The Company grants equity awards under the 2023 Incentive Award Plan (the 2023 Plan). During the six months ended June 30, 2026, the Company began granting restricted stock units under the 2023 Plan.

The Company maintains the 2025 Employment Inducement Incentive Award Plan (the 2025 Inducement Plan), under which non‑qualified stock options and restricted stock units may be granted in connection with the commencement of employment. During the six months ended June 30, 2026, the Company began granting restricted stock units under the 2025 Inducement Plan.

The 2020 Equity Incentive Plan (the 2020 Plan) continues to govern the terms of outstanding awards, although no new awards are granted under the plan.

The following table summarizes the Company’s awards outstanding and shares available for grant as of June 30, 2026:


	Options Outstanding	Unvested Restricted Stock Awards	Unvested Restricted Stock Units	Shares Available for Grant
2023 Plan	6,646,906	—	672,040	2,758,115
2025 Inducement Plan	209,104	—	157,228	633,668
2020 Plan	230,101	25,171	—	—
Total	7,086,111	25,171	829,268	3,391,783

The Company maintains the 2023 Employee Stock Purchase Plan (the ESPP) under which eligible employees may purchase shares of common stock through payroll deductions. As of June 30, 2026, the Company had 2,054,364 shares available for issuance, and 70,559 cumulative shares had been issued under the ESPP.

Total stock-based compensation expense recognized was allocated as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Research and development	$	2,210	$	1,943	$	4,686	$	3,571
General and administrative	5,145		2,610		9,217		4,627
Total	$	7,355	$	4,553	$	13,903	$	8,198