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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2025
Shareholders' Equity |
Shareholders' Equity | 6. Shareholders’ Equity As of September 30, 2025, the Company’s amended and restated memorandum and articles of association, authorizes the Company to issue 500,000,000 ordinary shares and 100,000,000 undesignated shares, all of which remain undesignated shares, all with a par value of $0.0001 per share. The undesignated shares may be designated by the Company’s board of directors in accordance with the Company’s amended and restated memorandum and articles of association. Ordinary shareholders are entitled to dividends if and when declared by the Company’s board of directors. As of September 30, 2025 and December 31, 2024, no dividends on ordinary shares had been declared by the board of directors. Performance Options In February 2023, the Company’s board of directors approved the grant of performance share options for 1,200,000 ordinary shares, which were granted under the 2023 Equity Incentive Plan. Each share option would vest over four years, subject to the achievement of certain clinical milestones as determined by the Company’s compensation committee in the first year following the grant, and subject to the employees’ continuous service through each vesting date. The performance milestones were not achieved in the first year following the grant, and the performance share options were cancelled in February 2024. As such, no share-based compensation expense has been or will be recognized for such performance share options. Employee Share Purchase Plan In February 2023, the Company adopted the 2023 Employee Share Purchase Plan (“ESPP”). The Company allows eligible employees to purchase shares of the Company’s ordinary shares through payroll deductions at a price equal to 85% of the lesser of the fair market value of the ordinary shares as of the first date of each offering period or the ending date of each purchase period. Each offering period is typically 24 months consisting of four purchase periods of six months. There were 1,000,000 ordinary shares initially reserved for issuance under the ESPP. In January 2025, the number of ordinary shares available for issuance under the ESPP was increased by 1,718,600 shares as a result of the automatic increase provision in the ESPP. The offering period and purchase periods are determined by the board of directors. The Company issued 67,794 and 25,794 shares under the ESPP during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, 3,974,754 shares under the ESPP remain available for purchase. Performance Share Units In March 2024, the Company granted 381,252 restricted share units with service and performance conditions to certain employees. The awards are divided into three equal tranches, and the vesting of each tranche was contingent on the occurrence of certain milestone events and fulfilment of service condition. As of December 31, 2024, the Company concluded that the two milestones were probable of achievement and therefore recognized compensation expense of $1.7 million during the year ended December 31, 2024. During the nine months ended September 30, 2025, the Company recognized compensation expense of $0.8 million. In June 2025, the Company’s compensation committee certified the achievement of two of the three milestones, effective July 1, 2025. Because the third milestone was not achieved, the third tranche of performance share units was forfeited, effective July 1, 2025. As such, no share-based compensation expense has been or will be recognized for this third tranche of performance share units. Share-Based Compensation The Company recognized share-based compensation as follows (in thousands):
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​ | ​ | THREE MONTHS ENDED | ​ | NINE MONTHS ENDED | ​
​ | ​ | SEPTEMBER 30, | ​ | SEPTEMBER 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Research and development | ​ | $ | 3,718 | ​ | $ | 2,450 | ​ | $ | 9,878 | ​ | $ | 5,696 | ​
General and administrative | ​ |  | 3,777 | ​ |  | 3,573 | ​ |  | 11,044 | ​ |  | 7,267 | ​
Total share-based compensation | ​ | $ | 7,495 | ​ | $ | 6,023 | ​ | $ | 20,922 | ​ | $ | 12,963 | ​
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