
	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Selling, general and administrative	$	799	$	588	$	1,392	$	1,373
Research and development	396		300		672		541
Cost of product revenue	8		—		22		—
Cost of license and collaboration revenue	10		—		24		—
Total stock-based compensation	$	1,213	$	888	$	2,110	$	1,914


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding as of December 31, 2025	1,353,918	$	16.13	8.9	$	1,181,200
Granted	1,633,113	7.56

Forfeited	(76,086)	8.98
Expired	(15,818)	18.81
Outstanding as of June 30, 2026	2,895,127	$	11.47	9.2	$	287,984
Options vested and exercisable as of June 30, 2026	500,797	$	27.70	7.5	$	110,517

The aggregate intrinsic value in the above table is calculated as the difference between fair market value of the Company’s common stock price and, as of June 30, 2026, the exercise price of the stock options. Total options granted of 1,633,113 consist of 1,117,449 market-based stock option awards and 515,664 service-based option awards.

The weighted average grant date fair value per share for the employee and non-employee stock options granted during the six months ended June 30, 2026 was $5.10. As of June 30, 2026, the total unrecognized compensation related to unvested stock option awards granted was $6.5 million, which the Company expects to recognize over a weighted-average period of 2.4 years.

In December 2025 and February 2026, the Board approved certain market-based stock option awards for members of the executive leadership team. The awards are subject to multiple substantive contingencies, including (i) approval by the Company's stockholders of an amendment to the 2018 Plan, (ii) achievement of specified stock price-based vesting conditions, and (iii) continued service. In June 2026, the Company's stockholders approved the amendment to the 2018 Plan, as described in the Company's definitive proxy statement filed with the Securities and Exchange Commission, resulting in the satisfaction of the applicable approval contingency. As a result, 1,117,449 stock options were granted during the quarter ended June 30, 2026, and the grant-date fair value of the awards was determined using a Monte Carlo simulation model to account for the stock price-based vesting conditions. The Company recognized stock-based compensation expense of $0.3 million related to these awards during the three and six months ended June 30, 2026. As of June 30, 2026, the total unrecognized compensation related to unvested stock option awards granted was $4.6 million, which the Company expects to recognize over a weighted-average period of 1.4 years.

Compensation expense related to RSUs is recognized in the Company’s consolidated statements of operations based on the fair market value at the date of grant over the period expected to vest. No RSUs were granted, vested, or modified during the period, and as of June 30, 2026, there was no remaining unrecognized compensation expense related to RSUs.