As of September 30, 2026, the Company had 2,076,400 shares of its common stock available for future issuance under the 2023 Inducement Plan.

As of September 30, 2026, the Company had 553,927 shares of its common stock available for future issuance under its Amended and Restated 2021 Equity Incentive Plan.

The Company’s stock options generally vest ratably over a four-year period and have a contractual term of ten years. The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:


	Nine months ended September 30,
	2026			2025
Expected term (in years)		6.0			6.1
Expected volatility		101.5	%		98.1	%
Risk-free interest rate		4.1	%		3.9	%
Dividend yield		—			—

During the nine months ended September 30, 2026 and 2025, the Company granted new stock options to purchase 1,211,533 shares and 5,150,913 shares of its common stock, respectively, with a weighted-average grant-date fair value of $12.66 and $17.30 per share, respectively. As of September 30, 2026, total unrecognized compensation expense related to stock options was $101.4 million, which is expected to be recognized over a weighted-average period of 2.8 years. There were 6,000 stock options exercised during the nine months ended September 30, 2026 with a weighted-average exercise price of $3.74. There were 7,669,746 options outstanding as of September 30, 2026.

During the nine months ended September 30, 2026 and 2025, the Company granted 239,215 and 919,133 restricted stock units, respectively, with a weighted-average grant date fair value of $16.03 and $47.67 per share, respectively. As of September 30, 2026, total unrecognized compensation expense related to restricted stock units was $7.9 million, which is expected to be recognized over a weighted-average period of 3.2 years. There were 385,516 unvested restricted stock units as of September 30, 2026.

As of September 30, 2026, the Company had 166,881 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”). The Company issued 39,051 shares of common stock under the ESPP during the nine months ended September 30, 2026. The Company issued 33,477 shares with a weighted-average exercise price of $2.91 under the ESPP during the nine months ended September 30, 2025.

During the nine months ended September 30, 2026, the Company granted a total of 604,285 Performance Stock Units (“PSUs”) to certain members of the Company’s management team. Vesting of the PSUs is contingent upon meeting certain performance conditions as well as meeting certain service conditions. No expense has been recognized for these awards through September 30, 2026 as the achievement of the related performance conditions has not been deemed probable. The potential unrecognized expense for these awards as of September 30, 2026 was $10.5 million. The expense for these awards is expected to be recognized through June 2029, depending on the achievement of the related performance conditions.

During the three months ended September 30, 2026, the Company’s board of directors approved a change to the retention period initially put in place for the options subject to the December 2025 repricing from December 5, 2027 to December 5, 2026. The change to the retention period was deemed to be a modification of the award. There was no incremental fair value resulting from the modification and thus no additional expense was recognized.

Stock-based compensation expense was allocated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	1,081	$	491	$	2,496	$	2,132
General and administrative		8,861		7,538		25,715		9,674
Total stock-based compensation expense	$	9,942	$	8,029	$	28,211	$	11,806