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Non-Cash Share-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Non-Cash Share-Based Compensation | Non-Cash Share-Based Compensation Non-Cash Share-based Compensation Expense The Company measures non-cash share-based compensation at the grant date based on the fair value of the award and recognizes non-cash shared-based compensation as expense over the requisite service period of the award (generally three years) using the straight-line method. Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan, was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Research and development expenses |  | $ | 11,983 |  |  | $ | 13,110 |  |  | $ | 30,458 |  |  | $ | 48,344 |
General and administrative expenses |  | 7,181 |  |  | 7,702 |  |  | 16,992 |  |  | 25,530 |
Total non-cash share-based compensation expense |  | $ | 19,164 |  |  | $ | 20,812 |  |  | $ | 47,450 |  |  | $ | 73,874 |
As of June 30, 2026, total unrecognized compensation cost related to the unvested share-based awards was $93,325, which is expected to be recognized over a weighted average period of 1.80 years. The Company did not recognize any material tax benefit or expense related to the exercise of share options or vesting of RSUs during the six months ended June 30, 2026 and 2025. Share Options All share option grants are awarded at fair value on the date of grant. The fair value of share options is estimated using the Black-Scholes option pricing model. Share options generally expire 10 years after the grant date. The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company's common shares for those share options that had exercise prices lower than the fair value of the Company's common shares at June 30, 2026. The total intrinsic value of share options exercised during the six months ended June 30, 2026 and 2025 was $2,102 and $1,566, respectively. The weighted average grant date fair value per share of share options granted under the Company's equity incentive plan during the six months ended June 30, 2026 and 2025 was $8.52 and $25.04, respectively. The Company expects approximately 6,428,022 of the unvested share options to vest over the requisite service period. The following table is a summary of the Company's share option activity for the six months ended June 30, 2026:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
|  |  |  |  |  | (in years) |  |
Outstanding as of December 31, 2025 |  | 15,649,514 |  | $ | 21.06 |  |  |  |  |
Granted |  | 5,213,525 |  |  | $ | 11.34 |  |  |  |  |
Exercised |  | (306,185) |  |  | $ | 7.04 |  |  |  |  |
Forfeited |  | (181,320) |  |  | $ | 27.75 |  |  |  |  |
Outstanding as of June 30, 2026 |  | 20,375,534 |  | $ | 18.72 |  |  | 7.66 |  | $ | 75,673 |
Options exercisable as of June 30, 2026 |  | 13,947,512 |  | $ | 17.79 |  |  | 7.00 |  | $ | 61,344 |
Vested and expected to vest as of June 30, 2026 |  | 20,375,534 |  | $ | 18.72 |  |  | 7.66 |  | $ | 75,673 |
Restricted Share Units The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. Compensation cost is recorded based on the market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period. The total fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was $4,876 and $19,118, respectively. The following table is a summary of the RSU activity for the six months ended June 30, 2026:
|  | Number of shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025 |  | 1,402,696 |  |  | $ | 38.48 |
Granted |  | 15,850 |  |  | $ | 11.02 |
Vested |  | (482,437) |  |  | $ | 39.01 |
Forfeited |  | (36,530) |  |  | $ | 38.97 |
Unvested as of June 30, 2026 |  | 899,579 |  |  | $ | 37.70 |

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