On April 1, 2026, the board of directors (the “Board”) approved the Company’s 2026 Stock Incentive Plan (“the 2026 Plan”). The 2026 Plan became effective on May 14, 2026, the date it was approved by the Company’s stockholders.

The 2026 Plan provides for the grant of options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The exercise price of each option granted under the 2026 Plan is not less than the fair market value of one share on the grant date. The maximum permitted term of options granted under the 2026 Plan is ten years. The 2026 Plan is generally administered by the compensation committee of the Board, which has the authority to interpret the 2026 Plan, grant awards and make all other determinations necessary for the administration of the 2026 Plan.

The number of shares reserved for issuance under the 2026 Plan will automatically increase on January 1 of each year from 2027 to 2036 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of common stock as of the immediately preceding December 31. However, the Board may reduce the amount of the increase in any particular year.

As of June 30, 2026, the number of shares available for issuance under the 2026 Plan was 2,956,270.

The number of shares reserved for issuance under the 2017 Amended and Restated Stock Incentive Plan (the "2017 Plan") was automatically increased by 482,450 and 371,432 shares on January 1, 2026 and 2025, respectively. During the six months ended June 30, 2025, the Board and the stockholders approved a 3,000,000 share increase to the number of shares reserved for issuance under the 2017 Plan.

Upon the approval of the 2026 Plan, no further awards may be made under the 2017 Plan. Outstanding awards granted under the 2017 Plan continue to remain subject to the terms and conditions of the 2017 Plan. Any shares subject to awards outstanding under the 2017 Plan that expire, are cancelled, forfeited, or settled in cash will become available for issuance under the 2026 Plan.

The following table summarizes the activity for all stock options outstanding:


	Shares			Weighted- average exercise price per share		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		5,842,485		$	19.62		7.9	$	468,191
Granted		42,150			106.59
Exercised		(227,187	)		8.55
Forfeited		(119,222	)		21.91
Outstanding as of June 30, 2026		5,538,226		$	20.68		7.4	$	464,983

Exercisable as of June 30, 2026		3,079,609		$	11.88		6.5	$	285,618

During the six months ended June 30, 2026 and 2025, the weighted-average grant date fair value of options granted was $78.90 and $7.53 per share, respectively. The total intrinsic value of options exercised during the six months ended June 30, 2026 and 2025, was $20.9 million and less than $0.1 million, respectively. Upon the exercise of stock options, the Company will issue new shares of its common stock. As of June 30, 2026, the unrecognized compensation cost related to outstanding employee and non-employee options was $45.4 million and is expected to be recognized as expense over a weighted-average period of 1.5 years.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and non-employee stock options granted, were as follows:


	Six Months Ended June 30,
	2026		2025
Risk-free interest rate	3.6% − 3.9	%	3.8% − 4.7	%
Expected volatility	84.5% − 85.5	%	76.0% − 77.3	%
Expected life (years)	6.1 − 6.3		5.0 − 6.4
Expected dividend yield	0	%	0	%

During the three months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense for stock options of $4.2 million and $2.4 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense for stock options of $8.7 million and $4.6 million, respectively.

The following table summarizes the activity for RSAs and RSUs:


	Shares			Weighted-average grant date fair value per share
Outstanding as of December 31, 2025		27,439		$	87.25
Granted		301,891			115.77
Vested		(1,244	)		26.86
Forfeited		(1,675	)		109.46
Outstanding as of June 30, 2026		326,411		$	113.75

As of June 30, 2026, the unrecognized compensation cost related to outstanding RSAs and RSUs was $34.8 million and is expected to be recognized over a weighted-average period of 2.3 years.

During the three months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense for RSAs and RSUs of $1.9 million and less than $0.1 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense for RSAs and RSUs of $2.3 million and less than $0.1 million, respectively.

The number of shares reserved for issuance under the 2017 Employee Stock Purchase Plan (the “ESPP”) was automatically increased by 241,225 and 185,716 shares on January 1, 2026 and 2025, respectively.

On April 1, 2026, the Board approved and adopted the Amended and Restated 2017 Employee Stock Purchase Plan (the “Restated ESPP”). The Restated ESPP became effective on May 14, 2026, upon approval by the Company’s stockholders. The Restated ESPP increased the number of shares of common stock available for issuance under the ESPP by 289,199 shares and extended the expiration date of the ESPP for an additional ten-year period.

As of June 30, 2026, the number of shares available for issuance under the Restated ESPP was 939,395.

During the three months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense related to the ESPP and Restated ESPP of $0.8 million and $0.3 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense related to the ESPP and Restated ESPP of $1.2 million and $0.5 million, respectively.

The Company recognized the following stock-based compensation expense in its unaudited condensed statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,240	$	1,261	$	4,352	$	2,425
Selling, general and administrative		4,664		1,443		7,877		2,723
Total	$	6,904	$	2,704	$	12,229	$	5,148