Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-based compensation

Schedule of option activity

A summary of option activity under the Plans during the nine months ended September 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		5,386,784			10.19
Exercised		(381,992	)		2.66
Forfeited		(1,062,581	)		9.42
Expired		(237,184	)		22.94
Outstanding at September 30, 2025		15,695,808		$	10.09	8.73		$	41,765
Exercisable at September 30, 2025		4,972,974		$	7.69	7.83		$	25,837

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:

	Nine Months Ended September 30,
	2025			2024
Expected volatility		85.1	%		89.8	%
Risk-free interest rate		4.0	%		4.0	%
Expected term (in years)	6.06				6.06
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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	2,851	$	1,820	$	7,518	$	3,244
General and administrative		3,896		3,072		10,279		7,034
Total share-based compensation expense	$	6,747	$	4,892	$	17,797	$	10,278