Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-based compensation

Schedule of option activity

				Weighted
		Weighted		average	Aggregate
		average		remaining	Intrinsic
	Number of	exercise price		contractual	Value
	shares	per share		term (years)	(in thousands)
Outstanding at December 31, 2023	7,978,291	$	6.15	8.62	$	45,360
Granted	6,616,169		14.66
Exercised	(769,382)		2.93
Forfeited	(1,443,809)		10.67
Expired	(390,488)		20.93
Outstanding at December 31, 2024	11,990,781	$	10.02	8.69	$	34,209
Exercisable at December 31, 2024	3,381,263	$	5.11	7.26	$	22,083

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

	Year Ended December 31,
	2024			2023
Expected volatility		88.4	%		92.1	%
Risk-free interest rate		4.0	%		4.6	%
Expected term (in years)		5.85			5.60
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,
	2024		2023
Research and development	$	5,146	$	1,981
General and administrative		10,602		4,242
Total share-based compensation expense	$	15,748	$	6,223