Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The Company recorded share-based compensation expense in the following expense categories in the unaudited interim consolidated statements of operations and comprehensive loss (amounts in thousands):


	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Research and development	$	4,157	$	3,725
General and administrative	3,726		4,429
	$	7,883	$	8,154

Schedule of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2025:


	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balance at January 1, 2025	17,434,119	$	7.77	7.4 years
Granted	3,754,540	$	16.88
Exercised	(280,716)	$	6.69
Forfeited	(607,637)	$	11.27
Balance at March 31, 2025	20,300,306	$	9.37	7.6 years	$	114.4
Exercisable at March 31, 2025	11,775,004	$	7.54	6.5 years	$	83.4
Vested and expected to vest at March 31, 2025	20,300,306	$	9.37	7.6 years	$	114.4

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards

During the three months ended March 31, 2025, the fair value of each option was estimated on the date of grant under the Black-Scholes option pricing model using the weighted average assumptions in the table below:


Expected term	6.0 years
Expected stock price volatility	78.5	%
Risk-free interest rate	4.4	%
Expected dividend yield	0	%

Schedule of Replacement Equity Award Activity

The following table summarizes ordinary share activity related to the restricted stock programs for the three months ended March 31, 2025:


	Restricted Stock Awards				Restricted Stock Units
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share		Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Unvested at January 1, 2025	86,864		$	20.00	1,510,077		$	6.14
Granted	—		$	—	108,610		$	16.90
Vested	(52,118)		$	20.00	(388,791)		$	5.88
Forfeited	—		$	—	(104,550)		$	6.13
Unvested at March 31, 2025	34,746		$	20.00	1,125,346		$	7.27

Unrecognized compensation expense at March 31, 2025 (in thousands)	$	352			$	7,568
Expected weighted average recognition period	0.1 years				2.9 years