		(692	)		43.13
Outstanding as of March 31, 2026		37,078		$	68.27

The following table presents a summary of the stock option activity:


Stock Options	Number of Shares			Weighted-Average Exercise Price
Outstanding as of December 31, 2025		3,960,489		$	6.57
Granted		60,850			1.53
Forfeited/Expired		(306,793	)		5.70
Outstanding as of March 31, 2026		3,714,546		$	6.56
Exercisable as of March 31, 2026		1,255,977		$	9.36

The following table presents a summary of the restricted stock unit activity:


Restricted Stock Units	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		2,317,315		$	2.29
Granted		7,300			1.53
Vested		(27,081	)		8.22
Forfeited		(95,093	)		1.74
Outstanding as of March 31, 2026		2,202,441		$	2.24

The following table presents the classification of stock-based compensation expense for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	863	$	1,280
General and administrative expenses		1,689		1,648
Total	$	2,552	$	2,928

As of March 31, 2026, there was $2.5 million of unrecognized compensation expense related to restricted stock awards that is expected to be recognized over a weighted-average period of 0.8 years, $8.4 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 2.4 years and $4.3 million of unrecognized compensation expense related to restricted stock units that is expected to be recognized over a weighted-average period of 1.9 years.