A summary of option activity for the six months ended June 30, 2026 is as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		9,407,851		$	11.93		7.2	$	42,967
Granted		2,770,780		$	14.03
Exercised		(721,933	)	$	6.32			$	6,011
Cancelled or forfeited		(125,492	)	$	14.44
Outstanding at June 30, 2026		11,331,206		$	12.77		7.7	$	78,565
Options exercisable as of June 30, 2026		5,797,526		$	14.73		6.5	$	35,686
Options unvested as of June 30, 2026		5,533,680		$	10.72		8.9	$	42,880
Weighted average grant-date fair value of options granted during the period	$	11.72

The aggregate intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $6.0 million and $0.1 million, respectively.

The total fair value of stock options vested during the six months ended June 30, 2026 and 2025 was $7.9 million and $10.6 million, respectively.

A summary of restricted stock unit, or RSU, activity for the six months ended June 30, 2026 is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025		2,725,084		$	8.12
Granted		2,040,947		$	14.04
Vested		(761,848	)	$	10.18
Forfeited		(143,077	)	$	8.26
Nonvested as of June 30, 2026		3,861,106		$	10.84

In 2025, the Company granted performance-based restricted stock units, or PSUs, whereby vesting depends upon the occurrence of certain milestone events, or the 2025 PSUs. When the achievement of milestone events, which include certain clinical milestones related to avexitide for the treatment of PBH, becomes probable, compensation cost will be recognized from the grant date over the requisite service period and a cumulative catch-up adjustment will be recorded to reflect the portion of the employees' requisite service that has been provided to date. As of June 30, 2026, none of the milestone events related to the 2025 PSUs had been deemed probable of being achieved.

A summary of PSU activity for the six months ended June 30, 2026, is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025		2,089,494		$	6.01
Granted		—		$	—
Vested		—		$	—
Forfeited		(75,475	)	$	7.20
Nonvested as of June 30, 2026		2,014,019		$	5.96

Stock-based compensation expense for the three and six months ended June 30, 2026 and 2025, is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,472	$	1,960	$	4,227	$	3,782
Selling, general and administrative		5,846		5,390		10,211		10,401
Total stock-based compensation expense	$	8,318	$	7,350	$	14,438	$	14,183

The following table summarizes unrecognized stock-based compensation expense as of June 30, 2026, by type of awards (in thousands), and the weighted-average period over which that expense is expected to be recognized (in years). The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.


	June 30, 2026
	Unrecognized Expense		Weighted-average Recognition Period
Stock options	$	42,385		2.89
Restricted stock units	$	36,876		3.17
Performance-based restricted stock units	$	12,013		—