In January 2021, the Company’s board of directors approved the 2021 Stock Option and Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the granting of ordinary shares, incentive stock options, non-qualified stock options,

restricted share awards, and/or share appreciation rights to employees, directors, and other persons, as determined by the Company’s board of directors. The number of shares authorized under the 2021 Plan was increased in May 2021 at the time of the IPO, whereby the total number of shares authorized under the 2021 Plan was 20,026,816. Beginning on January 1, 2022 and each January 1 thereafter, the number of Shares reserved and available for issuance under the 2021 Plan shall be cumulatively increased by 5% of the number of Shares issued and outstanding on the immediately preceding December 31, or such lesser number as the board of directors may determine. Remaining shares available for future grants as of December 31, 2025 were 11,255,336.

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

Share-based compensation expense by award type was as follows included within the consolidated statements of operations and comprehensive loss: (amounts in thousands):


	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balance at January 1, 2025	17,434,119	$	7.77	7.4 years
Granted	5,770,640	$	16.55
Exercised	(2,505,396)	$	8.51
Forfeited	(1,016,201)	$	10.45
Balance at December 31, 2025	19,683,162	$	10.11	7.1 years	$	293.4
Exercisable at December 31, 2025	12,035,579	$	7.83	6.0 years	$	206.8
Vested and expected to vest at December 31, 2025	19,683,162	$	10.11	7.1 years	$	293.4

The Company’s stock options vest based on the terms in each award agreement, generally over four-year periods, and have a contractual term of ten years. As of December 31, 2025, the total unrecognized compensation expense related to unvested stock option awards was $65.9 million, which the Company expects to recognize over a weighted-average period of 3.0 years.

Based on the trading price of $25.01 per ADS, which was the closing price as of December 31, 2025, the aggregate intrinsic value of options as of December 31, 2025 was $293.4 million. The total intrinsic value of options exercised during the years ended December 31, 2025 and December 31, 2024 were $35.1 million and $17.0 million, respectively.


	Years Ended December 31,
	2025	2024
Weighted-average grant date fair value of options	$11.70	$6.54
Expected term	6.0 years	6.0 years
Expected stock price volatility	78.9%	76.2%
Risk-free interest rate	4.2%	4.0%
Expected dividend yield	0%	0%

In 2021, the Company issued 1,213,802 ordinary shares subject to future vesting under its Restricted Stock Awards program. There have been no restricted stock awards granted since the issuances in 2021. All restricted stock awards are fully vested as of December 31, 2025.

The Board, following the recommendations of the Company’s Compensation Committee, grants service-based restricted stock units under the Company’s Stock Incentive Plan to certain executive officers and employees of the Company to encourage employee retention.


	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share		Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Unvested at January 1, 2025	86,864		$	20	1,510,077		$	6.14
Granted	—		—		123,610		$	16.45
Vested	(86,864)		$	20	(453,960)		$	5.75
Forfeited	—		—		(195,668)		$	6.56
Unvested at December 31, 2025	—		$	—	984,059		$	7.53

Unrecognized compensation expense at December 31, 2025 ($ in thousands)	$	—			$	5,202
Expected weighted average recognition period	0.0 years				2.2 years

In January 2021, the Company’s board of directors approved the 2021 Employee Share Purchase Plan (the “2021 ESPP”). The initial number of shares reserved for issuance under the 2021 ESPP was 860,000. On January 1, 2022 and each January 1 thereafter, the number of Shares reserved and available for issuance under the ESPP shall be cumulatively

increased by a number of shares equal to the lesser of: (i) 1% of the number of Shares issued and outstanding on the immediately preceding December 31; (ii) two times the initial number of shares reserved or (iii) such number of Shares as determined by the board of directors. Remaining shares reserved as of December 31, 2025 were 2,708,415. There have been no shares issued under the ESPP plan.