v3.26.1
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Valuation Assumptions
The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the years ended December 31, 2025 and 2024 were as follows:
Year Ended December 31,
20252024
Expected option life (years)5.0 years5.1 years
Expected volatility89.42 %86.05 %
Risk-free interest rate4.06 %4.12 %
Expected dividend yield— %— %
Schedule of Share-based Compensation Expense
Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):
Year Ended December 31,
20252024
Research and development5,088 10,309 
General and administrative8,502 9,208 
Total share-based compensation expense
$13,590 $19,517 
Schedule of Unvested Restricted Share Units Activity
A summary of the changes in the Company’s unvested restricted share units during the year ended December 31, 2025 is as follows:
Number of SharesWeighted Average Grant Date Fair Value
Unvested and Outstanding as of December 31, 2024
658,553 $10.96 
Granted531,110 3.76 
Vested(189,174)11.21 
Forfeited(226,062)8.12 
Unvested and Outstanding as of December 31, 2025
774,427 $6.79 
Schedule of Share Options Activity
The following table summarizes the Company’s share options activity for the year ended December 31, 2025:
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024
8,235,619 $12.01 6.95$6,009 
Granted2,581,977 $6.19 
Exercised(925,179)$0.08 
Cancelled or forfeited(2,289,124)$15.13 
Outstanding as of December 31, 2025
7,603,293 $10.52 6.87$10,972 
Exercisable as of December 31, 2025
4,492,506 $13.58 5.67$3,950 
Unvested as of December 31, 2025
3,110,787 $6.11 8.62$7,022