Share-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

During the six months ended June 30, 2025, the Company granted share options to purchase up to 7,134,210 ordinary shares and restricted shares representing 7,361,810 ordinary shares under its equity incentive plans. The share options granted have a contractual term of ten years. Share options granted since April 2023 generally vest ratably over a four-year period, and share options granted prior to April 2023 generally vest ratably over a five-year period, with 25% or 20% of the awards vesting on each anniversary of the grant date, respectively, subject to continued employment/service with the Company on the vesting date. The restricted shares granted generally vest ratably over a specified period on the anniversary of the grant date, subject to continued employment/service with the Company on the vesting date. For a description of the Company’s equity incentive plans and more details on the terms of the share-based awards, see Note 15 in the 2024 Annual Report.

The following table presents the share-based compensation expense that has been reported in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss as follows ($ in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024

Selling, general and administrative	11,244	10,421	21,470	21,456
Research and development	5,729	8,217	11,303	15,162
Total	16,973	18,638	32,773	36,618

As of June 30, 2025, there was unrecognized share-based compensation expense related to unvested share options and unvested restricted shares of $64.7 million and $75.4 million, respectively, which the Company expects to recognize over a weighted-average period of 2.52 years and 2.46 years, respectively.