In 2015, the Company established the 2015 Plan, under which the Company may grant options and restricted stock to its employees and certain non-employees. As of September 30, 2026, there were 178,534 shares of common stock subject to outstanding awards under the 2015 Plan. In 2022, the Company established the 2022 Plan, under which the Company may grant options, restricted stock units, restricted stock, stock appreciation rights, dividend equivalents and other stock and cash-based awards to its employees and certain non-employees. As of September 30, 2026, there were 2,439,699 shares of common stock subject to outstanding awards under the 2022 Plan.

On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Equity Incentive Plan (the 2024 Plan), which became effective on January 24, 2024. The 2024 Plan replaced the 2022 Plan, as the Company’s board of directors has determined to not make additional grants under the 2022 Plan following its initial public offering. However, the 2015 and 2022 Plans will continue to govern outstanding equity awards granted under the 2015 and 2022 Plans. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The number of shares initially available for issuance under awards granted pursuant to the 2024 Plan is (1) 8,246,565 shares, plus (2) any shares subject to outstanding awards under the 2015 and 2022 Plans as of the effective date of the 2024 Plan that become available for issuance under the 2024 Plan thereafter in accordance with its terms. As of September 30, 2026, there were 4,718,636 shares of common stock subject to outstanding awards and 6,441,218 shares of common stock remaining and available for issuance under the 2024 Plan.

The Company may grant options to purchase authorized but unissued shares of the Company’s common stock. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors.

The exercise prices, vesting and other restrictions of the awards granted under the 2015 Plan, 2022 Plan and 2024 Plan are determined by the Board, except that no stock option may be issued with an exercise price less than the fair market value of the common stock at the date of the grant or have a term in excess of ten years. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan are exercisable in whole or in part at any time subsequent to vesting.


	Number of Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(Years)
Balance at December 31, 2025	7,958,219	$	16.59	7.96	$	198,545
Granted	1,272,168	$	67.09
Exercised	(1,626,665)	$	8.84
Forfeited/Expired	(468,690)	$	35.96
Balance at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Vested and expected to vest at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Exercisable at September 30, 2026	3,544,186	$	17.63	6.89	$	188,772

The aggregate intrinsic value is calculated as the difference between the exercise price of the stock options and the fair value of the Company's common stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2026 and 2025 was $100.9 million and $10.7 million, respectively.

The weighted-average grant-date fair value of the options granted was $43.31 and $14.49 per share for the nine months ended September 30, 2026 and 2025, respectively. The aggregate grant-date fair value of options vested during the nine months ended September 30, 2026 and 2025 was $29.6 million and $19.8 million, respectively.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Expected volatility	63.03% - 66.68%	76.35% - 77.58%	63.03% - 69.97%	73.39% - 77.58%
Risk-free interest rate	4.33% - 4.87%	3.7% - 4.16%	3.725% - 4.87%	3.7% - 4.5%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	6.1	6.1	5.25 - 6.1	5.25 - 6.1

The Company recorded stock-based compensation expense related to stock options of $7.7 million and $6.7 million for the three months ended September 30, 2026 and 2025, respectively, and $27.8 million and $17.5 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company had an aggregate $79.5 million of gross unrecognized stock-based compensation expense related to unvested options to be recognized over a weighted average period of 2.8 years.

A Performance Stock Unit (PSU) represents one equivalent share of the Company's common stock to be issued after achievement of the performance metrics specified in the grant. The following table summarizes the Company's PSU activity for nine months ended September 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value

Nonvested at December 31, 2025	166,342	$	39.40
Granted	57,267	$	71.81
Vested	(14,214)	$	43.25
Forfeited	(7,558)	$	43.25
Nonvested at September 30, 2026	201,837	$	48.18
Expected to vest at September 30, 2026	201,837	$	48.18

Stock-based compensation expense associated with these PSUs is recognized if achievement of the underlying performance condition is considered probable of achievement based on the Company’s best estimates. The Company recorded stock-based compensation expense related to PSUs of $0.6 million during the three and nine months ended September 30, 2026 and less than $0.1 million during the three and nine months ended September 30, 2025. As of September 30, 2026, the Company had an aggregate $9.7 million of gross unrecognized stock-based compensation expense related to unvested PSUs to be recognized over a weighted average period of 1.1 years, including the expense attributable to PSUs for which achievement is not considered probable and no current expense is being recognized.

Stock-based compensation expense related to stock awards and the 2024 Employee Stock Purchase Plan (see Note 12) recorded in the accompanying statements of operations for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	3,305	$	2,455	$	8,958	$	6,410
General and administrative	5,151		4,876		20,306		13,079
Total stock-based compensation expense	$	8,456	$	7,331	$	29,264	$	19,489

The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Employee Stock Purchase Plan (the ESPP), which became effective on January 24, 2024. The number of shares initially available for issuance pursuant to the ESPP is 812,242 shares. The ESPP provides for the sale of the Company's common stock to eligible employees at 85% of the fair market value of the Company's common stock at the commencement date of each offering period or the relevant date of purchase, whichever is lower. Payroll deductions are limited to 15% of the employee’s eligible compensation, subject to IRS limits. In addition, employees may not buy more than 100,000 shares during any purchase period or offering period. There were 54,054 and 69,393 shares purchased under the ESPP during the nine months ended September 30, 2026 and 2025, respectively, and 14,994 and 37,374 shares purchased under the ESPP during the three months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there were approximately 1.5 million shares available for issuance under the ESPP.

The Company recorded stock-based compensation expense under the ESPP of approximately $0.1 million and $0.6 million for the three months ended September 30, 2026 and 2025, respectively, and $0.8 million and $2.0 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company had $0.9 million of gross unrecognized stock-based compensation expense under the ESPP to be recognized over a weighted average period of 1.3 years.