Stock-Based Awards

9 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

9. Stock-Based Awards

The Company grants stock-based awards, including stock options, restricted stock units and other unit awards under its 2019 Equity Incentive Plan (the “2019 Plan”), which was approved by its stockholders on February 28, 2019 and amended in March 2021, March 2022, March 2023, March 2024, December 2024, and March 2025, and its 2024 Inducement Stock Incentive Plan, which was adopted by the Board of Directors in April 2024 and amended in December 2024 for awards to new employees. The Company also has outstanding stock option awards under its 2012 Equity Incentive Plan (the “2012 Plan”), but is no longer granting awards under this plan.

The following table summarizes stock option activity, including performance-based options, for the year-to-date period ending June 30, 2025:


	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	(in thousands)					(in years)		(in thousands)
Outstanding as of September 30, 2024		5,184		$	42.67		6.3	$	1,416
Granted		1,182			8.62
Exercised		(11	)		8.99
Forfeited		(88	)		20.37
Expired		(314	)		47.98
Outstanding as of June 30, 2025		5,953		$	36.02		6.4	$	92
Options vested and expected to vest as of June 30, 2025		5,953		$	36.02		6.4	$	92
Options exercisable as of June 30, 2025		3,873		$	46.84		5.2	$	17

Market and Performance-Based Stock Unit Awards

The Company awards both performance share units, or PSUs, and relative total stockholder return units, or rTSRUs, to its executive officers. The number of units granted represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 150% of the target number. The number of shares cancelled represents the target number of shares, less any shares that vested. The following table summarizes PSU and rTSRU activity (at target) for the year-to-date period ending June 30, 2025:


	PSUs					rTSRUs
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
	(in thousands)					(in thousands)
Unvested as of September 30, 2024		92		$	27.98		92		$	25.09
Granted		69			20.44		46			8.57
Vested		(68	)		47.24		—			—
Cancelled		—			—		(45	)		40.32
Unvested as of June 30, 2025		93		$	8.47		93		$	9.57

Restricted Stock Units

The following table summarizes the restricted stock unit activity for the year-to-date period ending June 30, 2025:


	Restricted Stock Units			Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of September 30, 2024		428		$	36.37
Granted		176			8.67
Vested		(146	)		41.35
Cancelled		(44	)		16.71
Unvested as of June 30, 2025		414		$	24.92

Stock-Based Compensation Expense

During the three and nine months ended June 30, 2025 and 2024, the Company recognized the following stock-based compensation expense:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Research and development	$	1,783	$	1,738	$	4,605	$	5,587
General and administrative		2,394		3,679		9,926		13,490
	$	4,177	$	5,417	$	14,531	$	19,077



	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Stock options	$	2,805	$	3,632	$	9,149	$	11,805
Restricted stock units		1,262		1,525		4,011		4,597
rTSRUs		110		260		557		963
Performance stock units		—		—		814		1,712
	$	4,177	$	5,417	$	14,531	$	19,077

During the three and nine months ended June 30, 2025 and 2024, the Company recognized stock-based compensation expense for performance-based stock units for which vesting became probable upon achievement of performance-based targets that occurred during the performance period.

As of June 30, 2025, the Company had an aggregate of $24,193 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 1.9 years.