v3.25.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions Used in Black -Scholes Valuation Model

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of stock options granted:

 

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Expected life (in years)

 

 

6.01

 

 

 

5.88

 

 

 

6.04

 

Expected volatility

 

 

104.7

%

 

 

91.4

%

 

 

76.1

%

Expected dividend yield

 

 

%

 

 

%

 

 

%

Risk-free interest rate

 

 

4.23

%

 

 

4.24

%

 

 

3.91

%

Grant date weighted average fair value

 

$

11.81

 

 

$

22.62

 

 

$

18.87

 

Summary of Share Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2025:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (Years)

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding – December 31, 2024

 

 

8,078,752

 

 

$

32.38

 

 

7.2

 

$

9,247

 

Granted

 

 

2,029,190

 

 

$

11.37

 

 

 

 

 

 

Exercised

 

 

(103,440

)

 

$

10.72

 

 

 

 

 

 

Forfeited/cancelled

 

 

(1,135,895

)

 

$

33.90

 

 

 

 

 

 

Outstanding – December 31, 2025

 

 

8,868,607

 

 

$

29.20

 

 

6.26

 

$

13,333

 

Exercisable – December 31, 2025

 

 

6,046,218

 

 

$

33.12

 

 

5.45

 

$

8,652

 

Summary of Restricted Stock Unit, Activity

The following table summarizes the Company’s RSU activity for the year ended December 31, 2025:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant
Date
Fair Value

 

Outstanding – December 31, 2024

 

 

18,786

 

 

$

34.92

 

Awarded

 

 

-

 

 

 

 

Released

 

 

-

 

 

 

 

Forfeited

 

 

-

 

 

 

 

Outstanding – December 31, 2025

 

 

18,786

 

 

$

34.92

 

Schedule of Share-based Compensation Expenses

Share-based compensation expenses included in the Company’s statements of operations and comprehensive income loss for the years ended December 31, 2025, 2024 and 2023 were:

 

 

 

For the Year Ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Research and development

 

$

13,248

 

 

$

18,456

 

 

$

14,950

 

General and administrative

 

 

12,160

 

 

 

19,532

 

 

 

19,699

 

Total

 

$

25,408

 

 

$

37,988

 

 

$

34,649