The Company’s 2024 Omnibus Incentive Plan (the “2024 Plan”) was adopted by the Company’s board of directors in March 2024, was approved by the Company’s stockholders on June 6, 2024, and became effective on June 7, 2024. The 2024 Plan was intended to replace the Company’s Amended and Restated 2015 Omnibus Incentive Plan (the “2015 Plan”), and upon the effectiveness of the 2024 Plan, no further grants may be made under the 2015 Plan. All outstanding awards under the 2015 Plan will continue in accordance with the 2015 Plan and any award agreement executed in connection with such outstanding awards. The 2024 Plan provides for the grant of stock options (both incentive stock options and non-statutory stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance units, shares, and other stock-based awards. Stock-based awards are subject to terms and conditions established by the board of directors or the compensation committee of the board of directors. As of June 30, 2024, the number of shares of common stock available for grant under the 2024 Plan was 12,815,139 shares (which is comprised of 11,700,000 shares as approved by the Company's shareholders upon adoption of the 2024 Plan, plus 1,115,139 shares remaining available for issuance under the 2015 Plan as of the effectiveness of the 2024 Plan). As of June 30, 2024, no awards were granted under the 2024 Plan.

The Company’s 2021 Inducement Equity Incentive Plan (the “Inducement Plan”) was adopted by the Company’s board of directors in May 2021 and subsequently amended to increase the shares available for grant. The Inducement Plan provides for the grant of non-statutory stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares. Each award under the Inducement Plan is intended to qualify as an employment inducement grant in accordance with Nasdaq Listing Rule 5635(c)(4). As of June 30, 2024, the number of shares of common stock available for grant under the Inducement Plan was 486,217 shares.

The Savara Inc. Stock Option Plan (the “2008 Plan”) was adopted in 2008, and the Company no longer issues awards under the 2008 Plan. As of June 30, 2024, the Company had options outstanding to purchase 144,606 shares of common stock under the 2008 Plan. The outstanding awards granted under the 2008 Plan are fully vested and generally have a maximum contractual term of ten years.

The following table provides a summary of stock-based awards activity for the six months ended June 30, 2024:

Stock Options:


Outstanding at December 31, 2023	9,633,067
Granted	230,000
Exercised	(62,736	)
Expired/cancelled/forfeited	(65,312	)
Outstanding at June 30, 2024	9,735,019

The total compensation cost related to non-vested stock options not yet recognized as of June 30, 2024, was $7.6 million, which will be recognized over a weighted-average period of approximately 3.0 years.

RSUs:


Outstanding at December 31, 2023	3,488,250
Granted	142,500
Vested	(3,125	)
Forfeited	(67,500	)
Outstanding at June 30, 2024	3,560,125

The total compensation cost related to unvested RSUs not yet recognized as of June 30, 2024, was $7.6 million, which will be recognized over a weighted-average period of approximately 1.3 years.

Stock-based compensation expense is included in the following line items in the accompanying statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Research and development	$	600	$	280	$	1,903	$	534
General and administrative		1,596		678		2,550		1,288
Total stock-based compensation	$	2,196	$	958	$	4,453	$	1,822