XML 67 R53.htm IDEA: XBRL DOCUMENT v3.25.1

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense

Compensation expenses recognized for share-based awards of the Company were as follows:

		Year Ended December 31,
		2022				2023				2024
		(in US$ thousands)
Cost of revenues		$	906			$	621			$	212
Research and development expenses			18,055				12,696				17,062
Sales and marketing expenses			6,140				4,145				778
General and administrative expenses			7,262				7,150				4,685
Total		$	32,363			$	24,612			$	22,737

Compensation expenses recognized for different awards were summarized as below:

		Year Ended December 31,
		2022				2023				2024
		(in US$ thousands)
Equity award – share options(1)(4)		$	14,315			$	11,176			$	6,761
Equity award – restricted shares(2)(3)			1,824				(730	)			—
Equity award – restricted share units(5)			11,712				11,455				15,636
Liability award – venture partners plan			4,512				2,711				340
Total		$	32,363			$	24,612			$	22,737

(1)Including share options granted to employees as part of post-combination compensation of US$4.0 million, US$0.4 million and US$0.1 million for the years ended December 31, 2022, 2023 and 2024, respectively.

(2)Including restricted shares granted by the Founder for equity classified award of US$0.2 million, US$0.1 million and nil for the years ended December 31, 2022, 2023 and 2024, respectively.

(3)Including restricted shares granted to employees as part of post-combination compensation of US$1.3 million, reversal of US$1.3 million due to certain employees’ failure to meet the service condition, and nil for the years ended December 31, 2022, 2023 and 2024, respectively.

(4)Including immediate recognition of remaining unrecognized compensation expenses of share options granted to certain employees as a result of the cancellation of their equity awards of nil, nil and US$1.9 million for the years ended December 31, 2022, 2023 and 2024, respectively.

(5)Including immediate recognition of remaining unrecognized compensation expenses of restricted share units granted to certain employees as a result of the cancellation of their equity awards of nil, nil and US$9.5 million for the years ended December 31, 2022, 2023 and 2024, respectively.

Schedule of Share Options Activity

The following table summarizes activities of the Company’s share options for the year ended December 31, 2024:

Equity Classified Share Options

		Number of Options				Weighted Average Exercise Price				Weighted-average Remaining Contractual Life				Aggregate Intrinsic Value				Weighted-average Grant Date Fair Value Per Share
						(US$)				In years				(US$)				In years
Outstanding at December 31, 2023			32,726,830				0.10				6.36				18,076,662				1.30
Granted			17,474,584				0.99												0.16
Exercised			(13,773,112	)			0.08								9,950,829
Forfeited			(3,761,061	)			0.06
Outstanding at December 31, 2024			32,667,241				0.59				8.25				15,733,975				0.75
Vested and expected to vest at December 31, 2024			32,667,241				0.59				8.25				15,733,975				0.75
Exercisable at December 31, 2024			13,950,997				0.14				5.08				12,509,053				1.40

Schedule of Share Options, Fair Value Assumptions

The fair value of options granted under the Company’s Plans for the years ended December 31, 2022, 2023 and 2024 used the binomial option pricing model, with the assumptions (or ranges thereof) in the following table:

		Year Ended December 31,
		2022				2023				2024
Exercise price		US$0.0001 - US$0.10					US$0.10			US$0.0001-US$2.0
Fair value of the ordinary shares on the date of option grant		US$0.6250 - US$1.6425				US$0.4950 - US$0.6375				US$0.4575 - US$1.0400
Risk-free interest rate(1)		2.35% - 3.88%				3.48% - 4.80%				3.94% - 4.57%
Expected term (in years)			10				10				10
Expected dividend yield(2)			0	%			0	%			0	%
Expected volatility(3)		50.38% - 53.79%				55.18% - 56.32%				43.27% - 56.21%
Expected forfeiture rate (post-vesting)			3	%			3	%		3%, 10%

(1)The risk-free interest rate of periods within the contractual life of the share option is based on the market yield of the U.S. treasury bonds with a maturity life equal to the expected life to expiration.

(2)The Company has no history or expectation of paying dividends on its ordinary shares.

(3)Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation dates.

Schedule of Restricted Share Activity

A restricted share unit (“RSU”) generally vest over a period of two to ten years of continuous service. The following table summarizes the RSU activities:

		Numbers of Shares				Weighted-average Grant Date Fair Value Per Share
						(US$)
Outstanding at December 31, 2023			16,862,054				1.71
Granted			19,128,852				0.55
Vested			(4,934,592	)			(1.66	)
Forfeited			(9,663,554	)			1.91
Outstanding at December 31, 2024			21,392,760				0.60

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in stock options.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfStockOptionsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration