Stock-Based Compensation |
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| Stock-Based Compensation | 8. Stock-Based Compensation 2023 Inducement Plan As of June 30, 2026, the Company had 2,274,893 shares of its common stock available for future issuance under the 2023 Inducement Plan. Amended and Restated 2021 Equity Incentive Plan As of June 30, 2026, the Company had 517,674 shares of its common stock available for future issuance under its Amended and Restated 2021 Equity Incentive Plan. Stock Options The Company’s stock options generally vest ratably over a four-year period and have a contractual term of ten years. The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:
During the six months ended June 30, 2026 and 2025, the Company granted new stock options to purchase 972,425 shares and 4,377,494 shares of its common stock, respectively, with a weighted-average grant-date fair value of $11.65 and $14.60 per share, respectively. As of June 30, 2026, total unrecognized compensation expense related to stock options was $107.3 million, which is expected to be recognized over a weighted-average period of 3.1 years. There were no stock options exercised during the six months ended June 30, 2026. There were 7,545,245 options outstanding as of June 30, 2026. Restricted Stock Units During the six months ended June 30, 2026 and 2025, the Company granted 194,715 and 61,200 restricted stock units, respectively, with a weighted-average grant date fair value of $14.90 and $26.60 per share, respectively. As of June 30, 2026, total unrecognized compensation expense related to restricted stock units was $7.6 million, which is expected to be recognized over a weighted-average period of 3.4 years. There were 373,811 unvested restricted stock units as of June 30, 2026. Employee Stock Purchase Plan As of June 30, 2026, the Company had 205,932 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”). The Company did not issue any shares of common stock under the ESPP during the six months ended June 30, 2026. The Company issued 33,494 shares with a weighted-average exercise price of $3 under the ESPP during the six months ended June 30, 2025. Performance Stock Units During the six months ended June 30, 2026, the Company granted a total of 604,285 Performance Stock Units (“PSUs”) with an initial fair value of $14.09 to certain members of the Company’s management team. Vesting of the PSUs is contingent upon meeting certain performance conditions as well as meeting certain service conditions. The total initial expense of $8.5 million for these awards is expected to be recognized through June 2029, depending on the achievement of the related performance conditions. Stock-Based Compensation Stock-based compensation expense was allocated as follows:
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