As of June 30, 2026, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 20, 2026 and approved by the Company’s stockholders on June 11, 2026. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Incentive Plan	$	13,123	$	19,377	$	27,624	$	38,609
Inducement Plan	1,434		1,741		2,801		3,673
ESPP	135		186		294		390
Total stock-based compensation expense	$	14,692	$	21,304	$	30,719	$	42,672

In December 2025, the Company extended the post-termination exercise period of certain vested stock option awards at the time of retirement for certain individuals to the original expiration date of the option awards. The Company considered this to be a modification of existing awards under ASC Topic 718, Compensation - Stock Compensation (“Topic 718”) and determined the incremental fair value associated with the modification using a binomial lattice model. In connection with the modification, the Company recognized incremental stock-based compensation expense of $2,848 and $6,432 during the three and six months ended June 30, 2026, respectively.

In connection with the sale of the European ORLADEYO business on October 1, 2025, the Company modified certain outstanding stock option awards and restricted stock unit awards held by employees who transferred to Neopharmed. Under the original terms of the Company’s Incentive Plan and Inducement Plan, unvested awards would have been forfeited upon the employees’ termination with the Company at closing. As part of the transaction, the Company approved modifications that (i) allowed previously unvested awards to continue to vest based on continued service to Neopharmed after Closing and (ii) extended the post-termination exercise period for certain vested stock option awards.

The modified awards vest, and for certain vested stock options remain exercisable, only if the employees remain employed by Neopharmed for specified periods following the closing of the transaction. Because the vesting of the modified awards depends on service to Neopharmed, the awards contain an “other” condition under Topic 718 and are therefore classified as liability awards until the required service to Neopharmed is provided.

The Company accounted for the continued vesting of unvested awards as a Type III modification under Topic 718 and measured the awards at their modification-date fair value. The extension of the post-termination exercise period for certain vested stock option awards was accounted for as a Type I modification under Topic 718, with the incremental fair value measured on the modification date.

The liability for the modified awards is remeasured to fair value each reporting period. The options are valued using a Black-Scholes option pricing model which incorporates significant unobservable inputs. This remeasurement resulted in the recognition of a loss of $524 and $3,331 in other income (expense), net in the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026, respectively, and a $43 and $680 decrease to additional paid-in capital during the three and six months ended June 30, 2026, respectively.

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the Condensed Consolidated Balance Sheets using Level 3 inputs:


Balance at December 31, 2025	$	13,743
Remeasurement of share-based liability	3,444
Options exercised	(971)
Balance at March 31, 2026	$	16,216
Remeasurement of share-based liability	567
Options exercised	(423)
Balance at June 30, 2026	$	16,360


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025	38,664	$	7.83
Granted	776	8.99
Exercised	(3,294)	5.83			$	10,349
Cancelled or Forfeited	(2,691)	10.16
Outstanding at June 30, 2026	33,455	$	7.87	5.96	$	80,236
Exercisable at June 30, 2026	21,351	$	8.06	4.77	$	49,742


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	11,141	$	7.40
Granted	530	8.29
Vested	(270)	9.56
Forfeited	(530)	7.18
Unvested at June 30, 2026	10,871	$	7.40

For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the six months ended June 30, 2026 and 2025 was $8.29 and $9.55, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.


	Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025	4,680	$	8.33
Granted	319	7.13
Exercised	(1,027)	5.23			$	3,840
Cancelled or Forfeited	(511)	12.78
Outstanding at June 30, 2026	3,461	$	8.49	5.78	$	9,669
Exercisable at June 30, 2026	2,294	$	8.73	5.07	$	6,864


	Shares (in thousands)	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	1,025	$	8.17
Granted	719	7.75
Vested	(125)	9.30
Forfeited	(87)	7.57
Unvested at June 30, 2026	1,532	$	7.91

For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the six months ended June 30, 2026 and 2025 was $7.75 and $8.58, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.