Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2025

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, 2024	11,990,781	$	10.02	8.69	$	34,209
Granted	224,000		10.10
Exercised	(256,055)		1.52
Forfeited	(348,748)		6.13
Expired	(111,130)		20.27
Outstanding at March 31, 2025	11,498,848	$	10.21	8.64	$	12,063
Exercisable at March 31, 2025	3,563,637	$	6.26	7.60	$	10,228

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

	Three Months Ended March 31,
	2025			2024
Expected volatility		90.4	%		84.1	%
Risk-free interest rate		4.3	%		4.1	%
Expected term (in years)		6.08			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 March 31,
	2025		2024
Research and development	$	2,434	$	383
General and administrative		3,269		1,776
Total share-based compensation expense	$	5,703	$	2,159