Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

During the first quarter of 2026, the Company granted share options to purchase up to 7,356,500 ordinary shares and restricted shares representing 2,880,030 ordinary shares under its equity incentive plans. The share options granted have a contractual term of ten years. Share options granted since April 2023 generally vest ratably over a four-year period, and share options granted prior to April 2023 generally vest ratably over a five-year period, with 25% or 20% of the awards vesting on each anniversary of the grant date, respectively, subject to continued employment/service with the Company on the vesting date. The restricted shares granted generally vest ratably over a specified period on the anniversary of the grant date, subject to continued employment/service with the Company on the vesting date. For a description of the Company’s equity incentive plans and more details on the terms of the share-based awards, see Note 15 in the 2025 Annual Report.

During the first quarter of 2026, the Company also granted cash-settled performance-based restricted shares representing 1,169,170 ordinary shares under its equity incentive plans. These awards will vest on the third anniversary of the grant date and will be settled in cash based on value of our ordinary shares on the vesting date. These awards are accounted for as liability awards and their fair value is measured at the end of each reporting period. The related liability of an insignificant amount is recorded in other non‑current liabilities in the unaudited condensed consolidated balance sheet as of March 31, 2026, and the related compensation expense of an insignificant amount is recorded in stock‑based compensation in the unaudited condensed consolidated statements of operations in the first quarter of 2026.

The following table presents the share-based compensation expense that has been reported in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands):


	Three Months Ended March 31,
	2026	2025

Selling, general and administrative	10,401	10,226
Research and development	3,163	5,574
Total	13,564	15,800

As of March 31, 2026, there was unrecognized share-based compensation expense related to unvested share options and unvested restricted shares of $46.8 million and $48.3 million, respectively, which the Company expects to recognize over a weighted-average period of 2.21 years and 2.07 years, respectively.