On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. No awards may be granted under the 2020 Plan after June 27, 2034. An aggregate of 2,000,000 shares of common stock is reserved for issuance in connection with awards granted under the 2020 Plan. As of June 30, 2026, 325,980 shares were available for future grants under the 2020 Plan.

The Company recognized stock-based compensation expense in the Condensed Consolidated Statements of Operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	273	$	157	$	498	$	288
General and administrative		542		639		1,039		1,071
Total stock-based compensation expense	$	815	$	796	$	1,537	$	1,359

The following table shows a summary of all RSU activity for the six months ended June 30, 2026:


	Number of Underlying Shares
Outstanding as of January 1, 2026		—
Granted		380,683
Cancelled		—
Vested		—
Outstanding as of June 30, 2026		380,683

As of June 30, 2026, the unrecognized stock-based compensation expense associated with unvested RSUs was $1.7 million. The RSUs typically vest over a one to three year period and carry a ten year term.

The following table shows a summary of all stock option activity for the six months ended June 30, 2026:


	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2026		1,565,272		$	21.86
Granted		63,334			9.05
Forfeited		(90,535	)		22.22
Exercised		—			—
Expired		(890	)		710.10
Outstanding as of June 30, 2026		1,537,181		$	20.92		5.86	$	—
Exercisable as of June 30, 2026		1,347,599		$	22.01		5.40	$	—
Vested and expected to vest		1,537,181		$	20.92		5.86	$	—

As of June 30, 2026, there were 189,582 unvested stock options outstanding, and the unrecognized stock-based compensation expense associated with unvested stock options was $1.7 million. The associated stock-based compensation expense is expected to be recognized over a weighted-average period of 1.80 years.