Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-based compensation

Schedule of option activity

A summary of option activity under the Plans during the three months ended March 31, 2026 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, 2025		15,856,758		$	10.15		8.49	$	180,668
Granted		500,000			22.53
Exercised		(38,197	)		6.00
Forfeited		(100,451	)		10.09
Expired		—			—
Outstanding at March 31, 2026		16,218,110		$	10.54	8.29		$	184,915
Exercisable at March 31, 2026		6,362,911		$	8.48		7.50	$	85,576

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:

	Three Months Ended March 31,
	2026			2025
Expected volatility		96.1	%		90.4	%
Risk-free interest rate		3.8	%		4.3	%
Expected term (in years)		6.08			6.08
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 March 31,
	2026		2025
Research and development	$	3,711	$	2,434
General and administrative		4,242		3,269
Total share-based compensation expense	$	7,953	$	5,703