Share-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of share-based compensation expense driven by share-based compensation plans and programs |
During the three months ended March 31, 2026, the share-based compensation expense was mainly driven by the accelerated expense recognition due to a voluntary cancellation of 566,163 unvested stock option awards for no consideration, resulting in an expense of $11.0 million, with the remainder due to vesting of awards in compensation plans active during the period: | | | | | | | | | | | | | | | (in thousands) | | | | | | | | | | Compensation Plan | | Three Months Ended March 31, 2026 | | Three Months Ended March 31, 2025 | ESPP | | $ | 145 | | | $ | 725 | | | | | | | | | | | | ESOP | | — | | | (18) | | | | | | | | | | | | Equity Incentive Plan | | 13,210 | | | 1,583 | | Total share-based compensation expense | | $ | 13,355 | | | $ | 2,290 | | Of which: included in research and development expense | | 6,807 | | | 627 | | Of which: included in general and administrative expense | | 6,548 | | | 1,663 | |
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| Schedule of nonvested share activity |
| | | | | | | | | | | | ESPP | Number of Shares | | Weighted-Average Grant Date Fair Value | Awards unvested as of January 1, 2026 | 25,902 | | 10.00 | | | | | Awards vested for the three months ended March 31, 2026 | (25,902) | | 10.00 | | | | | Awards unvested as of March 31, 2026 | — | | — |
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| Schedule of option activity for share-based payment arrangement |
| | | | | | | | | | | | | | | | | | | | | | | | Equity Incentive Plan (Options) | Number of Options | | Weighted-Average Exercise Price | | Aggregate Intrinsic Value (in thousands) | | Weighted-Average Remaining Contractual Term (in years) | Awards outstanding as of January 1, 2026 | 2,156,512 | | $ | 24.76 | | $ | 3,700 | | 8.52 | Awards granted for the three months ended March 31, 2026 | 1,059,118 | | $ | 11.29 | | n/a | | n/a | Awards exercised for the three months ended March 31, 2026 | (69,632) | | $ | 2.43 | | n/a | | n/a | Awards cancelled or forfeited for the three months ended March 31, 2026
| (621,330) | | $ | 44.75 | | n/a | | n/a | Awards outstanding as of March 31, 2026 | 2,524,668 | | $ | 14.80 | | $ | 15,924 | | 8.81 | Awards exercisable as of March 31, 2026 | 506,780 | | $ | 14.98 | | $ | 4,583 | | 5.51 |
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| Summary of weighted average assumptions for awards issued |
The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | Three Months Ended March 31, 2025 | Estimated fair value of the option on the grant date using Black-Scholes model ($) | 7.69 | | 29.64 | Exercise price ($) | 11.29 | | 43.11 | Expected term of the award on the grant date (years) (1) | 6 | | 6 | Expected volatility of the share price (2) | 75 | % | | 75 | % | Risk-free interest rate (3) | 3.7 | % | | 4.4 | % | Expected dividend rate | — | % | | — | % | (1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected term. |
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| Nonvested Restricted Stock Shares Activity |
| | | | | | | | | | | | Equity Incentive Plan (Restricted Stock Awards) | Number of Shares | | Weighted-Average Grant Date Fair Value | Awards unvested as of January 1, 2026 | 191,526 | | $ | 41.77 | Awards granted for the three months ended March 31, 2026 | 354,296 | | 11.29 | Awards vested for the three months ended March 31, 2026 | (47,880) | | 41.77 | | | | | Awards unvested as of March 31, 2026 | 497,942 | | $ | 20.08 |
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