The Company grants stock-based awards, including stock options, restricted stock units and other unit awards under its 2019 Equity Incentive Plan (the “2019 Plan”), which was approved by its stockholders on February 28, 2019 and amended in March 2021, March 2022, March 2023, March 2024, December 2024, March 2025 and March 2026 and its 2024 Inducement Stock Incentive Plan, which was adopted by the Board of Directors in April 2024 for awards to new employees and amended in December 2024. The Company also has outstanding stock option awards under its 2012 Equity Incentive Plan (the “2012 Plan”), but is no longer granting awards under this plan.

The following table summarizes stock option activity, including aggregate intrinsic value, for the year-to-date period ended June 30, 2026:


	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	(in thousands)					(in years)		(in thousands)
Outstanding as of September 30, 2025		5,759		$	36.31		6.0	$	6,457
Granted		1,291			13.72
Exercised		(76	)		8.94
Forfeited		(23	)		21.39
Expired		(284	)		36.24
Outstanding as of June 30, 2026		6,667		$	32.30		6.3	$	12,570
Options vested and expected to vest as of June 30, 2026		6,667		$	32.30		6.3	$	12,570
Options exercisable as of June 30, 2026		4,437		$	42.16		5.1	$	5,989

The Company awards both performance share units, or PSUs, and relative total stockholder return units, or rTSRUs, to its executive officers. The number of units granted represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 150% of the target number. The number of shares cancelled represents the target number of shares, less any shares that vested. The following table summarizes PSU and rTSRU activity (at target) for the year-to-date period ended June 30, 2026:


	PSUs					rTSRUs
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
	(in thousands)					(in thousands)
Unvested as of September 30, 2025		93		$	8.47		93		$	9.57
Granted		58			15.39		58			18.33
Vested		(14	)		9.59		(44	)		20.27
Cancelled		(33	)		9.58		(3	)		10.38
Unvested as of June 30, 2026		104		$	11.81		104		$	13.99

The following table summarizes the restricted stock unit activity for the year-to-date period ended June 30, 2026:


	Restricted Stock Units			Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of September 30, 2025		408		$	24.15
Granted		181			13.70
Vested		(152	)		33.36
Cancelled		(17	)		26.51
Unvested as of June 30, 2026		420		$	16.28

During the three and nine months ended June 30, 2026 and 2025, the Company recognized the following stock-based compensation expense:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Research and development	$	1,566	$	1,783	$	4,757	$	4,605
General and administrative		2,117		2,394		6,484		9,926
	$	3,683	$	4,177	$	11,241	$	14,531


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Stock options	$	2,437	$	2,805	$	7,493	$	9,149
Restricted stock units		918		1,262		2,935		4,011
rTSRUs		168		110		476		557
Performance stock units		160		—		337		814
	$	3,683	$	4,177	$	11,241	$	14,531

During the three and nine months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense for performance-based stock units for which vesting became probable upon achievement of performance-based targets that occurred during the performance period.

As of June 30, 2026, the Company had an aggregate of $21,609 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.4 years.