As of March 31, 2026, there were 8,964,856 shares reserved by the Company under the 2018 Equity Incentive Plan (the 2018 Plan) for the future issuance of equity awards.

The following summarizes option activity under the 2018 Plan:


	Outstanding Options
	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contract Term	Aggregate Intrinsic Value
				(in years)	(in thousands)
Balance as of December 31, 2025	31,138,077	$	6.31	7.17	$	97
Options granted	6,995,020	1.87

Options exercised	(2,438)	$	1.94
Options forfeited	(214,612)	4.81
Balance as of March 31, 2026	37,916,047	5.50		7.48	$	9,302
Exercisable as of March 31, 2026	22,823,105	7.81		6.32	$	1,282
Vested and expected to vest as of March 31, 2026	37,916,047	$	5.50	7.48	$	9,302

The following summarizes restricted stock unit activity under the 2018 Plan:


	Outstanding Restricted Stock Units
	Restricted Stock Units	Weighted- Average Grant Date Fair Value per Share		Weighted Average Remaining Vesting Life	Aggregate Intrinsic Value
				(in years)	(in thousands)
Balance as of December 31, 2025	16,528,226	$	2.99	2.39	$	22,644
Granted	3,854,459	1.87
Released	(2,482,047)	3.69
Forfeited	(1,941,228)	2.59
Balance as of March 31, 2026	15,959,410	2.66		2.81	$	38,941
Expected to vest as of March 31, 2026	15,959,410	$	2.66	2.81	$	38,941
Vested and unreleased as of March 31, 2026	238,500	$	1.29		$	582

As of March 31, 2026, the Company had 4,689,631 outstanding performance-based restricted stock units. No performance-based restricted stock units were granted during the three months ended March 31, 2026. These awards are subject to the holders’ continuous service to the Company through each applicable vesting event. Through March 31, 2026, the Company believes that the achievement of the requisite performance conditions for these awards are not probable. As a result, no compensation expense has been recognized related to the performance-based restricted stock units in the three months ended March 31, 2026 and 2025.

As of March 31, 2026, the Company had zero outstanding restricted stock units with a market condition to certain executive officers and other employees pursuant to the 2018 Plan. Stock-based compensation expense recognized related to the restricted stock units with a market condition was zero and less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 and 2025, the following table presents stock-based compensation expense related to stock options, restricted stock units and employee stock purchase plans that was recorded as research and development and general and administrative expense in its condensed statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2026		2025
Research and development	$	2,696	$	5,040
General and administrative	5,574		7,135
Total stock-based compensation	$	8,270	$	12,175