The Company maintains the 2021 Equity Incentive Plan, or the 2021 Plan, which provides for the granting of stock awards to employees, directors and consultants. As of June 30, 2026, there were 0.2 million shares of common stock available for issuance under the 2021 Plan. The Company also maintains the 2021 Employee Stock Purchase Plan, or the ESPP, which allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to plan limitations. As of June 30, 2026, there were approximately 0.1 million shares of common stock available for issuance under the ESPP. In August 2025, the Company adopted the 2025 Equity Inducement Plan, or the Inducement Plan, to grant share-based awards, including nonqualified stock options and restricted stock units, to newly hired employees as an inducement to such individuals’ entry into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). As of June 30, 2026, there were approximately 0.1 million shares of common stock available for issuance under the Inducement Plan.

A summary of stock option activity is set forth below (shares in thousands):


	Options Outstanding
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual Life		Value
	Options			Price		(In years)		(In thousands)
Outstanding – December 31, 2025		1,269		$	14.30		8.43
Granted		779			24.82
Exercised		(14	)		12.80
Forfeited		(42	)		16.11
Expired		(5	)		38.73
Outstanding – June 30, 2026		1,987			18.35		8.59	$	17,091
Exercisable – June 30, 2026		634			18.31		7.40		6,658

The aggregate intrinsic value of options outstanding and exercisable are the difference between the exercise price of the options and the fair value of the Company’s common stock at June 30, 2026.

During the six months ended June 30, 2026 and 2025, the Company granted options with a weighted-average grant-date fair value of $19.43 per share and $8.97 per share, respectively.

The intrinsic value of options exercised during the six months ended June 30, 2026 was $0.2 million. No options were exercised during the six months ended June 30, 2025.

The fair value of options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Expected term (in years)		5.5			6.0			6.0			6.0
Expected volatility		93.6	%		95.7	%		95.4	%		96.5	%
Risk-free rate		4.2	%		3.9	%		3.8	%		4.2	%
Dividend yield		—			—			—			—

The following table summarizes the Company’s activity of restricted stock units, or RSUs (shares in thousands):


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
RSUs, unvested at December 31, 2025		115		$	10.27
Granted		734			24.53
Vested		(64	)		10.11
Cancelled		(20	)		21.46
RSUs, unvested at June 30, 2026		765			23.68

The fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was $1.9 million and $0.3 million, respectively.

Total stock-based compensation expense recorded in the unaudited condensed consolidated statements of operations and comprehensive (loss) income was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,017	$	340	$	1,779	$	606
General and administrative		1,876		654		3,219		1,222
Total stock-based compensation expense	$	2,893	$	994	$	4,998	$	1,828

As of June 30, 2026, there was approximately $35.3 million of stock-based compensation expense to be recognized over a weighted-average period of approximately 3.3 years.

Note 11. Stock-Based Compensation Plans