The Company grants stock options, restricted stock units, and stock appreciation rights (“SARs”) under the 2021 Stock Option and Incentive Plan (“2021 Plan”) and the 2023 Inducement Plan (the “2023 Inducement Plan”). On January 1, 2026, the number of shares of common stock reserved for future issuance under the 2021 Plan was increased by 7,575,754 shares pursuant to an automatic annual increase. As of June 30, 2026, 8,805,878 shares were available for issuance under the 2021 Plan. As of June 30, 2026, 798,000 shares were available for issuance under the 2023 Inducement Plan.

Total stock-based compensation expense related to the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025			2026		2025
Research and development	$	2,332	$	2,015		$	4,346	$	4,038
Selling, general and administrative	2,913		2,737			5,279		5,659
Total stock-based compensation expense	$	5,245	$	4,752		$	9,625	$	9,697

Stock options generally vest 25% after one year from the date of the grant with the remainder vesting monthly over the following three-year period or ratably over three years in three equal installments. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for stock options is shown below:


	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2025	20,716,511	$	3.27	7.5
Granted	6,620,200	3.16
Exercised	(2,260,119)	2.76			6,330
Canceled/Forfeited	(1,876,559)	3.10
Expired	(59,622)	7.80
Outstanding at June 30, 2026	23,140,411	3.29		7.9	192,964
Exercisable at June 30, 2026	11,371,137	$	3.44	6.7	$	93,578

Restricted stock units subject to time-based vesting generally vest over a term of 1-4 years. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for restricted stock units is shown below:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	3,789,634	$	3.32
Granted	2,179,050	3.02
Vested	(934,358)	3.49
Forfeitures	(529,658)	2.91
Unvested as of June 30, 2026	4,504,668	$	3.18

As of June 30, 2026, there was $7.7 million of unrecognized compensation expense related to the outstanding restricted stock units expected to be recognized over a remaining weighted-average period of 2.2 years.

In March 2024, the Company granted 1,500,000 performance restricted stock units to its Founder and Chief Executive Officer that contained market conditions (the “2024 Market Award”). Subject to the holder’s continued service, the 2024 Market Award provided for vesting in tranches once the Company’s closing stock price meets or exceeds certain thresholds established by the Company’s Compensation Committee of the Board of Directors. The original grant-date fair value of the 2024 Market Award of $5.5 million was determined using a Monte Carlo simulation model using an expected volatility of 97% and risk-free rate of 4.5%. The stock-based compensation expense was recognized over the derived service period for each tranche over periods up to 1.3 years. As of June 30, 2026, the stock price threshold of $10.00 for the 2024 Market Award had been met resulting in 150,000 shares vesting. Any unvested tranches of the 2024 Market Award will expire in March 2027 if the vesting conditions are not met.