Share-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

During the nine months ended September 30, 2026, the Company granted share options to purchase up to 11,439,690 ordinary shares and restricted shares representing 12,722,240 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 2025 Annual Report.

During the nine months ended September 30, 2026, the Company also granted cash-settled performance-based restricted shares representing 1,169,170 ordinary shares under its equity incentive plans. These awards will vest on the third anniversary of the grant date and will be settled in cash based on value of the Company’s ordinary shares on the vesting date. These awards are accounted for as liability awards and their fair value is measured at the end of each reporting period. The related liability of $0.6 million is recorded in other non‑current liabilities in the unaudited condensed consolidated balance sheet as of September 30, 2026, and the related compensation expense of $0.3 million and $0.6 million were recorded in stock‑based compensation in the unaudited condensed consolidated statements of operations in the three and nine months ended September 30, 2026.

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 September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

Selling, general and administrative	7,756	10,945	25,826	32,415
Research and development	3,588	5,978	11,208	17,281
Total	11,344	16,923	37,034	49,696