The Company has issued non-qualified stock option awards to management, other key employees, consultants, and non-employee directors and these options ratably vest over a four-year service period. In addition, we issued options in connection with the private placement on February 27, 2024, that vest ratably over a three-year period. The option awards expire after a term of ten years from the date of grant. As of June 30, 2026, the Company had total unrecognized stock-based compensation expense for its outstanding stock option awards of approximately $13.5 million, which is expected to be recognized over a weighted average period of 3.0 years. The weighted average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $28.05 and $15.01 per option, respectively.


	Number of Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value (in thousands)
Awards outstanding at December 31, 2025	1,017,620	$	25.18
Granted	564,719	36.52

Forfeited or Expired	(41,687)	30.60
Awards outstanding at June 30, 2026	1,540,652	$	29.19	$	17,857
Options exercisable at June 30, 2026	604,164	$	29.28	$	9,795
Weighted average remaining contractual term	7.1 Years
Options vested and expected to vest at June 30, 2026	1,275,464	$	28.73
Weighted average remaining contractual term	8.1 Years

Compensation expense related to the grants of stock options is included in research and development and general and administrative expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	533	$	307	$	977	$	534
General and administrative	1,194		623		2,138		1,209
Total share-based compensation expense	$	1,727	$	930	$	3,115	$	1,743