XML 41 R32.htm IDEA: XBRL DOCUMENT
v3.25.2

Share-Based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share Option Activity | The following table summarizes the Company’s stock option activity:
|  | Number of shares |  |  | Weighted average exercise price |
Outstanding, January 1, 2025 |  |  | 10,883,904 |  |  | $ | 12.79 |
Granted |  |  | 1,950,500 |  |  | $ | 1.14 |
Cancelled or forfeited |  |  | (2,313,920 | ) |  | $ | 12.52 |
Outstanding, June 30, 2025 |  |  | 10,520,484 |  |  | $ | 10.69 |
Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model | The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fair value of stock options |  | $ | 0.80 |  |  | $ | 2.67 |  |  | $ | 0.88 |  |  | $ | 4.72 |
Risk-free interest rate |  |  | 4.01 | % |  |  | 4.30 | % |  |  | 4.07 | % |  |  | 4.21 | %
Expected terms (in years) |  |  | 5.50 |  |  |  | 5.33 |  |  |  | 6.28 |  |  |  | 5.97 |
Expected volatility |  |  | 91.21 | % |  |  | 83.57 | % |  |  | 90.95 | % |  |  | 83.08 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Total Outstanding Restricted Stock Units | The following table summarizes the Company’s restricted share unit activity:
|  | Number of shares |  |  | Weighted average grant date fair value |
Outstanding, January 1, 2025 |  |  | 764,159 |  |  | $ | 9.22 |
Awarded |  |  | 182,000 |  |  | $ | 1.17 |
Vested and released |  |  | (375,225 | ) |  | $ | 9.57 |
Forfeited |  |  | (224,849 | ) |  | $ | 7.18 |
Outstanding, June 30, 2025 |  |  | 346,085 |  |  | $ | 5.93 |
Schedule of Share-based Compensation Expense | Share-based compensation expense for all awards was allocated as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |
Research and development |  | $ | 1,018 |  |  | $ | 3,694 |  |  | $ | 3,325 |  |  | $ | 7,113 |
General and administrative |  |  | 1,037 |  |  |  | 2,825 |  |  |  | 2,688 |  |  |  | 5,881 |
Total share-based compensation expense |  | $ | 2,056 |  |  | $ | 6,519 |  |  | $ | 6,014 |  |  | $ | 12,994 |
Share-based compensation expense by type of award was as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |
Stock options |  | $ | 1,730 |  |  | $ | 5,605 |  |  | $ | 4,455 |  |  | $ | 11,290 |
Restricted share units |  |  | 310 |  |  |  | 803 |  |  |  | 1,511 |  |  |  | 1,512 |
ESPP |  |  | 16 |  |  |  | 111 |  |  |  | 48 |  |  |  | 192 |
Total share-based compensation expense |  | $ | 2,056 |  |  | $ | 6,519 |  |  | $ | 6,014 |  |  | $ | 12,994 |

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 number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
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