Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Pay Versus Performance

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding the relationship between Company performance and the “compensation actually paid” to our principal executive officer (“PEO”) and other NEOs (the “Non-PEO NEOs”) for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.


									Value of Initial Fixed $100 Investment based on: (3)
Year	Summary Compensation Table Total for PEO ($)(1)		Compensation Actually Paid to PEO ($)(1)(2)		Average Summary Compensation Table Total for Non-PEO NEOs ($)(1)		Average Compensation Actually Paid to Non-PEO NEOs ($)(1)(2)		TSR ($)		Peer Group TSR ($)		Net Income ($ Millions)
2025		13,641,854		30,500,720		4,295,720		9,344,128		321.83		135.46		(203	)
2024		6,469,297		49,549,373		2,588,362		13,170,066		235.78		104.00		(242	)
2023		5,805,558		4,717,541		3,265,820		3,318,816		102.48		104.59		(177	)

1. Michael Davidson, M.D. was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.



2023	2024	2025
Ian Somaiya	Ian Somaiya	Ian Somaiya
John Kastelein, M.D., Ph.D. FESC	John Kastelein, M.D., Ph.D. FESC	John Kastelein, M.D., Ph.D. FESC
	Juliette Audet	Douglas Kling
	Douglas Kling	Louise Kooij

2. Calculated in accordance with Item 402(v) of Regulation S-K and does not reflect compensation realized by the Company’s NEOs in either of the years presented. Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs from the Summary Compensation Table as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718.


Year	Summary Compensation Table Total for PEO ($)		Exclusion of Stock Awards for PEO ($)			Inclusion of Equity Values for PEO ($)		Compensation Actually Paid to PEO ($)
2025		13,641,854		(12,502,712	)		29,361,578		30,500,720
2024		6,469,297		(5,347,060	)		48,427,136		49,549,373
2023		5,805,558		(4,923,558	)		3,835,541		4,717,541


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)		Average Exclusion of Stock Awards for Non-PEO NEOs ($)			Average Inclusion of Equity Values for Non-PEO NEOs ($)		Average Compensation Actually Paid to Non-PEO NEOs ($)
2025		4,295,720		(3,529,719	)		8,578,126		9,344,128
2024		2,588,362		(1,812,416	)		12,394,121		13,170,066
2023		3,265,820		(2,861,653	)		2,914,648		3,318,816

Amounts in the columns entitled “Exclusion of Stock Awards for PEO” and “Average Exclusion of Stock Awards for Non-PEO NEOs” are the totals from the “Option Awards” column of the Summary Compensation Table. Amounts in the columns entitled “Inclusion of Equity Values for PEO” and “Average Inclusion of Equity Values for Non-PEO NEOs” in the tables above were calculated as follows:


Year	Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During Year for PEO ($)		Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for PEO ($)			Vesting-Date Fair Value of Equity Awards Granted and Vested During Year for PEO ($)		Fair Value from Prior Year-End to Vesting Date of Unvested Equity Awards Granted in Prior Year that Vested During Year for PEO ($)			Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions During Year for PEO ($)		Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected for PEO ($)		Total Equity Award Adjustments for PEO ($)
2025		17,685,429		11,683,445			898,804		(906,099	)		—		—		29,361,578
2024		18,036,059		22,714,096			—		7,676,981			—		—		48,427,136
2023		4,060,090		(403,427	)		—		178,878			—		—		3,835,541


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During Year for Non-PEO NEOs ($)		Average Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for Non-PEO NEOs ($)			Average Vesting-Date Fair Value of Equity Awards Granted and Vested During Year for Non-PEO NEOs ($)		Average Change in Fair Value from Prior Year-End to Vesting Date of Unvested Equity Awards Granted in Prior Year that Vested During Year for Non-PEO NEOs ($)			Average Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions During Year for Non-PEO NEOs ($)		Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected for Non-PEO NEOs ($)		Total Average Equity Award Adjustments for Non-PEO NEOs ($)
2025		4,472,809		3,953,433			411,366		(259,482	)		—		—		8,578,126
2024		4,683,173		6,005,580			—		1,705,368			—		—		12,394,121
2023		3,005,046		(88,047	)		—		(2,351	)		—		—		2,914,648

3. The Peer Group Total Shareholder Return (“TSR”) set forth in this table utilizes the Nasdaq Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The comparison assumes $100 was invested for the period starting December 31, 2022, through the end of the listed year in the Company and in the Nasdaq Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.

Named Executive Officers, Footnote

1. Michael Davidson, M.D. was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.



2023	2024	2025
Ian Somaiya	Ian Somaiya	Ian Somaiya
John Kastelein, M.D., Ph.D. FESC	John Kastelein, M.D., Ph.D. FESC	John Kastelein, M.D., Ph.D. FESC
	Juliette Audet	Douglas Kling
	Douglas Kling	Louise Kooij

Peer Group Issuers, Footnote

The Peer Group Total Shareholder Return (“TSR”) set forth in this table utilizes the Nasdaq Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The comparison assumes $100 was invested for the period starting December 31, 2022, through the end of the listed year in the Company and in the Nasdaq Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.

PEO Total Compensation Amount

$ 13,641,854

$ 6,469,297

$ 5,805,558

PEO Actually Paid Compensation Amount

$ 30,500,720

49,549,373

4,717,541

Adjustment To PEO Compensation, Footnote


Year	Summary Compensation Table Total for PEO ($)		Exclusion of Stock Awards for PEO ($)			Inclusion of Equity Values for PEO ($)		Compensation Actually Paid to PEO ($)
2025		13,641,854		(12,502,712	)		29,361,578		30,500,720
2024		6,469,297		(5,347,060	)		48,427,136		49,549,373
2023		5,805,558		(4,923,558	)		3,835,541		4,717,541


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)		Average Exclusion of Stock Awards for Non-PEO NEOs ($)			Average Inclusion of Equity Values for Non-PEO NEOs ($)		Average Compensation Actually Paid to Non-PEO NEOs ($)
2025		4,295,720		(3,529,719	)		8,578,126		9,344,128
2024		2,588,362		(1,812,416	)		12,394,121		13,170,066
2023		3,265,820		(2,861,653	)		2,914,648		3,318,816


Year	Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During Year for PEO ($)		Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for PEO ($)			Vesting-Date Fair Value of Equity Awards Granted and Vested During Year for PEO ($)		Fair Value from Prior Year-End to Vesting Date of Unvested Equity Awards Granted in Prior Year that Vested During Year for PEO ($)			Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions During Year for PEO ($)		Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected for PEO ($)		Total Equity Award Adjustments for PEO ($)
2025		17,685,429		11,683,445			898,804		(906,099	)		—		—		29,361,578
2024		18,036,059		22,714,096			—		7,676,981			—		—		48,427,136
2023		4,060,090		(403,427	)		—		178,878			—		—		3,835,541


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During Year for Non-PEO NEOs ($)		Average Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for Non-PEO NEOs ($)			Average Vesting-Date Fair Value of Equity Awards Granted and Vested During Year for Non-PEO NEOs ($)		Average Change in Fair Value from Prior Year-End to Vesting Date of Unvested Equity Awards Granted in Prior Year that Vested During Year for Non-PEO NEOs ($)			Average Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions During Year for Non-PEO NEOs ($)		Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected for Non-PEO NEOs ($)		Total Average Equity Award Adjustments for Non-PEO NEOs ($)
2025		4,472,809		3,953,433			411,366		(259,482	)		—		—		8,578,126
2024		4,683,173		6,005,580			—		1,705,368			—		—		12,394,121
2023		3,005,046		(88,047	)		—		(2,351	)		—		—		2,914,648

Non-PEO NEO Average Total Compensation Amount

$ 4,295,720

2,588,362

3,265,820

Non-PEO NEO Average Compensation Actually Paid Amount

$ 9,344,128

13,170,066

3,318,816

Adjustment to Non-PEO NEO Compensation Footnote


Year	Summary Compensation Table Total for PEO ($)		Exclusion of Stock Awards for PEO ($)			Inclusion of Equity Values for PEO ($)		Compensation Actually Paid to PEO ($)
2025		13,641,854		(12,502,712	)		29,361,578		30,500,720
2024		6,469,297		(5,347,060	)		48,427,136		49,549,373
2023		5,805,558		(4,923,558	)		3,835,541		4,717,541


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)		Average Exclusion of Stock Awards for Non-PEO NEOs ($)			Average Inclusion of Equity Values for Non-PEO NEOs ($)		Average Compensation Actually Paid to Non-PEO NEOs ($)
2025		4,295,720		(3,529,719	)		8,578,126		9,344,128
2024		2,588,362		(1,812,416	)		12,394,121		13,170,066
2023		3,265,820		(2,861,653	)		2,914,648		3,318,816


Year	Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During Year for PEO ($)		Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for PEO ($)			Vesting-Date Fair Value of Equity Awards Granted and Vested During Year for PEO ($)		Fair Value from Prior Year-End to Vesting Date of Unvested Equity Awards Granted in Prior Year that Vested During Year for PEO ($)			Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions During Year for PEO ($)		Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected for PEO ($)		Total Equity Award Adjustments for PEO ($)
2025		17,685,429		11,683,445			898,804		(906,099	)		—		—		29,361,578
2024		18,036,059		22,714,096			—		7,676,981			—		—		48,427,136
2023		4,060,090		(403,427	)		—		178,878			—		—		3,835,541


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During Year for Non-PEO NEOs ($)		Average Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for Non-PEO NEOs ($)			Average Vesting-Date Fair Value of Equity Awards Granted and Vested During Year for Non-PEO NEOs ($)		Average Change in Fair Value from Prior Year-End to Vesting Date of Unvested Equity Awards Granted in Prior Year that Vested During Year for Non-PEO NEOs ($)			Average Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions During Year for Non-PEO NEOs ($)		Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected for Non-PEO NEOs ($)		Total Average Equity Award Adjustments for Non-PEO NEOs ($)
2025		4,472,809		3,953,433			411,366		(259,482	)		—		—		8,578,126
2024		4,683,173		6,005,580			—		1,705,368			—		—		12,394,121
2023		3,005,046		(88,047	)		—		(2,351	)		—		—		2,914,648

Compensation Actually Paid vs. Total Shareholder Return

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and TSR

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the cumulative TSR over the last three years for the Company and the Nasdaq Biotechnology Index, our selected peer group.

Compensation Actually Paid vs. Net Income

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the last three years.

Total Shareholder Return Amount

$ 321.83

235.78

102.48

Peer Group Total Shareholder Return Amount

135.46

104

104.59

Net Income (Loss)

$ (203,000,000)

$ (242,000,000)

$ (177,000,000)

PEO Name

Michael Davidson, M.D.