Share-based Compensation (Tables)
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9 Months Ended |
Sep. 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 nine months ended September 30, 2026:
| | | | | | | For the Nine Months Ended
September 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 nine months ended September 30, 2026: | | | | | | | | | | | | | Number of
RSUs | | Weighted
Average
Grant Date Fair Value | | Unvested RSUs outstanding as of December 31, 2025 | 583,282 | | | $ | 5.99 | | | Vested | (261,640) | | | $ | 5.89 | | | Forfeited | (60,000) | | | $ | 6.84 | | | Unvested RSUs outstanding as of September 30, 2026 | 261,642 | | | $ | 5.89 | |
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| Schedule of Restricted Share Awards |
The following table summarizes the Company’s RSA activity for the nine months ended September 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 September 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 nine months ended September 30, 2026 and 2025 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Research and development | $ | 1,232 | | | $ | 569 | | | $ | 2,814 | | | $ | 1,463 | | | General and administrative | 4,084 | | | 1,810 | | | 11,967 | | | 8,292 | | | Total share-based compensation expense | $ | 5,316 | | | $ | 2,379 | | | $ | 14,781 | | | $ | 9,755 | |
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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 nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | For the Nine Months Ended
September 30, | | 2026 | | 2025 | | Share price | $ | 5.86 | | | $ | 1.20 | | | Expected volatility | 101.9 | % | | 100.3 | % | | Risk-free rate | 4.1 | % | | 4.1 | % | | Expected term (in years) | 6.1 | | 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 nine months ended September 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 | 9,263,478 | | | $ | 5.88 | | | | | | | Exercised | (1,245,127) | | | $ | 2.61 | | | | | | | Cancelled | (3,494,844) | | | $ | 2.84 | | | | | | | Options outstanding as of September 30, 2026 | 20,986,518 | | | $ | 3.85 | | | 8.1 | | $ | 25,680 | | | Options vested and exercisable as of September 30, 2026 | 8,950,324 | | | $ | 2.29 | | | 6.8 | | $ | 19,206 | |
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