v3.25.2
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
SHARE-BASED COMPENSATION  
Summary of options activities

The following is a summary of options activities during the six months ended June 30, 2025:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

 

average

 

 

Aggregate

 

 

 

 

 

average

 

 

remaining

 

 

intrinsic

 

 

Number of

 

 

exercise

 

 

contractual

 

 

value

 

 

options

 

 

price

 

 

term (years)

 

 

$

 

Outstanding as of December 31, 2024

 

 

12,082,166

 

 

$

1.45

 

 

 

9.1

 

 

$

—

 

Granted

 

 

353,878

 

 

$

0.54

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(1,584,194

)

 

$

1.31

 

 

 

 

 

 

 

Expired

 

 

(871,255

)

 

$

5.91

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

9,980,595

 

 

$

1.05

 

 

 

9.0

 

 

$

4,630,883

 

Options vested and exercisable as of June 30, 2025

 

 

2,468,568

 

 

$

2.36

 

 

 

8.4

 

 

$

903,358

 
Schedule of non-vested RSU activities

The following is a summary of RSU activities during the six months ended June 30, 2025:

 

 

 

 

Weighted average

 

 

 

Number of

 

 

grant date

 

 

 

RSUs

 

 

fair value

 

Unvested as of December 31, 2024 (1)

 

 

5,377,416

 

 

$

0.75

 

Granted

 

 

269,100

 

 

$

0.53

 

Vested

 

 

(655,676

)

 

$

1.55

 

Forfeited

 

 

(523,183

)

 

$

1.36

 

Unvested as of June 30, 2025 (1)

 

 

4,467,657

 

 

$

0.54

 

 

(1)
Included in the unvested awards as of June 30, 2025 and December 31, 2024 were 2,863,500 units that will be eligible to vest upon the satisfaction of specified market-based conditions tied to the price of the Company’s publicly traded shares at three distinct price threshold levels (the “Market-based Units”). As of June 30, 2025, 2,863,500 Market-based Units remained outstanding.
Schedule of valuation assumptions used

The Group used the following significant assumptions as inputs in the OPM to determine the fair value of the put-right liability:

 

Put right liability - Series B

As of June 30, 2024

 

Equity market adjustment

 

0

%

Expected time to change in control (Years)

3.0

 

Estimated volatility

 

44

%

Risk-free rate (Based on the zero-coupon U.S. Treasury bond)

 

4.49

%

 
Schedule of share-based compensation expenses

The total share-based compensation expense related to employees and non-employee directors are reported in the following financial statement line items on the consolidated statements of comprehensive loss:

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Research and development expenses

 

$

(65

)

 

$

300

 

Administrative expenses

 

 

637

 

 

 

(3,391

)

Equity in loss of affiliate

 

 

—

 

 

 

(674

)

Total

 

$

572

 

 

$

(3,765

)
Black-Scholes Option Pricing Model  
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used

The assumptions used in the BSOPM and BOPM, respectively, were as follows:

 

Six Months Ended

 

 

 

June 30, 2025

 

Weighted average expected term (years)

 

 

6.0

 

Weighted average expected volatility

 

 

86.8

%

Risk-free interest rate

 

 

4.1

%

Dividend yield

 

 

—

 

 

 

Six Months Ended

 

 

 

June 30, 2024

 

Weighted average expected term (years)

 

 

6.0

 

Weighted average expected volatility

 

 

87.4

%

Risk-free interest rate

 

 

4.6

%

Dividend yield

 

 

—