Stock-Based Compensation |
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| Stock-based compensation | 9. Stock-Based Compensation Stock Option Valuation For stock options requiring an assessment of value during the six months ended June 30, 2026 and 2025, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions:
A summary of stock option activity for the six months ended June 30, 2026 is as follows:
The aggregate intrinsic value of exercisable but unexercised in-the-money stock options at June 30, 2026 was $0.4 million, with a weighted average remaining contractual term of 6.52 years. The aggregate intrinsic value of options is calculated as the difference of the market close price of $31.56 on June 30, 2026 and the exercise price.
During the three and six months ended June 30, 2026, the Company recognized $3.9 million in stock-based compensation related to stock option activity. As of June 30, 2026, total unrecognized stock-based compensation expense was $28.6 million, which is expected to be recognized as an operating expense in the Company’s condensed consolidated statements of operations over the weighted average remaining period of 9.07 years.
During the three and six months ended June 30, 2026, the Company granted stock options to purchase 1.3 million shares of common stock with a weighted average grant date fair value of $29.96 per share and stock options to purchase 1.3 million shares of common stock with a weighted average grant date fair value of $29.85 per share, respectively.
During the three and six months ended June 30, 2025, the Company granted stock options to purchase 1.6 thousand shares of common stock with a weighted average grant date fair value of $18.60 per share and stock options to purchase 64.6 thousand shares of common stock with a weighted average grant date fair value of $29.70 per share, respectively.
Restricted Stock Units
On May 1, 2026, the Company granted 655,071 restricted stock units (“RSUs”) to certain executives with a grant date fair value of $30.42 per share. The RSUs vested immediately on grant date.
The following table summarizes the RSU activity under the 2026 Inducement Plan for the six months ended June 30, 2026:
The Company recognized $19.9 million in stock-based compensation during the three and six months ended June 30, 2026 related to RSU activity. As of June 30, 2026, there was no unrecognized stock-based compensation.
Stock-based Compensation Stock-based compensation for the three and six months ended June 30, 2026 and 2025 was included in the Company’s condensed consolidated statements of operations as follows:
Stock-based compensation for the three and six months ended June 30, 2026 and 2025 by type was as follows:
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