Share-based compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-based compensation |
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| Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss |
| | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | | (in thousands) | Research and development expenses | | | 1,888 | | | 2,758 | | | 3,865 | | | 5,221 | Selling, general and administrative expenses | | | 3,128 | | | 2,326 | | | 6,241 | | | 4,273 | Total | | $ | 5,016 | | $ | 5,084 | | $ | 10,106 | | $ | 9,494 |
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| Schedule of share-based compensation expense / (income) |
| | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | | (in thousands) | Award type/ESPP | | | | | | | | | | | | | Share options | | $ | 1,861 | | $ | 1,662 | | $ | 3,668 | | $ | 3,299 | Restricted share units | | | 3,255 | | | 2,547 | | | 6,461 | | | 4,760 | Performance share units | | | (108) | | | 875 | | | (46) | | | 1,435 | ESPP | | | 8 | | | — | | | 23 | | | — | Total | | $ | 5,016 | | $ | 5,084 | | $ | 10,106 | | $ | 9,494 |
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| Schedule of unrecognized compensation expense related to unvested awards |
| | | | | | | | Unrecognized | | Weighted average | | | share-based | | remaining | | | compensation | | period for | | | expense | | recognition | | | (in thousands) | | (in years) | Award type | | | | | | Share options | | $ | 14,464 | | 2.57 | Restricted share units | | | 25,886 | | 2.17 | Performance share units | | | 427 | | 0.87 | Total | | $ | 40,776 | | 2.30 |
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| Schedule of weighted-average assumptions for fair value of option issued |
| | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Assumptions | | | | | | | | | Expected volatility | | 95% | | 80% | | 95% | | 70% - 80% | Expected terms | | 10 years | | 10 years | | 10 years | | 10 years | Risk-free interest rate | | 4.68% | | 4.64% | | 4.21% - 4.68% | | 4.36% - 4.64% | Expected dividend yield | | 0.0% | | 0.0% | | 0.0% | | 0.0% |
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| Summary of RSUs activity |
| | | | | | | | RSUs | | | | | Weighted average | | | Number of | | grant-date fair | | | ordinary shares | | value | Non-vested at December 31, 2025 | | 2,395,420 | | $ | 12.15 | Granted | | 1,112,250 | | $ | 12.36 | Vested | | (886,521) | | $ | 12.29 | Forfeited | | (113,350) | | $ | 16.22 | Non-vested at June 30, 2026 | | 2,507,799 | | $ | 12.01 | | | | | | | Total weighted average grant date fair value of RSUs granted during the period (in $ millions) | | | | $ | 13.8 |
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| Summary of PSUs activity |
| | | | | | | | PSUs | | | | | Weighted average | | | Number of | | grant-date fair | | | ordinary shares | | value | Non-vested at December 31, 2025 | | 22,500 | | $ | 15.40 | Granted | | 28,750 | | $ | 22.40 | Vested | | — | | $ | — | Forfeited | | (22,500) | | $ | 15.40 | Non-vested at June 30, 2026 | | 28,750 | | $ | 22.40 |
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| 2014 Plan |
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| Share-based compensation |
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| Summary of option activity |
| | | | | | | | Options | | | Number of ordinary shares | | | Weighted
average exercise price | | | | | | | Outstanding at December 31, 2025 | | 4,531,991 | | | 17.04 | Granted | | 869,760 | | $ | 11.48 | Forfeited | | (12,451) | | $ | 9.58 | Expired | | (16,186) | | $ | 37.84 | Exercised | | (410,849) | | $ | 16.60 | Outstanding at June 30, 2026 | | 4,962,265 | | $ | 16.05 | Thereof, fully vested, and exercisable on June 30, 2026 | | 2,769,675 | | $ | 19.77 | Thereof, outstanding and expected to vest after June 30, 2026 | | 2,192,590 | | $ | 11.35 | Outstanding and expected to vest after December 31, 2025 | | 1,999,315 | | $ | 11.81 |
| | | | | | Total weighted average grant date fair value of options issued during the period (in $ millions) | | | | $ | 6.4 |
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