The number of shares of common stock available for issuance under the Company's 2021 Equity Incentive Plan automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2026, the total number of shares available for future issuance was 4,884,618.

The following table summarizes stock option activity for the three months ended March 31, 2026:


	Options			Weighted-Average Exercise Price
Outstanding at December 31, 2025		13,757,773		$	6.47
Granted		3,746,250		$	9.13
Exercised		(55,836	)	$	4.10
Forfeited		(132,917	)	$	2.60
Balance at March 31, 2026		17,315,270		$	7.08

Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,831	$	1,647
General and administrative		2,093		1,892
Total	$	3,924	$	3,539

The number of shares of common stock available for issuance under the Company's ESPP automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2026, the Company had issued 697,652 shares of the Company's common stock under the ESPP and had 2,754,856 shares available for future issuance.