v3.26.1
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2026
SHARE-BASED COMPENSATION  
Summary of options activity

The following is a summary of options activity during the six months ended June 30, 2026:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

 

average

 

 

Aggregate

 

 

 

 

 

average

 

 

remaining

 

 

intrinsic

 

 

Number of

 

 

exercise

 

 

contractual

 

 

value

 

 

options

 

 

price

 

 

term (years)

 

 

$

 

Outstanding as of December 31, 2025 (1)

 

 

28,357,355

 

 

$

1.34

 

 

 

9.3

 

 

$

15,395

 

Granted (1)

 

 

9,386,309

 

 

$

1.12

 

 

 

—

 

 

 

—

 

Exercised

 

 

(1,191,073

)

 

$

0.58

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(2,168,440

)

 

$

0.56

 

 

 

—

 

 

 

—

 

Expired

 

 

(6

)

 

$

0.76

 

 

 

—

 

 

 

—

 

Outstanding as of June 30, 2026 (1)

 

 

34,384,145

 

 

$

1.35

 

 

 

8.8

 

 

$

1,662

 

Options vested and exercisable as of June 30, 2026

 

 

4,838,206

 

 

$

1.43

 

 

 

5.4

 

 

$

1,290

 

 

Included in the outstanding awards as of December 31, 2025 were 15,989,193 options subject to both serviced-based and market-based vesting conditions tied to the Company’s share price at one or more specified thresholds (the “Market and Service-based Options”). During the six months ended June 30, 2026, 8,994,861 additional Market and Service-based Options were granted. As of June 30, 2026, 24,984,053 Market and Service-based Options remained outstanding
Schedule of share-based compensation expenses

The total share-based compensation expense related to employees and non-employee directors are reported in the following financial statement line items on the consolidated statements of comprehensive loss:

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Research and development expenses

 

$

341

 

 

$

(65

)

Administrative expenses

 

 

6,455

 

 

 

637

 

Total

 

$

6,796

 

 

$

572

 
Restricted share units  
SHARE-BASED COMPENSATION  
Schedule of non-vested RSU activities

The following is a summary of RSU activities during the six months ended June 30, 2026:

 

 

 

 

Weighted average

 

 

 

Number of

 

 

grant date

 

 

 

RSUs

 

 

fair value

 

Unvested as of December 31, 2025 (1)

 

 

5,259,065

 

 

$

0.83

 

Granted

 

 

4,708,213

 

 

$

0.77

 

Vested

 

 

(229,266

)

 

$

0.76

 

Forfeited (1)

 

 

(3,438,477

)

 

$

0.46

 

Unvested as of June 30, 2026 (1)

 

 

6,299,535

 

 

$

0.99

 

 

(1)
Included in the unvested awards as of December 31, 2025 were 2,863,500 units that would have been eligible to vest upon the satisfaction of specified market-based conditions tied to the price of the Company’s publicly traded shares at three distinct price threshold levels (the “Market-based Units”). As of June 30, 2026, this award was forfeited and no Market-based Units remained outstanding.
Market and Service-based Options  
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used

The assumptions used in the valuation model were as follows:

 

 

Six Months Ended

 

 

 

June 30, 2026

 

Fair value of ordinary shares

 

$

0.81

 

Weighted average expected term (years)

 

 

4.6

 

Weighted average expected volatility

 

 

91.0

%

Risk-free interest rate

 

 

4.4

%

Dividend Yield

 

 

—

 
Black-Scholes Option Pricing Model | Service-based Options  
SHARE-BASED COMPENSATION  
Schedule of valuation assumptions used

The assumptions used in the BSOPM, respectively, were as follows:

 

Six Months Ended

 

 

 

June 30, 2026

 

Fair value of common stock

 

$

1.41

 

Weighted average expected term (years)

 

 

6.0

 

Weighted average expected volatility

 

 

92.3

%

Risk-free interest rate

 

 

3.8

%

Dividend yield

 

 

—

 

 

 

Six Months Ended

 

 

 

June 30, 2025

 

Fair value of common stock

 

$

0.54

 

Weighted average expected term (years)

 

 

6.0

 

Weighted average expected volatility

 

 

86.8

%

Risk-free interest rate

 

 

4.1

%

Dividend yield

 

 

—