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 Weighted-Average Assumptions Used to Estimate The Fair Value |
The following weighted-average assumptions were used at the grant date to determine the fair value of Company’s Market-Based Share Options granted during the six months ended June 30, 2026:
| | | | | | | For the Six Months Ended
June 30, | | 2026 | | Share price | $ | 6.32 | | | Expected volatility | 105.0 | % | | Risk-free rate | 4.2 | % | | Expected term (in years) | 4.9 | | Expected dividend yield | — | % |
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| Schedule of Restricted Share Units |
The following table summarizes the Company’s RSU activity for the six months ended June 30, 2026: | | | | | | | | | | | | | Number of
RSUs | | Weighted
Average
Grant Date Fair Value | | Unvested RSUs outstanding as of December 31, 2025 | 583,282 | | | $ | 5.99 | | | Vested | (190,390) | | | $ | 5.53 | | | Forfeited | (60,000) | | | $ | 6.84 | | | Unvested RSUs outstanding as of June 30, 2026 | 332,892 | | | $ | 6.09 | |
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| Schedule of Restricted Share Awards |
The following table summarizes the Company’s RSA activity for the six months ended June 30, 2026:
| | | | | | | | | | | | | Number of
RSAs | | Weighted
Average
Grant Date
Fair Value | | Unvested RSAs outstanding as of December 31, 2025 | 249,997 | | | $ | 8.16 | | | Vested | (124,998) | | | 8.16 | | | Unvested RSAs outstanding as of June 30, 2026 | 124,999 | | | $ | 8.16 | |
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| Schedule of Share-Based Compensation Expense |
Share-based compensation expense for all equity arrangements for the three and six months ended June 30, 2026 and 2025 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development | $ | 1,013 | | | $ | 376 | | | $ | 1,582 | | | $ | 894 | | | General and administrative | 3,444 | | | 3,356 | | | 7,883 | | | 6,482 | | | Total share-based compensation expense | $ | 4,457 | | | $ | 3,732 | | | $ | 9,465 | | | $ | 7,376 | |
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| Equity Incentive Plan 2023 |
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| Share-based Compensation |
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| Schedule of Weighted-Average Assumptions Used to Estimate The Fair Value |
The following weighted-average assumptions were used to estimate the fair value of the share options granted during the six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | For the Six Months Ended
June 30, | | 2026 | | 2025 | | Share price | $ | 5.89 | | | $ | 1.19 | | | Expected volatility | 102.3 | % | | 100.0 | % | | Risk-free rate | 4.0 | % | | 4.1 | % | | Expected term (in years) | 6.0 | | 6.1 | | Expected dividend yield | 0 | % | | 0 | % |
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| Schedule of Company's Share Option Activity |
The following table summarizes the Company’s share option activity for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Options | | Weighted
Average
Exercise Price
(per share) | | Weighted
Average
Remaining
Contractual
Life (Years) | | Aggregate
Intrinsic
Value
(in thousands) | | Options outstanding as of December 31, 2025 | 16,463,011 | | | $ | 2.40 | | | 8.2 | | $ | 48,866 | | | Granted | 8,676,478 | | | $ | 5.89 | | | | | | | Exercised | (716,853) | | | $ | 2.98 | | | | | | | Cancelled | (3,547,753) | | | $ | 2.77 | | | | | | | Options outstanding as of June 30, 2026 | 20,874,883 | | | $ | 3.77 | | | 8.0 | | $ | 47,532 | | | Options vested and exercisable as of June 30, 2026 | 8,910,434 | | | $ | 2.22 | | | 6.6 | | $ | 33,128 | |
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