Share-based compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-based compensation |
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| Schedule of share based compensation expense |
The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Research and development expenses | | $ | 2,624 | | $ | 4,153 | | $ | 5,573 | | $ | 8,505 | General and administrative expenses | | | 3,780 | | | 5,282 | | | 7,761 | | | 10,535 | | | $ | 6,404 | | $ | 9,435 | | $ | 13,334 | | $ | 19,040 |
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| Schedule of share option activity |
| | | | | | | | | | | | | Number of | | | | | Weighted | | | | | | Shares | | Weighted | | Average | | Aggregate | | | Underlying | | Average | | Contractual | | Intrinsic | | | Share Options | | Exercise Price | | Term | | Value | | | | | | | | (in years) | | (in thousands) | Outstanding as of December 31, 2025 | | 9,803,106 | | $ | 20.40 | | 6.22 | | $ | 2,680 | Granted | | 1,388,944 | | | 6.92 | | — | | | — | Exercised | | (6,781) | | | 1.10 | | — | | | — | Forfeited | | (439,401) | | | 16.29 | | — | | | — | Outstanding as of June 30, 2026 | | 10,745,868 | | $ | 18.85 | | 5.90 | | $ | 1,534 | Vested and expected to vest as of June 30, 2026 | | 10,745,868 | | $ | 18.85 | | 5.90 | | $ | 1,534 | Options exercisable as of June 30, 2026 | | 7,563,424 | | $ | 21.49 | | 4.74 | | $ | 1,534 |
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| Schedule of assumptions used to determine the fair value of share options granted |
| | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | | | June 30, | | | June 30, | | | | 2026 | | 2025 | | | 2026 | | 2025 | | Risk-free interest rate | | 4.2 | % | 4.0 | % | | 3.9 | % | 4.3 | % | Expected volatility | | 66.2 | % | 73.9 | % | | 70.1 | % | 74.2 | % | Expected dividend yield | | — | | — | | | — | | — | | Expected term (in years) | | 6.1 | | 6.1 | | | 6.1 | | 6.1 | |
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| Summarizes activity for RSUs under the 2020 Plan |
| | | | | | | | Number of Shares | | Weighted-Average | | | Underlying RSUs | | Grant Date Fair Value | Unvested at December 31, 2025 | | 1,547,128 | | $ | 15.40 | Granted | | 1,917,665 | | | 7.07 | Vested and settled | | (439,468) | | | 16.25 | Vested and deferred(1) | | (93,905) | | | 8.45 | Forfeited | | (455,313) | | | 9.16 | Unvested outstanding at June 30, 2026 | | 2,476,107 | | | 10.21 | Vested but subject to deferred settlement at December 31, 2025(1) | | 97,293 | | | 16.42 | Vested and deferred(1) | | 93,905 | | | 8.45 | Vested but subject to deferred settlement at June 30, 2026(1) | | 191,198 | | | 12.51 | Outstanding at June 30, 2026 | | 2,667,305 | | $ | 10.37 |
| (1) | The Company has granted certain RSUs to the Company’s non-employee directors which provide for deferred settlement of the RSUs to a specified date following the first to occur of (i) the date of the director’s separation from service, (ii) the date of the director’s disability, (iii) the date of the director’s death, or (iv) the date of a change in control event. |
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