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| STOCK-BASED COMPENSATION | 12. STOCK‑BASED COMPENSATION On June 22, 2023, the Company’s stockholders approved the Company’s Amended and Restated 2017 Equity Incentive Plan (the “2017 Plan”), which amended and restated the Company’s 2017 Equity Incentive Plan, as amended (the “2017 Plan”), to (i) increase the number of shares of Common Stock authorized for issuance thereunder by 25,000 shares; (ii) limit the number of incentive stock options that can be granted under the plan to 154,775 shares of Common Stock; (iii) add an annual limit on non-employee director compensation, including cash and the value of equity awards, of $750,000 for incumbent directors and $1,000,000 in a director’s first year of service; and (iv) extend the term of the plan (including the duration of the evergreen) to 10 years from June 22, 2023, the date that stockholders approved the plan. In addition, the 2017 Plan provides for an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2024 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2033, equal to the lower of (i) 4% of the sum of (I) the number of outstanding shares of Common Stock on such date and (II) the number of shares of Common Stock issuable upon conversion of any outstanding shares of convertible preferred stock of the Company on such date (without giving effect to any restrictions or limitations on conversion) and (ii) an amount determined by the Company’s board of directors. As of June 30, 2026, there were 35,687 shares of common stock available for grant under the 2017 Plan. No options or ’s were granted during the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company granted options for the purchase of 509,525 shares of common stock and 106,725 RSUs. During the six months ended June 30, 2026 and 2025, employees of the Company purchased an aggregate of 0 and 2,302 shares under the Employee Stock Purchase Plan. As of June 30, 2026, no RSUs were outstanding. Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows for the three and six months ended June 30, 2026 and 2025:
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