v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
In March 2025, the Company’s board of directors approved the Neurogene Inc. 2025 Inducement Plan, which reserves for issuance up to 500,000 shares of the Company’s common stock underlying inducement awards.
The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Research and development expenses$2,689 $1,575 $4,480 $3,146 
General and administrative expenses5,173 1,833 7,011 4,310 
Total expense$7,862 $3,408 $11,491 $7,456 
The following table summarizes the option activity:
OptionsNumber
of
shares		Weighted
average
exercise price
per share
Weighted
average
remaining
contractual
term (in years)
Outstanding at December 31, 20252,088,550$23.49 7.91
Granted988,533$19.52 
Exercised(22,698)$9.84 
Expired/Forfeited(77,191)$24.64 
Outstanding at June 30, 20262,977,194$22.25 8.12
Exercisable at June 30, 20261,177,772$24.08 6.72
As of June 30, 2026, the aggregate intrinsic value of outstanding options and exercisable options was approximately $31.1 million and $11.3 million, respectively. The aggregate intrinsic value of options exercised was $0.3 million for the six months ended June 30, 2026.
The weighted-average grant date fair value of options granted was $15.45 and $13.18 per share for the six months ended June 30, 2026 and 2025, respectively. The Company recorded stock-based compensation related to stock options of approximately $3.1 million and $2.2 million for the three months ended June 30, 2026 and 2025, respectively. The Company recorded stock-based compensation related to stock options of approximately $5.5 million and $4.0 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the total unrecognized compensation expense related to unvested stock option awards was approximately $27.8 million, which the Company expects to recognize over a weighted-average period of 2.79 years.
The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Expected volatility
96.14%-97.08%
94.60%-96.19%
96.14%-97.43%
93.99%-96.49%
Risk-free interest rate
4.03%-4.21%
3.86%-4.05%
3.64%-4.21%
3.86% - 4.42%
Expected life (in years)
6.03-6.07
5.27-6.08
5.27-6.98
5.27 - 6.96
Expected dividend yield— — — — 
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the six months ended June 30, 2026 is as follows:
RSUsNumber of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2025256,361 $26.16 
Restricted stock units granted150,430 $17.64 
Restricted stock units vested(104,662)$28.16 
Restricted stock units forfeited(14,207)$23.15 
Unvested at June 30, 2026287,922 $21.13 
The Company recorded stock-based compensation expense related to RSUs of approximately $0.9 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively. The Company recorded stock-based compensation expense related to RSUs of approximately $1.7 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was approximately $4.9 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 1.83 years.
Performance Stock Units
A summary of the Company’s performance stock unit (“PSU”) activity and related information for the six months ended June 30, 2026 is as follows:
PSUsNumber of SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2025252,124 $36.06 
Performance stock units granted— $— 
Performance stock units vested— $— 
Performance stock units forfeited— $— 
Unvested at June 30, 2026252,124 $36.06 
The PSUs were granted with vesting in two equal tranches based on certain performance conditions. Each PSU entitles the holder to receive one share of the Company's common stock when the PSU vests. Stock-based compensation expense for PSUs will be recognized when it is probable that the performance conditions will be achieved. During 2025, the performance conditions underlying the first tranche of 126,062 PSUs were achieved for the first milestone and are currently considered probable to vest. As of June 30, 2026, the performance conditions underlying the second tranche of 126,062 PSUs were deemed probable of achievement and considered probable to vest. The Company recorded stock-based compensation expense related to PSUs of approximately $3.9 million and $0.4 million for the three months ended June 30, 2026 and 2025, respectively. The Company recorded stock-based compensation expense related to PSUs of approximately $4.2 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was approximately $2.1 million of unrecognized compensation cost related to PSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 0.70 years.
2023 Employee Stock Purchase Plan
For the six months ended June 30, 2026, the Company issued 3,815 shares of common stock at a purchase price of $17.65 per share under the 2023 Employee Stock Purchase Plan. Cash received from the purchases under the plan for the six months ended June 30, 2026 was approximately $0.1 million.