The 2022 Plan provides for the Company to grant incentive stock options (“ISO”) or non-qualified stock options, unrestricted stock awards, restricted stock awards and restricted stock units (collectively, the “Awards”) to the employees, directors, and consultants of the Company. The 2022 Plan is administered by the board of directors, or at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated.

The remaining shares reserved for issuance under the 2022 Plan ceased to be available for issuance at the time that the 2024 Plan became effective. There will be no further awards granted under the 2022 Plan, but all outstanding awards under the 2022 Plan will continue to be governed by their existing terms.

Subsequent to the effectiveness of the 2024 Plan, the shares of common stock underlying any awards under the 2022 Plan that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than by exercise) and shares withheld upon exercise of an option or settlement of an award to cover the exercise price or tax withholding will be added to the shares of common stock available for issuance under the 2024 Plan.

In May 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Plan, which became effective in June 2024. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors, and consultants. The 2024 plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. In addition, the number of shares reserved and available for issuance under the 2024 Plan will automatically increase on each January 1, by five percent of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. On January 1, 2026, the annual increase resulted in an additional 2,388,628 shares being added to the 2024 Plan. As of March 31, 2026, there have been 115,936 stock-based awards cancelled under the 2022 Plan from which the underlying shares were added to the shares reserved under the 2024 Plan. As of March 31, 2026, the Company had 2,407,533 shares remaining available for future grants.

The shares of common stock underlying any awards under the 2024 Plan and the 2022 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire, or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2024 Plan.

In May 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 ESPP, which became effective in June 2024. The 2024 ESPP initially reserved and authorized the issuance of up to a total of 324,243 shares of the Company’s common stock to participating employees. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase on each January 1 thereafter through January 1, 2034, by the lesser of (i) 648,486 shares of common stock, (ii) one percent of the outstanding number of shares of common stock on the immediately preceding December 31, or (iii) such lesser number of shares of common stock as determined by the administrator of the 2024 ESPP. On January 1, 2026, the administrator determined that no additional shares would be reserved and authorized pursuant to the 2024 ESPP. The number of shares reserved under the 2024 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. As of March 31, 2026, the Company had 690,045 shares reserved for the 2024 ESPP.

No shares were issued during the three months ended March 31, 2026 relating to the 2024 ESPP.

The Company has granted stock options with service-based vesting conditions. Stock options generally vest over four years and have a maximum term of ten years. The Company typically grants stock options to employees and non-employees at exercise prices deemed by the Board to be equal to the fair value of the common stock at the time of grant. The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Number of Shares			Weighted- Average Exercise Price per share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2025		6,287,477		$	12.23		8.62	$	113,839
Granted		1,937,970			27.76
Exercised		(80,867	)		10.01
Forfeited		(117,166	)		21.86
Options outstanding at March 31, 2026		8,027,414		$	15.86		8.69	$	123,835
Options vested and exercisable at March 31, 2026		2,464,603			11.03		8.12		49,941
Options vested and expected to vest at March 31, 2026		8,027,414		$	15.86		8.69	$	123,835

The weighted-average grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $19.59 and $11.98 per share, respectively. As of March 31, 2026, there was $72.6 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a remaining weighted average period of 2.7 years.

The Company has awarded RSAs both under the 2022 Plan as well as outside of the 2022 Plan. To date, the Company has not awarded any RSAs under the 2024 Plan.

The majority of the RSAs have service-based vesting conditions and vest over a period from immediately to four years. Compensation expense is recognized on a straight-line basis over the requisite service period.

The following table summarizes the Company’s service-based RSA grant activity for the three months ended March 31, 2026:


	RSAs			Weighted- Average Grant Date Fair Value
Unvested shares at December 31, 2025		411,833		$	3.94
Granted		—			—
Vested		(87,574	)		3.84
Forfeited		(28,846	)		2.92
Unvested shares at March 31, 2026		295,413		$	4.06

The aggregate intrinsic fair value of service-based RSAs that vested during the three months ended March 31, 2026 and 2025, was $2.5 million and $1.9 million, respectively. As of March 31, 2026, there was $1.1 million of total unrecognized compensation cost related to unvested service-based RSAs, which is expected to be recognized over a remaining weighted average period of 1.0 years.

The Company has also granted performance-based RSAs to certain employees and directors with a vesting commencement date contingent upon the subsequent closing of the Company’s Series A convertible preferred stock financing. The Company has determined that it has met all the conditions to establish the grant date for these performance-based RSAs at the original issuance date. Therefore, these awards are deemed to contain an implied performance condition. The vesting of the performance-based RSAs is also subject to grantees’ continued service until the 4th anniversary date of the closing of a subsequent financing.

Share-based compensation expense associated with the performance-based RSAs is recognized if the performance condition is considered probable of achievement. In February 2023, the existing Series A convertible preferred stock investors waived the second and third tranche milestones and the Company closed on the sale of its second and third tranches of Series A convertible preferred stock. As a result, the performance condition was deemed to be met.

The following table summarizes the Company’s performance-based RSA grant activity for the three months ended March 31, 2026:


	RSAs			Weighted- Average Grant Date Fair Value
Unvested shares at December 31, 2025		212,977		$	3.72
Granted		—			—
Vested		(44,591	)		3.74
Forfeited		(24,129	)		2.92
Unvested shares at March 31, 2026		144,257		$	3.85

The aggregate intrinsic fair value of performance-based RSAs that vested during the three months ended March 31, 2026 and 2025 was $1.2 million and $0.7 million, respectively. As of March 31, 2026, there was $0.1 million of total unrecognized compensation cost related to unvested performance-based restricted common stock, which is expected to be recognized over a remaining weighted average period of 0.6 years.

In March 2025, the Company awarded 13,987 restricted stock units under the 2024 Plan to an employee. Each RSU represents a right to receive one share of the Company’s Common Stock when it becomes vested. The RSUs vest in two equal tranches over a two year period starting on the grant date subject to the satisfaction of a service relationship with the Company. During the three months ended March 31, 2026, 6,994 RSUs vested, with 6,993 shares unvested as of March 31, 2026.

As of March 31, 2026, the unrecognized compensation expenses associated with the RSUs were immaterial. The Company did not award any RSUs in the three months ended March 31, 2026.

In December 2024, the Company granted 95,500 performance-based restricted stock units (“PSUs”) to certain employees. Each PSU represents a right to receive one share of the Company’s Common Stock when it becomes vested.

The PSUs vest in two equal tranches over two performance periods starting on the grant date and ending, respectively, on December 31, 2025, and December 31, 2026, subject to the satisfaction of both service and performance conditions specifically defined for each performance period and each PSU award. The performance conditions are related to the achievement of certain program milestones in the Company’s drug discovery and development process.

In December 2025, the Compensation Committee confirmed the achievement of certain performance milestones for the first tranche of the PSUs related to the achievement of certain drug discovery and development milestones in 2025, with 34,750 PSU shares vesting on December 31, 2025, and also confirmed there were certain milestones for the first tranche that were not achieved, resulting in the forfeiture of 13,000 PSU awards. In connection with the December 31, 2025 PSU vesting tranche, the Company recognized $0.9 million compensation expense.

During the three months ended March 31, 2026, the Company did not recognize any additional compensation expense for the PSUs, as no additional performance conditions were considered probable of being met.

There were no PSUs granted in the three months ended March 31, 2026 and 2025. As of both March 31, 2026 and December 31, 2025, the unrecognized compensation expenses associated with the PSUs were $1.0 million, with 47,750 shares unvested as of March 31, 2026.

The Company recorded stock-based compensation expense for stock options of $6.6 million and $3.3 million in the three months ended March 31, 2026 and 2025, respectively. The Company recorded stock-based compensation expense for RSAs of $0.3 million and $0.7 million in the three months ended March 31, 2026 and 2025, respectively. The following table below summarizes the classification of the Company’s stock-based compensation expense related to stock options and restricted common stock awards in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	For the Three Months Ended March 31,
	2026		2025
General and Administrative	$	4,169	$	2,719
Research and Development		2,794		1,321
	$	6,963	$	4,040