v3.26.1
Share-based compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-based compensation  
Schedule of share based compensation expense

The Company recorded share-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

 

Year Ended

 

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Research and development expenses

$

18,024

$

19,424

$

15,581

General and administrative expenses

 

21,440

 

18,657

 

16,896

$

39,464

$

38,081

$

32,477

Schedule of share option activity

Number of

Weighted

Shares

Weighted

Average

Aggregate

Underlying

Average

Contractual

Intrinsic

  ​ ​ ​

Share Options

  ​ ​ ​

Exercise Price

  ​ ​ ​

Term

  ​ ​ ​

Value

(in years)

(in thousands)

Outstanding as of December 31, 2024

 

8,748,726

$

22.41

 

6.81

$

9,559

Granted

 

1,916,838

 

12.38

 

 

Exercised

 

(10,116)

 

3.39

 

 

Forfeited

 

(852,342)

 

23.21

 

 

Outstanding as of December 31, 2025

 

9,803,106

$

20.40

 

6.22

$

2,680

Vested and expected to vest as of December 31, 2025

 

9,803,106

$

20.40

6.22

$

2,680

Options exercisable as of December 31, 2025

 

6,640,966

$

22.17

 

5.11

$

2,670

Schedule of assumptions used to determine the fair value of share options granted

Year Ended

 

December 31, 

 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Risk-free interest rate

 

4.3

%  

4.0

%  

4.0

%

Expected volatility

 

74.0

%  

77.0

%  

82.9

%

Expected dividend yield

 

 

 

Expected term (in years)

 

6.1

 

6.1

 

6.1

Schedule of restricted ordinary share award activity

Number of Shares

Weighted-Average

Underlying RSUs

Grant Date Fair Value

Unvested at December 31, 2024

674,262

$

22.96

Granted

1,452,927

13.74

Vested and settled

(296,362)

25.03

Vested and deferred(1)

(55,293)

15.17

Forfeited

(228,406)

14.77

Unvested outstanding at December 31, 2025

1,547,128

15.40

Vested but subject to deferred settlement at December 31, 2024(1)

42,000

18.07

Vested and deferred(1)

55,293

15.17

Vested but subject to deferred settlement at December 31, 2025(1)

97,293

16.42

Outstanding at December 31, 2025

1,644,421

$

15.46

(1)The Company granted certain RSUs to the Company’s non-employee directors which provided for deferred settlement of the RSUs to a specified date following the first to occur of (i) the date of the director’s separation from service, (ii) the date of the director’s disability, (iii) the date of the director’s death or (iv) the date of a change in control event.