The Company grants stock-based awards, including stock options, restricted stock units and other unit awards under its 2019 Equity Incentive Plan (the “2019 Plan”), which was approved by its stockholders on February 28, 2019 and amended in March 2021, March 2022, March 2023, March 2024, December 2024, March 2025 and March 2026 and its 2024 Inducement Stock Incentive Plan, which was adopted by the Board of Directors in April 2024 for awards to new employees and amended in December 2024. The Company also has outstanding stock option awards under its 2012 Equity Incentive Plan (the “2012 Plan”), but is no longer granting awards under this plan.

The following table summarizes stock option activity, including aggregate intrinsic value, for the year-to-date period ended March 31, 2026:


	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	(in thousands)					(in years)		(in thousands)
Outstanding as of September 30, 2025		5,759		$	36.31		6.0	$	6,457
Granted		1,273			13.71
Exercised		(21	)		8.93
Forfeited		(13	)		27.87
Expired		(258	)		34.56
Outstanding as of March 31, 2026		6,740		$	32.21		6.5	$	7,691
Options vested and expected to vest as of March 31, 2026		6,740		$	32.21		6.5	$	7,691
Options exercisable as of March 31, 2026		4,245		$	43.44		5.1	$	3,581

The Company awards both performance share units, or PSUs, and relative total stockholder return units, or rTSRUs, to its executive officers. The number of units granted represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 150% of the target number. The number of shares cancelled represents the target number of shares, less any shares that vested. The following table summarizes PSU and rTSRU activity (at target) for the year-to-date period ended March 31, 2026:


	PSUs					rTSRUs
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
	(in thousands)					(in thousands)
Unvested as of September 30, 2025		93		$	8.47		93		$	9.57
Granted		58			15.39		58			18.33
Vested		(14	)		9.59		(44	)		20.27
Cancelled		(33	)		9.58		(3	)		10.38
Unvested as of March 31, 2026		104		$	11.81		104		$	13.99

The following table summarizes the restricted stock unit activity for the year-to-date period ended March 31, 2026:


	Restricted Stock Units			Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of September 30, 2025		408		$	24.15
Granted		172			13.66
Vested		(148	)		34.02
Cancelled		(12	)		32.69
Unvested as of March 31, 2026		420		$	16.16

During the three and six months ended March 31, 2026 and 2025, the Company recognized the following stock-based compensation expense:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development	$	1,531	$	1,390	$	3,191	$	2,822
General and administrative		2,217		3,298		4,367		7,532
	$	3,748	$	4,688	$	7,558	$	10,354


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Stock options	$	2,581	$	3,001	$	5,056	$	6,344
Restricted stock units		919		1,338		2,017		2,749
rTSRUs		197		174		308		447
Performance stock units		51		175		177		814
	$	3,748	$	4,688	$	7,558	$	10,354

During the three and six months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense for performance-based stock units for which vesting became probable upon achievement of performance-based targets that occurred during the performance period.

As of March 31, 2026, the Company had an aggregate of $24,902 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.4 years.