The Company’s 2021 Stock Option and Grant Plan (the “2021 Plan”) provided for the Company to grant incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards and restricted stock units (collectively, the “Awards”) to among others, members of the board of directors, employees, consultants and other key persons to the Company and its affiliates. The 2021 Plan is administered by the board of directors, or at the discretion of the board of directors, by a committee of the board.

Upon effectiveness of the 2024 Stock Option and Incentive Plan (the “2024 Plan”) in October 2024, the board of directors determined that no further awards would be granted under the 2021 Plan and any remaining options available for grant would cease to be available. Awards outstanding under the 2021 Plan will continue to be governed by their existing terms.

On August 19, 2024, the Company’s board of directors adopted, and on October 4, 2024 its stockholders approved, the 2024 Plan, which became effective in October 2024. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors, and consultants. The 2024 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units (“RSUs”), restricted shares of common stock and other stock-based awards. The number of shares initially reserved for issuance under the 2024 Plan is 3,180,000 shares. The number of shares reserved under the 2024 Plan is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. In addition, the number of shares reserved and available for issuance under the 2024 Plan will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2025 and continuing each January 1 thereafter, by five percent of the outstanding number of shares of its common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee. On January 1, 2026, the number of shares of common stock that may be issued under the 2024 Plan increased by 2,711,887 shares of common stock.

The shares of common stock underlying any awards under the 2024 Plan and the 2021 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2024 Plan.

As of March 31, 2026, the Company had a total of 14,012,842 shares of common stock reserved under the 2024 Plan and the 2021 Plan and 4,670,401 shares available for future issuance under the 2024 Plan.

On August 19, 2024, the Company’s board of directors adopted, and on October 4, 2024 its stockholders approved, the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective in October 2024. A total of 488,467 shares of common stock were initially reserved for issuance to participating employees under this plan. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2025 and continuing each January 1 thereafter through January 1, 2034, by the least of (i) 976,934 shares of common stock, (ii) one percent of the outstanding number of shares of common stock on the immediately preceding December 31, or (iii) such lesser number of shares of common stock as determined by the administrator of the 2024 ESPP. The number of shares reserved under the 2024 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s

capitalization. On January 1, 2026, there was no increase to the number of shares of common stock that may be issued under the 2024 ESPP Plan.

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


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2025		—		$	—
Granted		376,250			26.65
Vested		(22,905	)		27.07
Forfeited		(11,889	)		27.07
Unvested and outstanding as of March 31, 2026		341,456		$	26.60

The total fair value of RSUs vested during the three months ended March 31, 2026 was $0.2 million. The Company did not issue any RSUs prior to January 2026.

As of March 31, 2026, total unrecognized compensation expense related to RSUs was $9.1 million, which the Company expects to recognize over a remaining weighted-average period of 3.7 years.

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


	Three Months Ended March 31,
	2026			2025
Expected volatility		91.2	%		92.1	%
Expected dividends		0	%		0	%
Expected term (in years)		6.0			6.0
Risk-free rate		3.86	%		4.31	%

The following table summarizes the activity of stock options with service-based and performance-based vesting conditions during the three months ended March 31, 2026:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Intrinsic Value (in thousands)
Outstanding as of December 31, 2025		7,960,728		$	6.77		8.0	$	162,277
Granted		1,315,750			27.11
Exercised		(159,331	)		3.75
Forfeited		(116,162	)		15.15
Outstanding as of March 31, 2026		9,000,985		$	9.68		7.9	$	21,225
Options exercisable March 31, 2026		3,948,929		$	5.94		7.2	$	14,257
Vested and expected to vest March 31, 2026		9,000,985		$	9.68		7.9	$	21,225

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $3.1 million and $0.2 million, respectively.

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2026 and 2025 was $20.78 and $6.64, respectively.

As of March 31, 2026, there was $43.4 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.6 years.

The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
General and administrative	$	2,713	$	2,155
Research and development		1,934		480
	$	4,647	$	2,635