In February 2024, the Company adopted the 2024 Inducement Plan (Inducement Plan). The Inducement Plan was adopted by the compensation committee of the Company’s board of directors without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) and subsequently amended in August 2024, January 2025, September 2025, and March 2026. In accordance with Rule 5635(c)(4), awards made under the Inducement Plan, including stock options and restricted stock units, may only be granted to newly hired employees as a material inducement to accept employment with the Company. Stock options granted under the Inducement Plan expire no later than ten years from the date of grant.

The 2021 Equity Incentive Plan (2021 EIP) and the 2017 Equity Incentive Plan (2017 EIP) became effective in May 2021 and February 2017, respectively. The Company may not grant any additional awards under the 2017 EIP. The 2017 EIP will continue to govern outstanding equity awards granted thereunder. Stock options granted under the 2021 EIP and 2017 EIP expire no later than 10 years from the date of grant.

The 2021 Employee Stock Purchase Plan (ESPP) became effective in May 2021. As of June 30, 2026, 220,042 shares have been issued pursuant to the ESPP. The ESPP generally provides for six-month consecutive offering periods beginning every September 14 and March 14. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation.


Plan	Maximum Number of Shares Authorized		Shares Available for Future Issuance
2024 Inducement Plan		4,390,000		655,797
2021 Equity Incentive Plan		13,614,767		3,978,065
2017 Equity Incentive Plan		2,275,305		—
2021 Employee Stock Purchase Plan		2,029,448		1,809,406

Stock option activity under the 2017 EIP, 2021 EIP, and 2024 Inducement Plan for the period ended June 30, 2026 is summarized as follows:


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (000s)
Outstanding as of December 31, 2025		8,395,290		$	19.59		7.58	$	260,696
Granted		2,155,339		$	41.93
Exercised		(322,634	)	$	13.70
Cancelled and forfeited		(312,144	)	$	32.41
Outstanding as of June 30, 2026		9,915,851		$	24.23		7.59	$	187,146
Options exercisable as of June 30, 2026		5,019,619		$	16.62		6.43	$	132,361
Vested and expected to vest as of June 30, 2026		9,915,851		$	24.23		7.59	$	187,146

The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2026 and 2025 was $4.3 million and $1.0 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2026 and 2025 was $8.7 million and $3.7 million, respectively. The weighted-average grant date fair value of options granted during the three months ended June 30, 2026 and 2025 was $30.02 per share and $20.20 per share, respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $34.73 per share and $23.43 per share, respectively.

The Company grants restricted stock units (RSU) pursuant to the 2021 EIP and satisfies such grants through the issuance of the Company’s Class A common stock. The following table shows RSU activity for the period ended June 30, 2026:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested balance as of December 31, 2025		1,599,840		$	28.67
Granted		1,031,465			42.46
Vested		(295,870	)		27.12
Cancelled and forfeited		(144,673	)		29.99
Unvested balance as of June 30, 2026		2,190,762		$	35.28

The following tables summarize the stock-based compensation expense for stock options and restricted stock units granted to employees and non-employees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	6,977	$	4,328	$	13,406	$	7,753
General and administrative		8,886		5,144		15,665		9,463
Total stock-based compensation expense	$	15,863	$	9,472	$	29,071	$	17,216


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Employees	$	15,155	$	8,847	$	27,834	$	15,836
Non-employees		708		625		1,237		1,380
Total stock-based compensation expense	$	15,863	$	9,472	$	29,071	$	17,216

As of June 30, 2026, the Company had $107.8 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.7 years. For the three months ended June 30, 2026 and 2025, the Company recognized $10.4 million and $6.9 million of stock-based compensation expense for stock options, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized $19.3 million and $12.8 million of stock-based compensation expense for stock options, respectively.

As of June 30, 2026, the Company had $68.4 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 3.1 years. For the three months ended June 30, 2026 and 2025, the Company recognized $5.1 million and $2.4 million of stock-based compensation expense for restricted stock units, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized $9.1 million and $4.1 million of stock-based compensation expense for restricted stock units, respectively.

Stock-based compensation expense related to the ESPP for the three months ended June 30, 2026 and 2025 was $0.3 million and $0.2 million, respectively. Stock-based compensation expense related to the ESPP for the six months ended June 30, 2026 and 2025 was $0.7 million and $0.3 million, respectively.

The fair value of stock options granted during the three and six months ended June 30, 2026 and 2025 was estimated using the Black-Scholes option pricing model based on the following assumptions:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected term (in years)	5.5 – 6.1	5.5 – 6.1	5.5 – 6.1	5.5 – 6.1
Expected volatility	78.1% – 82.5%	81.8% – 83.9%	78.1% – 87.6%	81.8% – 83.9%
Risk-free rate	4.0% – 4.3%	3.8% – 4.3%	3.7% – 4.3%	3.8% – 4.5%
Dividend yield	—	—	—	—