v3.26.1
Share-based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The Company recorded share-based compensation expense in the following expense categories in the consolidated statements of operations and comprehensive loss (amounts in thousands):
Years Ended December 31,
20252024
Research and development$15,585 $14,867 
General and administrative15,377 18,679 
$30,962 $33,546 
Share-based compensation expense by award type was as follows included within the consolidated statements of operations and comprehensive loss: (amounts in thousands):
Years Ended December 31,
20252024
Stock options
$26,653 $22,645 
Restricted share awards and units
4,309 10,901 
$30,962 $33,546 
Schedule of Stock Option Activity
The following table summarizes stock option activity for the year ended December 31, 2025:
Number of SharesWeighted-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
Granted5,770,640 $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 
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards
The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:
Years Ended December 31,
20252024
Weighted-average grant date fair value of options
$11.70$6.54
Expected term
6.0 years6.0 years
Expected stock price volatility78.9%76.2%
Risk-free interest rate4.2%4.0%
Expected dividend yield0%0%
Schedule of Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes ordinary share activity related to the restricted stock programs for the year ended December 31, 2025:
Restricted Stock AwardsRestricted Stock Units
Number of SharesWeighted-Average Grant Date Fair Value Per ShareNumber of SharesWeighted-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 years2.2 years