The Company maintains a LTIP, which provides for the grant of incentive stock options, non-statutory stock options, restricted stock units, performance stock units and other share-based awards to eligible participants. The number of SVS reserved for issuance under the LTIP is calculated as 10% of the aggregate number of SVS and MVS outstanding on an "as-converted" basis.

On June 5, 2026, the Company effected a 1-for-3 reverse stock split of its SVS and MVS. All share amounts, per share amounts, voting rights and equity award information included herein has been retrospectively adjusted to reflect the reverse stock split for all periods presented. See Note 2 — Basis of presentation and consolidation for further detail.

On December 11, 2025, the Company's Board of Directors approved, subject to shareholder and regulatory approval, a one-time option exchange program (the "Option Exchange Program") pursuant to which eligible holders of certain outstanding

stock options with exercise prices of $15.00 or greater could voluntarily exchange such options for newly issued restricted stock units ("Replacement RSUs") on a one-for-one basis. The eligible options had exercise prices ranging from $15.60 to $47.34. In addition, 1.8 million performance-based stock options held by the Company's Chairman and Chief Executive Officer with an exercise price of $8.67 per share were eligible to participate in the Option Exchange Program. The Option Exchange Program was approved by the Company's shareholders on June 22, 2026 and became effective on June 30, 2026. On the effective date, approximately 3.3 million stock options were surrendered and cancelled in exchange for an equal number of Replacement RSUs. The Replacement RSUs generally vest in three equal annual installments through December 11, 2028, subject to continued service.

The exchange was accounted for as a modification of equity-classified awards under ASC 718. Incremental compensation cost was measured as the excess of the fair value of the Replacement RSUs immediately after the exchange date over the fair value of the original options immediately prior to the exchange date. For the performance-based option awards held by the Company's Chairman and Chief Executive Officer, fair value immediately prior to the modification date was determined using a Monte Carlo simulation model due to the market-based vesting conditions associated with such awards. Based on a modification-date fair value of $10.81 per Replacement RSU, the Option Exchange Program resulted in approximately $19.9 million of incremental compensation cost, which will be recognized over the remaining requisite service periods of the Replacement RSUs. In addition, the Company will continue to recognize any remaining unrecognized compensation cost associated with the exchanged awards over the vesting period of the Replacement RSUs.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Equity-classified awards:
Stock options	$	1,481	$	2,156	$	3,140	$	4,006
Performance stock units	4,531		472		8,320		982
Restricted stock units	4,458		3,305		8,674		5,569
Share-based compensation expense: equity-classified awards	10,470		5,933		20,134		10,557
Liability-classified awards:
Virtual share option awards(1)	(199)		2,544		(199)		2,544
Share-based compensation expense: liability-settled awards	(199)		2,544		(199)		2,544
Total share-based compensation expense	$	10,271	$	8,477	$	19,935	$	13,101

(1) Includes the cumulative share-based compensation expense recognized for VSOs granted during the second quarter of 2025, for which the requisite service periods retroactively commenced in January 2023. During the three and six months ended June 30, 2026, the Company recorded a benefit of $0.2 million related to a true-up of the liability associated with certain VSOs, which reduced share-based compensation expense during the period.

As of June 30, 2026 and 2025, total unamortized compensation cost related to unvested stock options was $8.7 million and $15.3 million, respectively, which the Company expects to recognize over a weighted-average period of 1.72 and 2.13 years, respectively.


	Six months ended June 30,
	2026		2025
Expected volatility	82% — 83%		72% — 74%
Expected life in years	5.99 — 6.05		6.16 — 6.24
Expected dividends(1)	—	%	—	%
Risk-free interest rate (based on government bonds)	3.89% — 4.33%		4.14% — 4.21%

(1) The Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future.


	Number of options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2026	10,618,602	$	8.658
Forfeited	(496,948)	4.744
Cancelled under the Option Exchange Program	(3,305,683)	15.912
Expired	(205,230)	26.850
Exercised	(1,298,324)	0.988
Granted	199,660	9.365
Outstanding at June 30, 2026	5,512,077	$	5.814	7.27	$	32,061
Options exercisable at June 30, 2026	2,619,008	$	7.275	5.64	$	13,521

As of June 30, 2026 and 2025, total unamortized compensation cost related to unvested performance stock units was $21.8 million and $3.3 million, respectively, which the Company expects to recognize over a weighted-average period of 1.64 and 1.60 years, respectively.


	Number of PSUs	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2026	3,263,478	$	3.180
Forfeited	(622,681)	2.811
Vested(1)	(928,215)	3.623
Granted	2,025,655	6.788
Unvested at June 30, 2026	3,738,237	$	5.096
Inception-to-date PSUs vested at June 30, 2026	1,180,376	$	4.872

(1) Includes 320,791 SVS, at a weighted-average fair value of $6.855, withheld by the Company to satisfy applicable statutory tax withholding obligations upon the vesting of PSUs during the reporting period. The SVS withheld were returned to the pool of SVS available for future issuance under the LTIP.

As of June 30, 2026 and 2025, total unamortized compensation cost related to unvested restricted stock units was $52.6 million and $24.6 million, respectively, which the Company expects to recognize over a weighted-average period of 2.27 years and 2.26 years, respectively.


	Number of RSUs	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2026	8,848,666	$	4.830
Forfeited	(492,321)	5.420
Vested(1)	(2,558,771)	4.200
Granted under the Option Exchange Program	3,305,683	6.020
Granted	1,412,118	7.131
Unvested at June 30, 2026	10,515,375	$	5.648
Inception-to-date RSUs vested at June 30, 2026	6,451,977	$	12.380

(1) Includes 598,324 SVS, at a weighted-average fair value of $7.080, withheld by the Company to satisfy applicable statutory tax withholding obligations upon the vesting of RSUs during the reporting period. The SVS withheld were returned to the pool of SVS available for future issuance under the LTIP.