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Share Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2024
Share Incentive Plan [Abstract] |
Schedule of Compensation Expense over the Vesting Period for each Separately Vesting Portion of the Awards | The Group measured the fair value of the awards as of the grant date and recognizes the amount as a compensation expense over the vesting period for each separately vesting portion of the awards.
|  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  |  |  |  | Exercise |  |  | Grant Fair |  |  | Contractual |  |  | intrinsic |
|  | Number of |  |  | Price |  |  | Value |  |  | Life |  |  | value |
|  | awards |  |  | $ per share |  |  | $ per share |  |  | (in years) |  |  | $ |
Balances, January 1, 2023 |  |  | 9,510,102 |  |  |  | 1.82 |  |  |  | 1.79 |  |  |  | 8.34 |  |  |  | 41,218 |
Options granted |  |  | 499,114 |  |  |  | 2.20 |  |  |  | 4.47 |  |  |  | 9.49 |  |  |  |  |
Options forfeited |  |  | (50,116 | ) |  |  | 2.30 |  |  |  | 5.36 |  |  |  | 9.51 |  |  |  |  |
Options exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Balances, December 31, 2023 |  |  | 9,959,100 |  |  |  | 1.83 |  |  |  | 1.91 |  |  |  | 7.44 |  |  |  | 11,596 |
Options granted |  |  | 136,112 |  |  |  | 2.04 |  |  |  | 0.55 |  |  |  | 9.95 |  |  |  |  |
Options forfeited |  |  | (147,925 | ) |  |  | 2.18 |  |  |  | 3.85 |  |  |  | 7.60 |  |  |  |  |
Options expired |  |  | (1,700,611 | ) |  |  | 1.61 |  |  |  | 1.06 |  |  |  | 5.98 |  |  |  |  |
Options exercised |  |  | (131,268 | ) |  |  | 1.15 |  |  |  | 0.98 |  |  |  | 5.91 |  |  |  |  |
Balances, December 31, 2024 |  |  | 8,115,408 |  |  |  | 1.89 |  |  |  | 2.04 |  |  |  | 6.58 |  |  |  | (8,054 | )
Vested but not exercised as of December 31, 2023 |  |  | 5,400,955 |  |  |  | 1.75 |  |  |  | 1.69 |  |  |  | 7.28 |  |  |  |  |
Vested but not exercised as of December 31, 2024 |  |  | 6,440,613 |  |  |  | 1.85 |  |  |  | 1.89 |  |  |  | 6.50 |  |  |  |  |
Schedule of Inputs to the Model Used | The following table lists the inputs to the model used:
|  | Jan 1, |  |  | Apr 1, |  |  | July 1, |  |  | Oct 1, |  |  | Apr 21, |  |  | Dec 6, |  |  | June 3 |  |  | Dec 31 |
|  | 2022 |  |  | 2022 |  |  | 2022 |  |  | 2022 |  |  | 2023 |  |  | 2023 |  |  | 2024 |  |  | 2024 |
Dividend yield (%) |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Expected volatility (%) |  |  | 48.73 |  |  |  | 48.78 |  |  |  | 48.88 |  |  |  | 48.82 |  |  |  | 49.68 |  |  |  | 49.90 |  |  |  | 95.24 |  |  |  | 85.53 |
Risk-free interest rate (%) |  |  | 1.66 |  |  |  | 2.52 |  |  |  | 3.03 |  |  |  | 3.98 |  |  |  | 3.98 |  |  |  | 4.30 |  |  |  | 4.19 |  |  |  | 4.82 |
Expected life of options (year) |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |  |  |  | 10.00 |
Schedule of Restricted Share Granted | The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.
|  | Number of |  |  | Weighted |
|  | Restricted shares |  |  | Average Grant date |
|  | Outstanding |  |  | Fair Value |
|  |  |  |  | US$ |
Unvested at December 31, 2023 |  |  | — |  |  |  |  |
Granted |  |  | 935,000 |  |  |  | 1.74 |
Vested |  |  | (15,000 | ) |  |  | 1.82 |
Unvested at December 31, 2024 |  |  | 920,000 |  |  |  | 1.74 |

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