The 2020 Stock Option and Incentive Plan (the 2020 Plan) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020 and became effective on the date immediately prior to the date on which the registration statement for the Company’s initial public offering (IPO) was declared effective. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The 2020 Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 4% of the Company’s outstanding shares of common stock as of the last day of the prior year. On January 1, 2026, 2,285,522 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2025, were added to the 2020 Plan.

The 2020 Employee Stock Purchase Plan (the 2020 ESPP) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2020 ESPP provides for an annual increase, to be added on the first day of each fiscal year, by up to 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31. The number of authorized shares reserved for issuance under the 2020 ESPP was increased by 326,364 shares effective as of January 1, 2026.

The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options	$	1,339	$	1,195	$	2,615	$	2,336
Restricted stock units	142		552		282		1,081
Employee Stock Purchase Plan and Other	30		30		61		60
	$	1,511	$	1,777	$	2,958	$	3,477

For the six months ended June 30, 2026, the Company issued 29,892 shares of common stock under its 2020 Plan in accordance with its policy where non-employee directors may elect to receive their compensation in the form of common stock in lieu of cash.

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	621	$	810	$	1,228	$	1,591
General and administrative	890		967		1,730		1,886
	$	1,511	$	1,777	$	2,958	$	3,477

The following table summarizes the stock option activity under the Company’s equity awards plans:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in Years)	Intrinsic Value (in thousands)
Outstanding December 31, 2025	9,649,805	$	5.83	7.1	$	498
Granted	2,396,700	$	2.48
Exercised	(127,707)	$	1.70
Cancelled or forfeited	(127,614)	$	3.00

Outstanding June 30, 2026	11,791,184	$	5.22	7.2	$	122
Options vested or expected to vest at June 30, 2026	11,791,184	$	5.22	7.2	$	122
Options exercisable at June 30, 2026	7,066,337	$	6.74	6.1	$	77

The fair values of restricted stock units are based on the market value of the Company’s stock on the date of the grant. Under terms of the time-based restricted stock agreements covering the common stock, shares of restricted common stock are subject to a vesting schedule. The following table summarizes time-based restricted stock activity since January 1, 2026:


	Number of shares	Weighted average grant date fair value




Unvested restricted common stock as of December 31, 2025	450,000	$	2.52

Vested	(225,000)	$	2.52

Unvested restricted common stock as of June 30, 2026	225,000	$	2.52