12. Stock-Based Compensation

The Company recorded stock-based compensation expense for all stock awards in the following expense categories of its condensed consolidated statements of operations (in thousands):

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RSUs and PSUs

As of September 30, 2026, there was $10.0 million of unrecognized compensation cost related to unvested restricted stock units (“RSUs”) that is expected to be recognized over a weighted average period of 1.9 years. As of September 30, 2026, there was $0.2 million of unrecognized compensation cost related to unvested performance-based restricted stock units (the “Performance Condition Based PSUs”) that is expected to be recognized over a weighted average period of 1.2 years.

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The maximum payout percentage for all performance-based restricted stock units, including Performance Condition Based PSUs, granted by the Company is 100%.

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Stock Options

As of September 30, 2026, there was $3.7 million of unrecognized compensation cost related to unvested options that is expected to be recognized over a weighted average period of 2.3 years.

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2026 Inducement Plan

In March 2026, the Company adopted the 2026 Inducement Plan (the “Inducement Plan”). The Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Nasdaq Marketplace Rule 5635(c)(4). In accordance with Rule 5635(c)(4), awards made under the Inducement Plan, including stock options and RSUs, may only be granted to newly hired employees as a material inducement to accept employment with the Company. Awards granted under the Inducement Plan expire no later than ten years from the date of grant. An aggregate of 1,000,000 shares of common stock were reserved for issuance under the Inducement Plan. During the nine months ended September 30, 2026, stock options to purchase an aggregate of 326,701 shares of common stock and RSUs covering an aggregate of 110,193 shares of common stock were granted to certain employees under the Inducement Plan.