As of June 30, 2026, there were 1,273,172 shares available for future issuance under the 2020 Equity Incentive Plan and 139,725 shares available for future issuance under the 2022 Inducement Equity Incentive Plan. The 2020 Equity Incentive Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors and consultants of the Company. The 2022 Inducement Equity Incentive Plan provides for the grants of equity-based awards to individuals not previously employees or non-employee directors of the Company.

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	3,459	$	2,919	$	6,749	$	5,811
General and administrative		3,632		3,655		7,240		7,317
Total stock-based compensation expense	$	7,091	$	6,574	$	13,989	$	13,128

The following table summarizes the stock option activity for the six months ended June 30, 2026:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		13,902,239		$	6.49
Granted		3,687,158		$	8.46
Exercised		(284,823	)	$	4.92
Forfeited and cancelled		(154,203	)	$	8.39
Outstanding at June 30, 2026		17,150,371		$	6.92		7.2	$	69,534
Exercisable at June 30, 2026		10,066,764		$	5.78		6.1	$	53,012

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:


	Six Months Ended June 30,
	2026	2025
Risk-free interest rate	3.73% - 4.26%	3.92% - 4.43%
Expected volatility	84.89% - 87.57%	83.11% - 85.76%
Expected term (in years)	5.50 - 6.08	5.50 - 6.08
Expected dividend yield	0%	0%

The Company recognized stock-based compensation expense related to the vesting of stock options of $5.8 million and $5.5 million during the three months ended June 30, 2026 and 2025, respectively, and $11.4 million and $11.0 million during the six months ended June 30, 2026 and 2025, respectively. Total unrecognized compensation expense related to outstanding unvested stock-option awards as of June 30, 2026, was $40.6 million, which is expected to be recognized over a weighted-average remaining service period of 2.8 years.

The following table summarizes the restricted stock unit activity for the six months ended June 30, 2026:


	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025		582,533		$	8.96
Granted		580,799		$	8.47
Vested		(18,309	)	$	8.51
Forfeited		(20,565	)	$	8.53
Outstanding at June 30, 2026		1,124,458		$	8.72

The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $1.1 million and $0.9 million during the three months ended June 30, 2026 and 2025, respectively, and $2.2 million and $1.7 million during the six months ended June 30, 2026 and 2025, respectively. Total unrecognized compensation expense related to restricted stock units as of June 30, 2026, was $7.4 million, which is expected to be recognized over a weighted-average remaining service period of 2.0 years.

The Company recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $0.2 million and $0.2 million during the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $0.4 million during the six months ended June 30, 2026 and 2025, respectively.

In May 2025, the Company completed a private placement in which it sold 14,130,313 shares of common stock together with pre-funded warrants to purchase 5,100,532 shares of common stock with an exercise price of $0.0001 per share of common stock. Each pre-funded warrant was immediately exercisable and will remain exercisable until exercised in full. The Company performed an assessment upon issuance of the pre-funded warrants to determine proper classification in the financial statements based on the specific terms of the pre-funded warrants. The Company determined the pre-funded warrants met all the criteria for equity classification and recorded them in additional paid-in capital. There were 4,463,636 pre-funded warrants that remained outstanding and unexercised as of June 30, 2026.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Options to purchase common stock		17,150,371		14,249,525		17,150,371		14,249,525
Non-vested restricted stock units		1,124,458		923,573		1,124,458		923,573
Total		18,274,829		15,173,098		18,274,829		15,173,098