Share-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Compensation Expense |
The Company recorded share-based compensation expense in the following expense categories in the unaudited interim consolidated statements of operations and comprehensive loss (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | Three Months Ended
June 30, 2024 | | Six Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2024 | | Research and development | $ | 4,115 | | | $ | 4,006 | | | $ | 8,272 | | | $ | 7,731 | | | General and administrative | 3,834 | | | 4,605 | | | 7,560 | | | 9,034 | | | $ | 7,949 | | | $ | 8,611 | | | $ | 15,832 | | | $ | 16,765 | |
Share-based compensation expense by award type was as follows included within the unaudited interim consolidated statements of operations and comprehensive loss: (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | Three Months Ended
June 30, 2024 | | Six Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2024 | Stock options | $ | 6,889 | | | $ | 5,775 | | | $ | 13,022 | | | $ | 11,207 | | Restricted share awards and units | 1,060 | | | 2,836 | | | 2,810 | | | 5,558 | | | $ | 7,949 | | | $ | 8,611 | | | $ | 15,832 | | | $ | 16,765 | |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activity for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted-Average Exercise Price Per Share | | Weighted-Average Remaining Contractual Term | | Aggregate Intrinsic Value (in millions) | Balance at January 1, 2025 | 17,434,119 | | | $ | 7.77 | | | 7.4 years | | | | Granted | 4,917,140 | | | $ | 16.00 | | | | | | | Exercised | (592,326) | | | $ | 5.95 | | | | | | | Forfeited | (647,096) | | | $ | 11.39 | | | | | | Balance at June 30, 2025 | 21,111,837 | | | $ | 9.63 | | | 7.5 years | | $ | 92.6 | | Exercisable at June 30, 2025 | 12,436,207 | | | $ | 7.75 | | | 6.4 years | | $ | 71.3 | | Vested and expected to vest at June 30, 2025 | 21,111,837 | | | $ | 9.63 | | | 7.5 years | | $ | 92.6 | |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards |
The fair value of each option was estimated on the date of grant under the Black-Scholes option pricing model using the weighted average assumptions in the table below: | | | | | | | | | | | | | Six Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2024 | | Expected term | 6.0 years | | 5.9 years | | Expected stock price volatility | 79.2 | % | | 76.2 | % | | Risk-free interest rate | 4.3 | % | | 3.9 | % | | Expected dividend yield | 0 | % | | 0 | % |
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| Schedule of Replacement Equity Award Activity |
The following table summarizes ordinary share activity related to the restricted stock programs for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock Awards | | Restricted Stock Units | | Number of Shares | | Weighted-Average Grant Date Fair Value Per Share | | Number of Shares | | Weighted-Average Grant Date Fair Value Per Share | Unvested at January 1, 2025 | 86,864 | | | $ | 20.00 | | | 1,510,077 | | | $ | 6.14 | | | Granted | — | | | $ | — | | | 108,610 | | | $ | 16.90 | | | Vested | (86,864) | | | $ | 20.00 | | | (408,454) | | | $ | 5.78 | | | Forfeited | — | | | $ | — | | | (106,850) | | | $ | 6.36 | | Unvested at June 30, 2025 | — | | | $ | — | | | 1,103,383 | | | $ | 7.31 | | | | | | | | | | Unrecognized compensation expense at June 30, 2025 (in thousands) | $ | — | | | | | $ | 6,932 | | | | | Expected weighted average recognition period | 0.0 years | | | | 2.7 years | | |
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