Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Share Option Activity |
A summary of the Company’s share option activity related to employees, non-employee members of the board of directors and non-employee consultants as of December 31, 2025 and for the six-month period ended June 30, 2026 is as follows (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | Weighted- | | | Average | | | | | | Average | | | Remaining | | | | Number of | | Exercise | | | Contractual | | | | Options | | Price | | | Term (years) | Outstanding at December 31, 2025 | | | 7,859,338 | | $ | 12.29 | | | 4.58 | Granted | | | 334,400 | | $ | 11.06 | | | | Exercised | | | (151,314) | | $ | 5.76 | | | | Forfeited | | | (312,712) | | $ | 14.55 | | | | Expired | | | (198,197) | | $ | 7.72 | | | | Outstanding at June 30, 2026 | | | 7,531,515 | | $ | 12.51 | | | 4.56 | Options exercisable at June 30, 2026 | | | 6,754,572 | | $ | 12.93 | | | 4.11 | Options vested and expected to vest at June 30, 2026 | | | 7,531,515 | | $ | 12.51 | | | 4.56 | Aggregate intrinsic value of options outstanding as of June 30, 2026 | | $ | 22,139 | | | | | | | Aggregate intrinsic value of options exercisable as of June 30, 2026 | | $ | 19,361 | | | | | | |
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| Schedule of Inputs Used in Determining Fair Value of Share Options |
| | | | | | | 2026 | | 2025 | Risk-free interest rate | | 4.20 - 4.21% | | 3.81 - 4.13% | Expected volatility | | 64% | | 67% | Expected dividend yield | | 0% | | 0% | Expected term (in years) | | 6.01 | | 6.01 |
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| Schedule of Restricted Share Unit (RSU) Activity |
| | | | | | | | | | | | Weighted- | | | Number of | | Average | | | Restricted | | Grant Date | | | Share Units | | Fair Value | Outstanding at December 31, 2025 | | | 6,184,250 | | $ | 7.00 | Granted | | | 3,609,244 | | $ | 11.26 | Vested | | | (1,939,250) | | $ | 8.60 | Forfeited | | | (8,000) | | $ | 6.13 | Outstanding at June 30, 2026 | | | 7,846,244 | | $ | 8.56 |
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| Schedule of Share-Based Compensation Expense |
During the three-month and six-month periods ended June 30, 2026 and 2025, the Company recognized total share-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): | | | | | | | | | Three-Month Periods Ended June 30, | | | 2026 | | 2025 | Research and development | | $ | 956 | | $ | 2,091 | General and administrative | | | 2,823 | | | 3,573 | Total share-based compensation | | $ | 3,779 | | $ | 5,664 |
| | | | | | | | | Six-Month Periods Ended June 30, | | | 2026 | | 2025 | Research and development | | $ | 1,928 | | $ | 4,139 | General and administrative | | | 5,505 | | | 6,412 | Total share-based compensation | | $ | 7,433 | | $ | 10,551 |
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| Employee Stock Option |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Share-Based Compensation Expense |
The Company recorded the following share-based compensation expense in connection with the options for the three-month and six-month periods ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | Three-Month Periods Ended June 30, | | | 2026 | | 2025 | Research and development | | $ | 318 | | $ | 842 | General and administrative | | | 268 | | | 500 | Total share-based compensation | | $ | 586 | | $ | 1,342 |
| | | | | | | | | Six-Month Periods Ended June 30, | | | 2026 | | 2025 | | | | | | | | Research and development | | $ | 648 | | $ | 1,783 | General and administrative | | | 554 | | | 1,095 | Total share-based compensation | | $ | 1,202 | | $ | 2,878 |
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| Restricted share units |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Schedule of Share-Based Compensation Expense |
The Company recorded the following share-based compensation expense in connection with the RSUs for the three-month and six-month periods ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | Three-Month Periods Ended June 30, | | | 2026 | | 2025 | Research and development | | $ | 638 | | $ | 1,249 | General and administrative | | | 2,555 | | | 3,073 | Total share-based compensation | | $ | 3,193 | | $ | 4,322 |
| | | | | | | | | Six-Month Periods Ended June 30, | | | 2026 | | 2025 | Research and development | | $ | 1,280 | | $ | 2,356 | General and administrative | | | 4,951 | | | 5,317 | Total share-based compensation | | $ | 6,231 | | $ | 7,673 |
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