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Stock Option and Grant Plan | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock Option and Grant Plan | 6. Stock Option and Grant Plan Stock Incentive Plan General Option Information A summary of option activity for the three months ended March 31, 2026 is as follows:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2025 |  |  | 9,407,851 |  |  | $ | 11.93 |  |  |  | 7.2 |  |  | $ | 42,967 |
Granted |  |  | 2,574,095 |  |  | $ | 13.99 |  |  |  |  |  |  |
Exercised |  |  | (465,661 | ) |  | $ | 6.94 |  |  |  |  |  | $ | 3,161 |
Cancelled or forfeited |  |  | (74,343 | ) |  | $ | 11.44 |  |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 11,441,942 |  |  | $ | 12.60 |  |  |  | 7.9 |  |  | $ | 49,741 |
Options exercisable as of March 31, 2026 |  |  | 5,560,686 |  |  | $ | 14.84 |  |  |  | 6.6 |  |  | $ | 22,717 |
Options unvested as of March 31, 2026 |  |  | 5,881,256 |  |  | $ | 10.48 |  |  |  | 9.1 |  |  | $ | 27,023 |
Weighted average grant-date fair value of options granted during the period |  | $ | 11.69 |  |  |  |  |  |  |  |  |  |
The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $3.2 million and $0.1 million, respectively. The total fair value of stock options vested during the three months ended March 31, 2026 and 2025 was $4.6 million and $6.7 million, respectively. Restricted Stock Unit Activity A summary of restricted stock unit, or RSU, activity for the three months ended March 31, 2026 is as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested as of December 31, 2025 |  |  | 2,725,084 |  |  | $ | 8.12 |
Granted |  |  | 1,952,447 |  |  | $ | 14.01 |
Vested |  |  | (676,314 | ) |  | $ | 10.95 |
Forfeited |  |  | (68,067 | ) |  | $ | 7.76 |
Nonvested as of March 31, 2026 |  |  | 3,933,150 |  |  | $ | 10.56 |
Performance-Based Restricted Stock Unit Activity In 2025, the Company granted performance-based restricted stock units, or PSUs, whereby vesting depends upon the occurrence of certain milestone events, or the 2025 PSUs. When the achievement of milestone events, which include certain clinical milestones related to avexitide for the treatment of PBH, becomes probable, compensation cost will be recognized from the grant date over the requisite service period and a cumulative catch-up adjustment will be recorded to reflect the portion of the employees' requisite service that has been provided to date. As of March 31, 2026, none of the milestone events related to the 2025 PSUs had been deemed probable of being achieved. A summary of PSU activity for the three months ended March 31, 2026, is as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested as of December 31, 2025 |  |  | 2,089,494 |  |  | $ | 6.01 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (39,925 | ) |  | $ | 6.48 |
Nonvested as of March 31, 2026 |  |  | 2,049,569 |  |  | $ | 6.00 |
Summary of Stock-Based Compensation Expense Stock-based compensation expense for the three months ended March 31, 2026 and 2025, is as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 1,755 |  |  | $ | 1,822 |
Selling, general and administrative |  |  | 4,365 |  |  |  | 5,011 |
Total stock-based compensation expense |  | $ | 6,120 |  |  | $ | 6,833 |
The following table summarizes unrecognized stock-based compensation expense as of March 31, 2026, by type of awards (in thousands), and the weighted-average period over which that expense is expected to be recognized (in years). The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.
|  | March 31, 2026 |
|  | Unrecognized Expense |  |  | Weighted-average Recognition Period |
Stock options |  | $ | 45,239 |  |  |  | 3.10 |
Restricted stock units |  | $ | 39,633 |  |  |  | 3.35 |
Performance-based restricted stock units |  | $ | 12,298 |  |  |  | — |

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