v3.26.1
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED COMPENSATION  
Summary of stock option activity

Weighted

Weighted

Weighted

Average

Average

Average

Grant

Remaining

Aggregate

Number of

Exercise

Date

Contractual

Intrinsic

  ​ ​ ​

Options

  ​ ​ ​

Price

  ​ ​ ​

Fair Value

  ​ ​ ​

Term

  ​ ​ ​

Value

US$ per

US$ per

option

option

Years

US$

Outstanding at December 31, 2022

6,286,912

4.80

5.16

8.44

94,990

Granted

3,442,500

1.14

0.72

Exercised

(10,000)

0.55

5.72

Forfeited

(952,530)

 

4.59

 

3.45

 

 

Outstanding at December 31, 2023

8,766,882

 

3.39

 

3.60

 

8.24

 

2,011,843

Granted

3,925,945

1.68

1.04

Exercised

(185,620)

1.02

2.49

Forfeited

(483,022)

6.13

4.28

Cancelled

(2,176,945)

3.68

3.96

Outstanding at December 31, 2024

9,847,240

2.55

2.49

8.36

1,736,202

Granted

3,624,440

1.40

0.87

Exercised

(86,469)

0.94

0.98

Forfeited

(968,857)

2.95

4.03

Outstanding at December 31, 2025

12,416,354

2.20

1.91

8.03

1,660,307

Vested and expected to vest at December 31, 2025

12,416,354

2.20

1.91

8.03

1,660,307

Exercisable at December 31, 2024

3,440,384

4.27

5.15

6.49

616,539

Exercisable at December 31, 2025

5,319,029

3.21

3.24

6.89

759,799

Summary of Company's RSU activity under the 2021 Plan

  ​ ​ ​

  ​ ​ ​

Weighted

Weighted

Average

Average

Remaining

Number of

Grant Date

Contractual

  ​ ​ ​

RSU shares

  ​ ​ ​

Fair Value

  ​ ​ ​

Term

  ​

US$ per

RSU

Years

Unvested at December 31, 2023

 

 

 

Granted

 

988,750

 

2.10

 

Vested

Forfeited

(16,250)

2.10

Unvested at December 31, 2024

972,500

2.10

3.56

Granted

Vested

 

(234,688)

 

2.10

 

Forfeited

 

(58,438)

 

2.10

 

Unvested at December 31, 2025

 

679,375

 

2.10

 

2.56

Summary of assumptions used to estimate the fair value of the share options granted

For the years ended

December 31, 

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Risk‑free interest rate

 

3.38% - 4.86%

4.18% - 4.59%

4.22% - 4.49%

Dividend yield

 

0%

0%

0%

Expected volatility range

 

72.6% - 73.1%

73.3% - 75.6%

76.4% - 77.2%

Exercise multiple

 

2.2 - 2.8

2.2 - 2.8

2.2 - 2.8

Contractual life

 

10 years

10 years

10 years

Summary of total share based compensation expenses recognized

For the years ended December 31,

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

US$

US$

US$

Research and development expenses

 

4,860,548

 

3,313,833

 

2,502,472

Administrative expenses

 

2,411,152

 

1,595,740

 

1,239,076

Total share‑based compensation expenses

 

7,271,700

 

4,909,573

 

3,741,548