In July 2016, the Company adopted the 2016 Stock Incentive Plan (the “2016 Plan”), which provided for the grant of restricted stock awards, restricted stock units, incentive stock options, non-statutory stock options, and other stock-based awards to the Company’s eligible employees, officers, directors, consultants, and advisors. As of the effective date of the 2019 Stock Incentive Plan (the “2019 Plan”), and as of December 31, 2024 and 2023, no shares remained available for future issuance under the 2016 Plan. Any options or other awards outstanding under the 2016 Plan remain outstanding and effective.

On July 2, 2019, the Company’s stockholders approved the 2019 Plan, which became effective on July 17, 2019. The 2019 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to the Company’s officers, employees, directors, consultants and advisors. The number of shares initially reserved for issuance under the 2019 Plan was 2,017,142 shares, plus the shares of common stock remaining available for issuance under the 2016 Plan as of July 17, 2019. The number of shares reserved was increased on January 1, 2020 and will be increased each January 1 thereafter through January 1, 2029 by the least of (i) 2,000,000 shares, (ii) 4% of the number of shares of the Company’s common stock outstanding on the first day of each such year or (iii) an amount determined by the Company’s board of directors. As of December 31, 2024, there were 5,207,362 shares available for future issuance under the 2019 Plan. On January 1, 2025, the number of shares reserved for issuance under the 2019 Plan was increased by 2,000,000 shares.

The shares of common stock underlying any awards that expire, terminate, or are otherwise surrendered, cancelled, forfeited or repurchased by the Company under the 2016 Plan or the 2019 Plan will be added back to the shares of common stock available for issuance under the 2019 Plan. As of July 17, 2019, no further awards will be made under the 2016 Plan.

In February 2022, the Company's board of directors adopted the 2022 Inducement Stock Incentive Plan (the "Inducement Plan"), pursuant to which the Company may grant, subject to the terms of the Inducement Plan and Nasdaq rules, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The Company initially reserved a total of 1,750,000 shares of common stock for the issuance of awards under the Inducement Plan. The number of shares reserved and available for issuance under the Inducement Plan can be increased at any time with the approval of the Company’s board of directors. The Inducement Plan permits the board of directors, a delegated committee of the board of directors, or a delegated officer of the Company to grant the stock-based awards available under the Inducement Plan to attract key employees for the growth of the Company. Effective March 8, 2023, the Company’s board of directors amended the Inducement Plan to increase the number of shares reserved for issuance by 2,000,000 shares. Effective May 18, 2023, the Company’s board of directors amended the Inducement Plan to increase the number of shares reserved for issuance by 1,400,000 shares. Effective June 17, 2024, the Company’s board of directors amended the Inducement Plan to increase the number of shares reserved for issuance by 1,000,000 shares. As of December 31, 2024, there were 1,896,209 shares available for future issuance under the Inducement Plan.

Stock options granted by the Company typically vest over a four year period and have a ten year contractual term. Shares issued upon the exercise of stock options are issued from the Company’s pool of authorized but unissued common stock. In addition to stock options granted under the 2019 Plan and 2016 Plan, the Company has granted stock options as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4), which were granted outside of the 2019 Plan and 2016 Plan. The following table summarizes the Company’s stock option activity during the year ended December 31, 2024:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		9,972,217		$	8.44		8.49	$	15,114,074
Granted		4,226,008			7.70
Exercised		(427,757	)		5.62
Cancelled		(4,415,769	)		10.08
Outstanding at December 31, 2024		9,354,699		$	7.46		8.03	$	5,353,463
Exercisable at December 31, 2024		4,349,742		$	9.06		7.35	$	2,045,339

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 as of the balance sheet date for those options that had exercise prices lower than the fair value of the Company’s common stock.

The weighted average grant date fair value of stock options granted in the years ended December 31, 2024 and 2023 was $6.31 per share and $4.64 per share, respectively. The total intrinsic value of stock options exercised in the years ended December 31, 2024 and 2023 was $1.4 million and $0.2 million, respectively.

The fair value of stock options granted during the years ended December 31, 2024 and 2023 has been calculated on the date of grant using the following weighted average assumptions:


	Year Ended December 31, 2024			Year Ended December 31, 2023
Risk-free interest rate		4.1	%		3.7	%
Expected dividend yield		0.0	%		0.0	%
Expected term (years)		6.0			6.1
Expected stock price volatility		103.3	%		98.6	%

The Company has also granted restricted stock units. The shares of common stock underlying restricted stock units typically vest over a four-year period. The shares of common stock are recorded in stockholders’ equity as they vest.

The following table summarizes the Company’s restricted stock unit activity during the year ended December 31, 2024:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		75,017		$	10.77
Granted		70,445			6.95
Vested		(22,326	)		10.65
Cancelled		(80,064	)		8.26
Unvested at December 31, 2024		43,072		$	9.25

The aggregate intrinsic value of all restricted stock units and restricted stock awards that vested during the years ended December 31, 2024 and 2023 was $0.2 million and $0.1 million, respectively.

The total compensation cost recognized in the statements of operations and comprehensive loss associated with all stock-based compensation awards granted by the Company is as follows (in thousands):


	Year Ended December 31,
	2024		2023
General and administrative	$	9,901	$	11,026
Research and development		4,653		3,776
Total stock-based compensation expense	$	14,554	$	14,802

As of December 31, 2024, the Company had an aggregate of $21.6 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 2.4 years.

On July 2, 2019, the Company’s stockholders approved the 2019 Employee Stock Purchase Plan (the “ESPP”), which became effective on July 17, 2019. A total of 252,142 shares of common stock were initially reserved for issuance under the ESPP. In addition, the number of shares of common stock reserved under the ESPP was increased on January 1, 2020, and will be increased annually on each January 1 thereafter through January 1, 2029, by the least of (i) 428,571 shares of common

stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the first day of each such year or (iii) an amount determined by the Company’s board of directors. As of December 31, 2024, there were 1,671,843 shares available for future issuance under the ESPP. On January 1, 2025, the number of shares reserved for issuance under the 2019 ESPP was increased by 428,571 shares.