Remaining shares available for future grants as of March 31, 2026 under the 2021 Stock Option and Incentive Plan (the “2021 Plan”) were 17,152,838.

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


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Research and development	$	4,085	$	4,157
General and administrative	6,480		3,726
	$	10,565	$	7,883

The Company recognized $2.7 million of non-cash share-based payment expense due to modifications of certain options and RSUs during the three months ended March 31, 2026, all of which were recorded in general and administrative expense.


	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balance at January 1, 2026	19,683,162	$	10.11	7.1 years
Granted	2,301,600	$	25.24
Exercised	(5,296,060)	$	6.44
Forfeited	(1,259,949)	$	13.64
Balance at March 31, 2026	15,428,753	$	13.34	7.7 years	$	407.0
Exercisable at March 31, 2026	7,579,852	$	9.36	6.4 years	$	230.1
Vested and expected to vest at March 31, 2026	15,428,753	$	13.34	7.7 years	$	407.0

The weighted-average grant date fair value of options granted was $16.46 per share for the three months ended March 31, 2026. As of March 31, 2026, the total unrecognized compensation expense related to unvested stock option awards was $84.0 million, which the Company expects to recognize over a weighted-average period of 3.3 years.

Based on the trading price of $39.72 per ADS, which is the closing price as of March 31, 2026, the aggregate intrinsic value of outstanding options as of March 31, 2026 was $407.0 million.

During the three months ended March 31, 2026, the fair value of each option was estimated on the date of grant under the Black-Scholes option pricing model using the weighted average assumptions in the table below:


Expected term	6.1 years
Expected stock price volatility	69.1	%
Risk-free interest rate	3.9	%
Expected dividend yield	0	%

The following table summarizes ordinary share activity related to the restricted stock programs for the three months ended March 31, 2026:


	Restricted Stock Units
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Unvested at January 1, 2026	984,059		$	7.53
Granted	650,200		$	25.19
Vested	(351,988)		$	6.79
Forfeited	(127,950)		$	6.69
Unvested at March 31, 2026	1,154,321		$	17.79

Unrecognized compensation expense at March 31, 2026 (in thousands)	$	19,403
Expected weighted average recognition period	3.4 years

As of March 31, 2026, no shares have been purchased or issued under the 2021 Employee Share Purchase Plan (the “ESPP”) and remaining shares reserved for the ESPP were 2,708,615.