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Stock-based compensation for the periods presented was as follows (in thousands):

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During the six months ended June 30, 2025, we granted stock options to purchase 619,572 shares of common stock with weighted-average grant-date fair value of $16.95 per share, and the grants generally vest over 3 years. During the six months ended June 30, 2025, 140,126 stock options were exercised. As of June 30, 2025, there were 3,846,358 stock options outstanding, of which, 168,564 are outstanding performance-based stock options wherein the achievement of the corresponding corporate-based milestones were assessed not probable as of June 30, 2025. Accordingly, none of the $3.2 million grant date fair value for these awards has been recognized as stock-based compensation expense as of June 30, 2025.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The following table summarizes the weighted-average assumptions relating to options granted pursuant to our 2018 Equity Incentive Plan (2018 Plan) and our Inducement Plan, as amended (Inducement Plan, and together with 2018 Plan, the Equity Incentive Plans) for the periods presented:

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During the six months ended June 30, 2025, we granted 340,817 RSUs with a grant-date weighted-average fair value of $19.27 per share, and the grants generally vest over 3 years. During the six months ended June 30, 2025, 143,691 RSUs were released. As of June 30, 2025, there were 565,846 RSUs outstanding.

As of June 30, 2025, there was approximately $20.5 million of unrecognized stock-based compensation cost which is expected to be recognized over a remaining weighted-average period of 2.19 years, related to time-based stock options, performance-based stock options wherein achievement of the corresponding corporate-based milestones was considered as probable, and RSUs.

During the six months ended June 30, 2025, our Board of Directors approved an additional 23,350 shares of common stock reserved for issuance under our Inducement Plan. In May 2025, our stockholders approved an amendment to our 2018 Plan to, among other items, add an additional 700,000 shares to the number of shares of common stock authorized for issuance under our 2018 Plan. As of June 30, 2025, there were 1,396,042 shares of common stock available for future grant under our Equity Incentive Plans.

Employee Stock Purchase Plan

Our Purchase Plan provides for a 24-month offering period comprises four six-month purchase periods with a look-back option. A look-back option is a provision in our Purchase Plan under which eligible employees can purchase shares of our common stock at a price per share equal to the lesser of 85% of the fair market value on the first day of the offering period or 85% of the fair market value on the purchase date. Our Purchase Plan also includes a feature that provides for a new offering period to begin when the fair market value of our common stock on any purchase date during an offering period falls below the fair market value of our common stock on the first day of such offering period. This feature is called a “reset.” Participants are automatically enrolled in the new offering period.

Our 24-month offering period under our Purchase Plan ended on June 30, 2024, and a new 24-month offering period started on July 1, 2024. The fair value of awards under our Purchase Plan is estimated on the date of our new offering period using the Black-Scholes option pricing model, which is being amortized over the requisite service periods. As of June 30, 2025, there was approximately $0.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a remaining weighted-average period of 0.81 years, related to our Purchase Plan.

During the six months ended June 30, 2025, there were 39,801 shares purchased under the Purchase Plan. As of June 30, 2025, there were 144,373 shares reserved for future issuance under the Purchase Plan.