v3.26.1
Share-based compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-based compensation  
Schedule of option activity

A summary of option activity under the Plans during the six months ended June 30, 2026 is as follows:

 

 

Number of
shares

 

 

Weighted
average
exercise
price
per share

 

 

Weighted
average
remaining
contractual
term (years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2025

 

 

15,856,758

 

 

$

10.15

 

 

 

8.49

 

 

$

180,668

 

Granted

 

 

1,550,882

 

 

 

22.01

 

 

 

 

 

 

 

Exercised

 

 

(266,003

)

 

 

4.84

 

 

 

 

 

 

 

Forfeited

 

 

(212,340

)

 

 

11.37

 

 

 

 

 

 

 

Expired

 

 

(3,187

)

 

 

13.43

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

16,926,110

 

 

$

11.31

 

 

8.16

 

 

$

170,140

 

Exercisable at June 30, 2026

 

 

6,829,154

 

 

$

8.86

 

 

 

7.32

 

 

$

84,880

 
Schedule of weighted average assumptions used in the Black-Scholes option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

 

Six Months Ended June 30,

 

2026

 

 

2025

 

Expected volatility

 

95.2

%

 

 

85.0

%

Risk-free interest rate

 

4.0

%

 

 

4.1

%

Expected term (in years)

 

6.05

 

 

 

5.98

 

Expected dividend yield

 

—

%

 

 

—

%
Schedule of stock-based compensation expense

Share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

4,161

 

 

$

2,233

 

 

$

7,872

 

 

$

4,667

 

General and administrative

 

 

4,638

 

 

 

3,114

 

 

 

8,880

 

 

 

6,383

 

Total share-based compensation expense

 

$

8,799

 

 

$

5,347

 

 

$

16,752

 

 

$

11,050