Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of share-based compensation expense driven by share-based compensation plans and programs |
During the nine months ended September 30, 2026, the share-based compensation expense was mainly driven by the accelerated expense recognition due to a voluntary cancellation of 566,163 unvested stock option awards for no consideration, resulting in an expense of $11.0 million, with the remainder due to vesting of awards in compensation plans active during the period: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | | | | | | | | | | | | | | | | | Compensation Plan | | Three Months Ended September 30, 2026 | | Three Months Ended September 30, 2025 | | Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | | ESPP | | $ | — | | | $ | 741 | | | $ | 145 | | $ | 2,199 | | | | | | | | | | | | | | | | | | | | | ESOP | | — | | | — | | | — | | (18) | | | | | | | | | | | | | | | | | | | | | Equity Incentive Plan | | 2,849 | | | 2,967 | | | 18,605 | | 7,127 | | | Total share-based compensation expense | | $ | 2,849 | | | $ | 3,708 | | | $ | 18,750 | | $ | 9,308 | | | Of which: included in research and development expense | | 744 | | | 1,190 | | | 8,215 | | 2,723 | | | Of which: included in general and administrative expense | | 2,105 | | | 2,518 | | | 10,535 | | 6,585 | | |
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| Schedule of nonvested share activity |
| | | | | | | | | | | | ESPP | Number of Shares | | Weighted-Average Grant Date Fair Value | Awards unvested as of January 1, 2026 | 25,902 | | 10.00 | | | | | Awards vested for the nine months ended September 30, 2026 | (25,902) | | 10.00 | | | | | Awards unvested as of September 30, 2026 | — | | — |
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| Schedule of option activity for share-based payment arrangement |
| | | | | | | | | | | | | | | | | | | | | | | | Equity Incentive Plan (Options) | Number of Options | | Weighted-Average Exercise Price | | Aggregate Intrinsic Value (in thousands) | | Weighted-Average Remaining Contractual Term (in years) | Awards outstanding as of January 1, 2026 | 2,156,512 | | $ | 24.76 | | $ | 3,700 | | 8.52 | Awards granted for the nine months ended September 30, 2026 | 1,301,162 | | $ | 12.50 | | n/a | | n/a | Awards exercised for the nine months ended September 30, 2026 | (114,632) | | $ | 6.29 | | n/a | | n/a | Awards cancelled and forfeited for the nine months ended September 30, 2026 | (736,378) | | $ | 41.40 | | n/a | | n/a | Awards outstanding as of September 30, 2026 | 2,606,664 | | $ | 14.75 | | $ | 2,773 | | 8.67 | Awards exercisable as of September 30, 2026 | 480,432 | | $ | 14.89 | | $ | 2,301 | | 6.06 |
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| Summary of weighted average assumptions for awards issued |
The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | Nine Months Ended September 30, 2025 | Estimated fair value of the option on the grant date using Black-Scholes model ($) | 8.51 | | 29.65 | Exercise price ($) | 12.50 | | 43.19 | Expected term of the award on the grant date (years) (1) | 6 | | 6 | Expected volatility of the share price (2) | 75% | | 75% | Risk-free interest rate (3) | 3.7% | | 4.4% | Expected dividend rate | —% | | —% | (1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected term. |
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| Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award |
| | | | | | | | | | | | Equity Incentive Plan (Restricted Stock Awards) | Number of Shares | | Weighted-Average Grant Date Fair Value | Awards unvested as of January 1, 2026 | 191,526 | | $ | 41.77 | Awards granted for the nine months ended September 30, 2026 | 354,296 | | 11.29 | Awards vested for the nine months ended September 30, 2026 | (47,880) | | 41.77 | | | | | Awards unvested as of September 30, 2026 | 497,942 | | $ | 20.08 |
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