Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based compensation

Schedule of option activity

A summary of option activity under the Plans during the year ended December 31, 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		5,562,784			10.36
Exercised		(389,493	)		2.79
Forfeited		(1,070,130	)		9.42
Expired		(237,184	)		22.94
Outstanding at December 31, 2025		15,856,758		$	10.15	8.49		$	180,668
Exercisable at December 31, 2025		5,730,201		$	8.19	7.67		$	76,625

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:

	Year Ended December 31,
	2025			2024
Expected volatility		85.2	%		88.4	%
Risk-free interest rate		4.0	%		4.0	%
Expected term (in years)		6.06			5.85
Expected dividend yield		—	%		—	%

Schedule of stock-based compensation expense

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

	Year Ended December 31,
	2025		2024
Research and development	$	11,193	$	5,146
General and administrative		14,497		10,602
Total share-based compensation expense	$	25,690	$	15,748