Stock-based compensation expense for the three and nine months ended September 30, 2026 and 2025 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Stock-based compensation expense:
General and administrative	$	1,999	$	2,477	$	5,189	$	7,931
Research and development	981		2,116		3,498		7,161
Total stock-based compensation expense	$	2,980	$	4,593	$	8,687	$	15,092

In June 2026, the Company's stockholders approved the second amendment to the Company's 2020 Stock Option and Incentive Plan, or the 2020 Plan. The amendment modified the 2020 Plan's evergreen provision to provide that the Company's outstanding pre-funded warrants will be included in the total number of shares of common stock deemed issued and outstanding as of each December 31 for purposes of calculating the annual automatic increase in the share reserve under the 2020 Plan.

During the nine months ended September 30, 2026, the Company granted stock options for the purchase of 730,270 shares of common stock with a weighted-average exercise price of $3.80 per share and a weighted-average grant-date fair value of $2.99 per share. As of September 30, 2026, 10,534,850 stock options remained outstanding, and the unrecognized compensation cost related to outstanding stock options was $8.4 million, which is expected to be recognized over a weighted-average period of 1.7 years.

During the nine months ended September 30, 2026, the Company’s Board of Directors authorized the issuance of 1,588,140 performance-accelerated restricted stock units, or PARSUs, to certain employees, including members of the Company’s leadership team under the 2020 Plan. PARSUs are valued on the grant date using the grant date market price of the underlying shares. The PARSUs will vest in tranches at the earlier of the achievement of certain discovery and clinical milestones, or February 13, 2029. Upon vesting, each PARSU automatically converts into one share of the Company's common stock. No PARSUs vested during the nine months ended September 30, 2026. As of September 30, 2026, 1,314,780 PARSUs remained outstanding, and the unrecognized compensation cost related to outstanding PARSUs was $2.0 million, which is expected to be recognized over a weighted-average period of 2.4 years.

During the nine months ended September 30, 2026, the Company issued 2,829,710 restricted stock units, or RSUs, that were subject to time-based vesting conditions to its employees. RSUs are valued on the grant date using the grant date market price of the underlying shares. A total of 734,256 RSUs vested during the nine months ended September 30, 2026 on their respective vesting schedules. Upon vesting, each RSU automatically converts into one share of the Company’s common stock. During the nine months ended September 30, 2026, the Company indirectly repurchased 115,928 shares of its common stock through net-share settlement as consideration for employee tax withholding obligations arising upon vesting of the RSUs, which tax amounts were remitted to the applicable revenue authorities by the Company in cash on behalf of the RSU holders. As of September 30, 2026, there were a total of 3,819,825 RSUs outstanding and the unrecognized compensation cost related to outstanding RSUs was $7.9 million, which is expected to be recognized over a weighted-average period of 2.2 years.

During the nine months ended September 30, 2026, the Company granted non-qualified stock options for the purchase of 582,200 shares of common stock with a weighted-average exercise price of $2.81 per share and a weighted-average grant-date fair value of $2.25 per share. As of September 30, 2026, 1,002,200 inducement stock options remained outstanding, and the unrecognized compensation cost related to outstanding inducement stock options was $1.3 million, which is expected to be recognized over a weighted-average period of 3.3 years. These inducement stock options have been granted outside of the Company's stockholder-approved equity incentive plan in accordance with Nasdaq Listing Rule 5635(c)(4).