v3.25.2
Share-based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-based Compensation  
Schedule of restricted share units

    

    

Weighted

Number of

Average

    

RSUs

    

Grant Date FV

Unvested RSUs outstanding as of December 31, 2024

 

874,923

$

5.99

Released

(220,391)

5.71

Unvested RSUs outstanding as of June 30, 2025

 

654,532

$

6.08

Schedule of restricted share awards

    

    

Weighted

Average

Number of

Grant Date

    

RSAs

    

Fair Value

Unvested RSAs outstanding as of December 31, 2024

 

374,995

$

8.16

Vested

 

(124,998)

 

8.16

Unvested RSAs outstanding as of June 30, 2025

 

249,997

$

8.16

Schedule of share-based compensation expense

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

    

2025

    

2024

    

2025

    

2024

Research and development

$

376

$

636

$

894

$

1,069

General and administrative

 

3,356

2,290

6,482

4,266

Total share-based compensation expense

$

3,732

$

2,926

$

7,376

$

5,335

Equity Incentive Plan 2023  
Share-based Compensation  
Schedule of weighted-average assumptions used to estimate the fair value

For the Six Months Ended

    

June 30, 

    

2025

    

2024

    

Share price

$

1.19

$

3.49

Expected volatility

100.0

%

101.1

%

Risk-free rate

4.1

%

4.2

%

Expected term (in years)

6.1

6.1

Expected dividend yield

0

%

0

%

Schedule of company's share option activity

    

    

    

Weighted

    

Weighted

Average

Aggregate

Average

Remaining

Intrinsic

Number of

Exercise Price

Contractual

Value

    

Options

    

(per share)

    

Life (Years)

    

(in thousands)

Options outstanding as of December 31, 2024

 

12,217,747

$

2.88

8.9

$

8,388

Granted

4,824,440

$

1.19

Exercised

(75,468)

$

1.20

Forfeited

 

(83,339)

$

1.70

Options outstanding as of June 30, 2025

 

16,883,380

$

2.41

8.8

$

2,951

Options vested and exercisable as of June 30, 2025

 

6,251,027

$

2.20

8.3

$

2,374