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Share-Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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