Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-based compensation

Schedule of option activity

A summary of option activity under the Plans during the six months ended June 30, 2025 is as follows:

	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		11,990,781		$	10.02		8.69	$	34,209
Granted		902,684			8.63
Exercised		(313,035	)		1.93
Forfeited		(578,980	)		8.71
Expired		(223,382	)		23.15
Outstanding at June 30, 2025		11,778,068		$	9.93	8.54		$	23,825
Exercisable at June 30, 2025		3,922,429		$	6.40	7.72		$	17,532

Schedule of weighted average assumptions used in the Black-Scholes option-pricing

The weighted average assumptions used in the Black-Scholes option-pricing model for stock options granted were:

	Six Months Ended June 30,
	2025			2024
Expected volatility		85.0	%		86.1	%
Risk-free interest rate		4.1	%		4.2	%
Expected term (in years)	5.98				6.04
Expected dividend yield		—	%		—	%

Schedule of stock-based compensation expense

Share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	2,233	$	1,041	$	4,667	$	1,424
General and administrative		3,114		2,186		6,383		3,962
Total share-based compensation expense	$	5,347	$	3,227	$	11,050	$	5,386