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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation Expense | The following table summarizes share-based compensation expense for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 2,471 |  |  | $ | 5,128 |  |  | $ | 11,990 |  |  | $ | 16,217 |
General and administrative | 4,728 |  |  | 5,892 |  |  | 16,495 |  |  | 19,227 |
Restructuring costs (1) | — |  |  | — |  |  | 2,081 |  |  | — |
Total share-based compensation expense | $ | 7,199 |  |  | $ | 11,020 |  |  | $ | 30,566 |  |  | $ | 35,444 |
________________ (1)Restructuring costs for the nine months ended September 30, 2025 includes $2.1 million of share-based compensation expense related to the contractual acceleration of vesting of certain option awards granted to executive officers.
Fair Value of Options Granted | The fair value of the options granted to employees and non-employee directors during the nine months ended September 30, 2025 and 2024 was estimated as of the grant date using the Black-Scholes option-pricing model using the key assumptions listed in the following table. There were no stock options granted during the three months ended September 30, 2025 and 2024, thus no key assumptions are shown in the table below.
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Expected term (in years) |  | 4.78 | - | 5.76 |  | 4.60 | - | 5.56
Expected volatility |  | 76.5% | - | 79.0% |  | 74.5 | % | - | 78.6%
Risk-free interest rate |  | 3.8% | - | 4.4% |  | 3.8 | % | - | 4.7%
Expected dividend yield |  | —% |  | —%
Weighted average grant date fair value |  | $9.49 |  | $19.21
Summary of Company's Share Option Activity | The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2025:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 | 11,107,373 |  |  | $ | 28.70 |  |  | 6.16 |  | $ | 3,401 |
Granted | 2,086,686 |  |  | 14.26 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | (1,331,514) |  |  | 29.02 |  |  |  |  |
Expired | (235,332) |  |  | 27.70 |  |  |  |  |
Outstanding at September 30, 2025 | 11,627,213 |  |  | $ | 26.09 |  |  | 4.75 |  | $ | 505 |
Vested and expected to vest at September 30, 2025 | 11,259,635 |  |  | $ | 26.23 |  |  | 4.62 |  | $ | 472 |
Exercisable at September 30, 2025 | 8,902,882 |  |  | $ | 26.75 |  |  | 3.60 |  | $ | 37 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option | The following table summarizes the activity and related information for RSUs during the nine months ended September 30, 2025:
|  | Number of Units |  | Weighted Average Grant-Date Fair Value |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in thousands)
Unvested at December 31, 2024 |  | 6,000 |  |  | $ | 51.80 |  |  | 0.71 |  | $ | 83 |
Units Granted |  | 1,298,136 |  |  | 8.65 |  |  |  |  |
Units Vested |  | (3,000) |  |  | 68.71 |  |  |  |  |
Units Forfeited |  | (168,385) |  |  | 14.95 |  |  |  |  |
Unvested at September 30, 2025 |  | 1,132,751 |  |  | $ | 7.78 |  |  | 1.33 |  | $ | 11,056 |
Unvested and expected to vest at September 30, 2025 |  | 972,844 |  |  | $ | 7.78 |  |  | 1.28 |  | $ | 9,495 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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