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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 2017 Stock Incentive Plan The Board adopted the 2017 Stock Incentive Plan (the "2017 Plan") in February 2017, and the stockholders approved the 2017 Plan in March 2017. The 2017 Plan was most recently amended in March 2020. As of June 30, 2026, there was an aggregate of 329,795 shares of common stock issuable upon the exercise of outstanding options under the 2017 Plan. Any options or awards outstanding under the 2017 Plan remain outstanding and effective. 2020 Equity Incentive Plan In April 2020, the 2020 Equity Incentive Plan (the "2020 Plan") became effective, and, as a result, no further awards will be made under the 2017 Plan. The 2020 Plan provides for the grant of stock options qualifying as incentive stock options, to employees and for the grant of nonstatutory stock options, restricted stock awards, RSU awards, stock appreciation rights, performance stock awards and other forms of stock compensation to employees, consultants and directors. The 2020 Plan also provides for the grant of performance cash awards to employees, consultants and directors. Any previously granted awards under the 2017 Plan will remain outstanding in accordance with their respective terms. Under the 2020 Plan, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Board. On January 1, 2026, the Company increased the number of shares available for future grant under the 2020 Plan by 781,748 shares. The awards granted under the 2020 Plan typically vest over a two- to four-year period and have a 10-year contractual term. As of June 30, 2026, there was an aggregate of 4,130,341 shares of common stock issuable upon the exercise of outstanding options and 720,365 shares of common stock issuable upon the vesting of the outstanding RSU awards under the 2020 Plan. Additionally, there were an aggregate of 3,082,375 shares reserved for future issuance under the 2020 Plan, including shares forfeited from the 2017 Plan. Restricted Stock Units A summary of RSU award activity during the six months ended June 30, 2026 is as follows (in thousands except share and per share data):
| Number of Units |  | Weighted Average Grant-Date Fair Value
Outstanding RSU awards as of December 31, 2025 | 716,850 |  |  | $ | 12.37 |
Granted | 216,365 |  |  | 14.69 |
Vested | (201,178) |  |  | 11.70 |
Forfeited | (11,672) |  |  | 13.33 |
Outstanding RSU awards as of June 30, 2026 | 720,365 |  |  | $ | 13.23 |
The summary of RSU award activity includes 90,500 performance-based awards granted during the year ended December 31, 2025. As of June 30, 2026, there has been no expense recognized for the performance-based awards, for w hich the performance criteria was not deemed probable as of June 30, 2026. As of June 30, 2026, there was approximately $7.9 million of unrecognized stock-based compensation expense related to RSU awards that is expected to vest, including $1.4 million unrecognized stock-based compensation expen se related to performance-based awards. These costs are expected to be recognized over a weighted-average remaining vesting period of approximat ely 1.97 years. The aggregate fair value of RSU awards that vested during the six months ended June 30, 2026 and 2025 was $3.2 million and zero, respectively. Stock Options A summary of option activity during the six months ended June 30, 2026 is as follows (in thousands except share and per share data):
| NUMBER OF OPTIONS |  | WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding as of December 31, 2025 | 3,901,706 |  |  | $ | 38.52 |
Granted | 870,503 |  |  | 15.21 |
Exercised | (82,304) |  |  | 0.36 |
Cancelled or Forfeited | (75,625) |  |  | 58.15 |
Expired | (154,144) |  |  | $ | 39.51 |
Outstanding as of June 30, 2026 | 4,460,136 |  |  | $ | 34.30 |
Options exercisable as of June 30, 2026 | 3,127,451 |  |  | $ | 36.62 |
The weighted-average grant date fair value price per share of options granted during the six months ended June 30, 2026 and 2025 was $11.00 and $10.36, res pectively. As of June 30, 2026, th ere was $23.0 million of unrecognized stock-based compensation expense related to unvested service-based stock options and $0.2 million of unrecognized stock-based compensation expense related to performance-based and market-based stock options. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.47 years. The summary of option activity includes 125,000 performance-based stock options, 62,500 of which were cancelled during the six months ended June 30, 2026. The options include performance-based and service-based vesting criteria. During the six months ended June 30, 2026, the Company recogniz ed $0.2 million of stock-based compensation expense related to these performance-based options. As of June 30, 2026, there was $0.2 million o f unrecognized stock-based compensation expense related to service-based vesting criteria that the Company expects to recognize. The summary of option activity also includes 100,000 market-based stock options that were granted during the six months ended June 30, 2026. The Company measured the fair value of the market-based awards on the grant date using a Monte Carlo Simulation, incorporating various option pricing inputs. The weighted-average grant date fair value of the market-based awards is estimated as $10.85 per share and the total compensation expense is $1.1 million. Due to a non-substantive explicit service condition, the total compensation expense was recognized during the six months ended June 30, 2026. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of the stock options outstanding and stock options exercisable was $3.4 million and $3.4 million as of June 30, 2026, respectively. The aggregate intrinsic value of stock options exercised was $0.9 million and $0.6 million during the six months ended June 30, 2026 and 2025, respectively. 2020 Employee Stock Purchase Plan In March 2020, the Board adopted and the Company's stockholders approved the 2020 Employee Stock Purchase Plan ("ESPP"). The ESPP became effective on April 7, 2020. Under the ESPP, eligible employees can purchase shares of the Company's common stock, based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of the Company's common stock on the first trading day of the twenty-four month offering period, or on the applicable purchase date. Each offering under the ESPP consists of two twelve-month purchase periods. Under the ESPP, there is an annual increase on January 1 of each year from January 1, 2021 continuing through January 1, 2030, by the lesser of (i) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (ii) 455,852 shares or (iii) a lesser number of shares as may be determined by the Board. On January 1, 2026, the Company increased the number of shares available for future grant under the ESPP by 195,437 shares. If purchase rights granted under the ESPP terminate without having been exercised, the shares of our common stock not purchased under such purchase rights will again become available for issuance under the ESPP. As of June 30, 2026, 11,806 shares of common stock were purchased under the ESPP. As of June 30, 2026, there was an aggregate of 1,837,039 shares reserved for future issuance under the ESPP. Stock-Based Compensation Expense Total stock-based compensation expense recorded for employees, directors and non-employees during the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
| THREE MONTHS ENDED JUNE 30, |  | SIX MONTHS ENDED JUNE 30, |  |  |  |
2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |  |  |  |  |
Research and development | $ | 2,480 |  |  | $ | 4,973 |  |  | $ | 4,767 |  |  | $ | 10,238 |  |  |  |  |  |  |  |  |
General and administrative | 2,897 |  |  | 3,569 |  |  | 6,809 |  |  | 7,167 |  |  |  |  |  |  |  |  |
Total stock-based compensation expense | $ | 5,377 |  |  | $ | 8,542 |  |  | $ | 11,576 |  |  | $ | 17,405 |  |  |  |  |  |  |  |  |

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