Share-based compensation

3 Months Ended

Mar. 31, 2026

Share-based compensation

Share-based compensation

10. Share-based compensation

2020 Equity Incentive Plan

In September 2020, the Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan, which supersedes all prior equity incentive plans. On January 1, 2026, the number of shares available for future issuance under the 2020 Plan increased by 4,525,327 shares. As of March 31, 2026, there were 5,094,182 shares available for issuance under the 2020 Plan.

In October 2023, the Company completed its merger with Morphimmune, Inc. and assumed the Morphimmune 2020 Equity Incentive Plan, or the Morphimmune Plan. There were 558,377 shares available for issuance under the Morphimmune Plan as of March 31, 2026.

2024 Inducement Plan

In October 2024, the Company adopted the 2024 Inducement Plan, or the 2024 Plan, and reserved 2,000,000 shares of the Company’s common stock to be used exclusively for grants of equity awards to individuals that were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company. In May 2025, the Compensation Committee of the Board of Directors of the Company approved an amendment to the 2024 Plan increasing the aggregate shares reserved under the 2024 Plan from 2,000,000 to 3,500,000. The terms and conditions of the 2024 Plan are substantially similar to the Company’s 2020 Plan. As of March 31, 2026, there were 927,551 shares available for issuance under the 2024 Plan.

Stock options granted for Chief Executive Officer

In June 2023, Clay Siegall, Ph.D. was granted 2,137,080 options to purchase shares of the Company’s common stock, or the Inducement Grant.

The Inducement Grant, the Morphimmune Plan, the 2024 Plan and the 2020 Plan are collectively referred to as the Plans.

2020 Employee Stock Purchase Plan

The Company adopted the 2020 Employee Stock Purchase Plan, or ESPP, in September 2020. On January 1, 2026, the shares of common stock authorized for issuance under the ESPP increased by 1,000,000 shares. As of March 31, 2026, there were 2,550,859 shares available for issuance under the ESPP. No shares of common stock have been issued under the ESPP as of March 31, 2026.

Stock options

A summary of option activity under the Plans during the three months ended March 31, 2026 is as follows:

	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		15,856,758		$	10.15		8.49	$	180,668
Granted		500,000			22.53
Exercised		(38,197	)		6.00
Forfeited		(100,451	)		10.09
Expired		—			—
Outstanding at March 31, 2026		16,218,110		$	10.54	8.29		$	184,915
Exercisable at March 31, 2026		6,362,911		$	8.48		7.50	$	85,576

Aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the options and the Company’s fair value of its common stock as of period end.

The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $17.79 and $7.76 per share, respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $0.5 million and $2.1 million, respectively.

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Three Months Ended March 31,
	2026			2025
Expected volatility		96.1	%		90.4	%
Risk-free interest rate		3.8	%		4.3	%
Expected term (in years)		6.08			6.08
Expected dividend yield		—	%		—	%

Share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Research and development	$	3,711	$	2,434
General and administrative		4,242		3,269
Total share-based compensation expense	$	7,953	$	5,703

Unrecognized share-based compensation related to stock options was $81.7 million as of March 31, 2026 and is expected to be recognized over a weighted average period of 2.8 years.