Stock-Based Compensation

3 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

2019 Equity Incentive Plan

In December 2019, the Company’s stockholders approved the 2019 Equity Incentive Plan (the “2019 Plan”) and reserved 5,500,000 shares of common stock for issuance thereunder. The maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2019 Plan is 16,500,000. The number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on April 1 of each year, continuing through April 1, 2029, by 4.0% of the total number of shares of common stock outstanding on the last day of the preceding month, or a lesser number of shares as may be determined by the Company’s board of directors on or prior to March 31 of such year. Prior to March 31, 2026, the Company’s board of directors did not approve the automatic increase to the 2019 Plan pool that was scheduled to occur on April 1, 2026 pursuant to the evergreen provision of the 2019 Plan. As of June 30, 2026, options to purchase 7,396,551 shares of common stock and RSUs with respect to 4,042,726 shares of common stock were outstanding under the 2019 Plan and 6,581,552 shares of common stock remained available for future grant under the 2019 Plan.

2018 Equity Incentive Plan

As of the effective date of the 2019 Plan, no further stock awards have been or will be made under the 2018 Equity Incentive Plan (the “2018 Plan”). As of June 30, 2026, options to purchase 960,043 shares of common stock were outstanding under the 2018 Plan.

2023 Inducement Plan

On February 1, 2023, the Company’s board of directors approved the adoption of the 2023 Inducement Plan (the “Inducement Plan”), which is to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company (or following a bona fide period of non-employment) as a material inducement to such individuals’ entry into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The Company has reserved 5,000,000 shares of its common stock that may be issued under the Inducement Plan. The terms and conditions of the Inducement Plan are substantially similar to those of the 2019 Plan. As of June 30, 2026, no awards have been granted under the Inducement Plan.

Stock Option Activity

A summary of the stock option activity under the Company’s equity incentive plans is as follows:


	Number of Stock Options	Weighted- Average Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance - March 31, 2026	9,993,443	$	15.22	6.10	$	104,098
Granted	1,069,060	$	25.22
Exercised	(1,654,258)	$	13.45
Forfeited	(1,044,785)	$	18.26
Expired	(6,866)	$	30.61
Balance - June 30, 2026	8,356,594	$	16.45	7.29	$	184,603
Exercisable - June 30, 2026	4,416,757	$	13.34	5.82	$	111,370

The Company estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model applying the weighted-average assumptions in the following table:


	Three Months Ended June 30,
	2026	2025
Risk-free interest rate	4.05%	3.97%
Expected term, in years	6.02	6.06
Expected volatility	75.38%	78.52%
Expected dividend yield	—%	—%

Restricted Stock Unit Awards

A summary of the RSU activity under the Company’s equity incentive plans is as follows:


	Number of RSUs	Weighted- Average Grant- Date Fair Value
Nonvested as of March 31, 2026	3,485,074	$	18.67
Issued	2,355,496	$	25.11
Vested	(703,120)	$	16.91
Forfeited	(1,094,724)	$	19.68
Nonvested as of June 30, 2026	4,042,726	$	22.46

Performance Restricted Stock Units

A summary of the PSU activity under the Company’s equity incentive plans is as follows:


	Number of PSUs	Weighted- Average Grant Date Fair Value
Nonvested as of March 31, 2026	390,000	$	15.23
Forfeited	(160,000)	$	15.23
Nonvested as of June 30, 2026	230,000	$	15.23

As of June 30, 2026, the Company had 230,000 PSUs outstanding. The vesting of these PSUs requires that certain performance conditions be achieved during the performance period. These PSUs, which were valued at $3.5 million at the date of grant, were determined to be improbable of vesting and therefore no expense was recorded for the three months ended June 30, 2026.

Stock-based Compensation Expense

For the three months ended June 30, 2026 and 2025, stock-based compensation expense under the Company’s equity incentive plans was as follows (in thousands):


	Three Months Ended June 30,
	2026		2025
Research and development expenses	$	7,192	$	7,865
General and administrative expenses	6,342		10,530
Total stock-based compensation	$	13,534	$	18,395

As of June 30, 2026, total unrecognized compensation expense related to nonvested stock options and RSUs was $51.7 million and $83.3 million, respectively, which is expected to be recognized over the remaining weighted-average service period of 2.72 years and 2.98 years, respectively.

Stock-based Compensation Allocated to the Company by RSL

In relation to RSL RSUs issued by RSL to employees of the Company, stock-based compensation expense was $0.2 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively. These RSUs are scheduled to vest over a period of four years. As of June 30, 2026, the amount of unrecognized compensation expense related to unvested RSL RSUs was $1.4 million.