Share-based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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
September 30, 2025 | | Three Months Ended
September 30, 2024 | | Nine Months Ended
September 30, 2025 | | Nine Months Ended
September 30, 2024 | | Research and development | $ | 3,298 | | | $ | 3,642 | | | $ | 11,570 | | | $ | 11,373 | | | General and administrative | 3,896 | | | 4,811 | | | 11,456 | | | 13,845 | | | $ | 7,194 | | | $ | 8,453 | | | $ | 23,026 | | | $ | 25,218 | |
Share-based compensation expense by award type was as follows included within the unaudited interim consolidated statements of operations and comprehensive loss: (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, 2025 | | Three Months Ended
September 30, 2024 | | Nine Months Ended
September 30, 2025 | | Nine Months Ended
September 30, 2024 | Stock options | $ | 6,568 | | | $ | 5,722 | | | $ | 19,590 | | | $ | 16,929 | | Restricted share awards and units | 626 | | | 2,731 | | | 3,436 | | | 8,289 | | | $ | 7,194 | | | $ | 8,453 | | | $ | 23,026 | | | $ | 25,218 | |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activity for the nine months ended September 30, 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 | 5,387,740 | | | $ | 16.03 | | | | | | | Exercised | (1,087,469) | | | $ | 6.43 | | | | | | | Forfeited | (858,214) | | | $ | 10.60 | | | | | | Balance at September 30, 2025 | 20,876,176 | | | $ | 9.86 | | | 7.1 years | | $ | 300.5 | | Exercisable at September 30, 2025 | 12,757,975 | | | $ | 7.92 | | | 6.0 years | | $ | 208.3 | | Vested and expected to vest at September 30, 2025 | 20,876,176 | | | $ | 9.86 | | | 7.1 years | | $ | 300.5 | |
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| Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards |
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: | | | | | | | | | | | | | Nine Months Ended
September 30, 2025 | | Nine Months Ended
September 30, 2024 | | Expected term | 6.0 years | | 5.9 years | | Expected stock price volatility | 79.5 | % | | 76.1 | % | | Risk-free interest rate | 4.3 | % | | 4.0 | % | | Expected dividend yield | 0 | % | | 0 | % |
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| Schedule of Replacement Equity Award Activity |
The following table summarizes ordinary share activity related to the restricted stock programs for the nine months ended September 30, 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 | — | | | $ | — | | | 123,610 | | | $ | 16.45 | | | Vested | (86,864) | | | $ | 20.00 | | | (428,118) | | | $ | 5.69 | | | Forfeited | — | | | $ | — | | | (170,168) | | | $ | 6.28 | | Unvested at September 30, 2025 | — | | | $ | — | | | 1,035,401 | | | $ | 7.53 | | | | | | | | | | Unrecognized compensation expense at September 30, 2025 (in thousands) | $ | — | | | | | $ | 6,115 | | | | | Expected weighted average recognition period | 0.0 years | | | | 2.5 years | | |
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