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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Pay Versus Performance
As required by Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. For the most recently completed fiscal year, the Company did not use any “financial performance measures” as defined in Item 402(v) of Regulation S-K to link compensation paid to our Named Executive Officers (NEOs), to the Company’s performance. We are also permitted to report as a “smaller reporting company” as defined under the U.S. federal securities laws. Accordingly, we have not included a tabular list of financial performance measures, and the table below does not include a column for a “Company-Selected Measure” as defined in Item 402(v) of Regulation S-K. For further information regarding our compensation philosophy and how we seek to align executive compensation with the Company’s performance, refer to “Executive Compensation—2025 Executive Officer Compensation.”
PAY VERSUS PERFORMANCE
Year
Summary
Compensation
Table Total
for
PEO(1)
($)
Compensation
Actually Paid
to PEO(2)
($)
Average
Summary
Compensation
Table Total
for
Non-PEO
NEOs(3)
($)
Average
Compensation
Actually Paid
to Non-PEO
NEOs(4)
($)
Value of
Initial Fixed
$100
Investment
Based On
Total
Shareholder
Return
(TSR)(5)
($)
Net Income
(loss)(6)
($)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
2025
$3,876,736
$27,829,744
$1,476,570
$7,995,513
$76.58
($204,627,000)
2024
$3,717,354
$6,541,377
$1,789,844
$1,993,601
$22.74
($567,939,000)
2023
$4,324,280
$2,785,367
$1,350,590
$790,997
$12.91
($75,802,000)
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for David Hung, M.D. (our principal executive officer, or PEO) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation—Summary Compensation Table.”
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Dr. Hung, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Dr. Hung during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Dr. Hung’s total compensation for each year to determine the compensation actually paid:
Year
Reported
Summary
Compensation
Table Total
for PEO
($)
Reported
Value of
Equity
Awards(a)
($)
Equity
Award
Adjustments(b)
($)
Compensation
Actually
Paid to PEO
($)
2025
$3,876,736
($2,674,636)
$26,627,644
$27,829,744
2024
$3,717,354
($2,519,960)
$5,343,983
$6,541,377
2023
$4,324,280
($3,323,675)
$1,784,762
$2,785,367
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Options” column in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year
Year End
Fair Value of
Equity
Awards
($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity
Awards
($)
Fair Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in the
Year
($)
Year over
Year Change
in Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Fair Value at
the End of
the Prior
Year of
Equity
Awards that
Failed to
Meet Vesting
Conditions in
the Year
($)
Total
Equity
Award
Adjustments
($)
2025
$14,264,055
$11,231,213
$0
$1,132,376
$0
$26,627,644
2024
$3,261,900
$1,137,344
$0
$944,739
$0
$5,343,983
2023
$2,552,921
($567,896)
$0
($200,263)
$0
$1,784,762
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group (excluding our PEO) in the “Total” column of the Summary Compensation Table in each applicable year. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2025 are Philippe Sauvage and Gary Hattersley, Ph.D. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2024 are Gary Hattersley, Ph.D. and Colleen Sjogren. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2023 are Gary Hattersley, Ph.D. and David Liu, M.D., Ph.D.
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding our PEO), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our PEO) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid using the same methodology described above in Note (2):
Year
Average
Reported
Summary
Compensation
Table
Total for
Non-PEO
NEOs ($)
Average
Reported
Value of
Equity
Awards
($)
Average
Equity
Award
Adjustments(a)
($)
Average
Compensation
Actually Paid
to Non-
PEO NEOs
($)
2025
$1,476,570
($668,659)
$7,187,602
$7,995,513
2024
$1,789,844
($1,148,489)
$1,352,246
$1,993,601
2023
$1,350,590
($664,735)
$105,142
$790,997
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
Year
Average
Year End
Fair
Value of
Equity
Awards
($)
Year over
Year
Average
Change in
Fair Value of
Outstanding
and Unvested
Equity
Awards
($)
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in the
Year
($)
Year over
Year
Average
Change in
Fair Value of
Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Average Fair
Value at the
End of the
Prior Year of
Equity
Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total
Average
Equity
Award
Adjustments
($)
2025
$3,566,014
$2,802,676
$0
$818,912
$0
$7,187,602
2024
$983,449
$215,972
$0
$152,825
$0
$1,352,246
2023
$510,584
($323,389)
$0
($82,053)
$0
$105,142
(5)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
(6)
The dollar amounts reported represent the amount of net loss reflected in the Company’s audited financial statements for the applicable year. The Company is not have any significant revenue during the periods presented. Consequently, the Company did not use net income (loss) as a performance measure in its executive compensation program.
   
Named Executive Officers, Footnote
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for David Hung, M.D. (our principal executive officer, or PEO) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation—Summary Compensation Table.”
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group (excluding our PEO) in the “Total” column of the Summary Compensation Table in each applicable year. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2025 are Philippe Sauvage and Gary Hattersley, Ph.D. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2024 are Gary Hattersley, Ph.D. and Colleen Sjogren. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2023 are Gary Hattersley, Ph.D. and David Liu, M.D., Ph.D.
   
PEO Total Compensation Amount $ 3,876,736 $ 3,717,354 $ 4,324,280
PEO Actually Paid Compensation Amount $ 27,829,744 6,541,377 2,785,367
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Dr. Hung, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Dr. Hung during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Dr. Hung’s total compensation for each year to determine the compensation actually paid:
Year
Reported
Summary
Compensation
Table Total
for PEO
($)
Reported
Value of
Equity
Awards(a)
($)
Equity
Award
Adjustments(b)
($)
Compensation
Actually
Paid to PEO
($)
2025
$3,876,736
($2,674,636)
$26,627,644
$27,829,744
2024
$3,717,354
($2,519,960)
$5,343,983
$6,541,377
2023
$4,324,280
($3,323,675)
$1,784,762
$2,785,367
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Options” column in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year
Year End
Fair Value of
Equity
Awards
($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity
Awards
($)
Fair Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in the
Year
($)
Year over
Year Change
in Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Fair Value at
the End of
the Prior
Year of
Equity
Awards that
Failed to
Meet Vesting
Conditions in
the Year
($)
Total
Equity
Award
Adjustments
($)
2025
$14,264,055
$11,231,213
$0
$1,132,376
$0
$26,627,644
2024
$3,261,900
$1,137,344
$0
$944,739
$0
$5,343,983
2023
$2,552,921
($567,896)
$0
($200,263)
$0
$1,784,762
   
Non-PEO NEO Average Total Compensation Amount $ 1,476,570 1,789,844 1,350,590
Non-PEO NEO Average Compensation Actually Paid Amount $ 7,995,513 1,993,601 790,997
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding our PEO), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our PEO) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid using the same methodology described above in Note (2):
Year
Average
Reported
Summary
Compensation
Table
Total for
Non-PEO
NEOs ($)
Average
Reported
Value of
Equity
Awards
($)
Average
Equity
Award
Adjustments(a)
($)
Average
Compensation
Actually Paid
to Non-
PEO NEOs
($)
2025
$1,476,570
($668,659)
$7,187,602
$7,995,513
2024
$1,789,844
($1,148,489)
$1,352,246
$1,993,601
2023
$1,350,590
($664,735)
$105,142
$790,997
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
Year
Average
Year End
Fair
Value of
Equity
Awards
($)
Year over
Year
Average
Change in
Fair Value of
Outstanding
and Unvested
Equity
Awards
($)
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in the
Year
($)
Year over
Year
Average
Change in
Fair Value of
Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Average Fair
Value at the
End of the
Prior Year of
Equity
Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total
Average
Equity
Award
Adjustments
($)
2025
$3,566,014
$2,802,676
$0
$818,912
$0
$7,187,602
2024
$983,449
$215,972
$0
$152,825
$0
$1,352,246
2023
$510,584
($323,389)
$0
($82,053)
$0
$105,142
   
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid and Cumulative TSR
The chart below shows the relationship between the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO NEOs, on the one hand, to the Company’s cumulative TSR over the three years presented in the table, on the other.
   
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Loss
The Company had no significant revenue during the periods presented. Consequently, we do not use net income (loss) as a performance measure in our executive compensation program. Moreover, as a pre-commercial company, we do not believe there is any meaningful relationship between our net loss and compensation actually paid to our NEOs during the periods presented.
   
Total Shareholder Return Amount $ 76.58 22.74 12.91
Net Income (Loss) $ (204,627,000) $ (567,939,000) $ (75,802,000)
PEO Name David Hung, M.D. David Hung, M.D. David Hung, M.D.
Equity Awards Adjustments, Footnote
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year
Year End
Fair Value of
Equity
Awards
($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity
Awards
($)
Fair Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in the
Year
($)
Year over
Year Change
in Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Fair Value at
the End of
the Prior
Year of
Equity
Awards that
Failed to
Meet Vesting
Conditions in
the Year
($)
Total
Equity
Award
Adjustments
($)
2025
$14,264,055
$11,231,213
$0
$1,132,376
$0
$26,627,644
2024
$3,261,900
$1,137,344
$0
$944,739
$0
$5,343,983
2023
$2,552,921
($567,896)
$0
($200,263)
$0
$1,784,762
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
Year
Average
Year End
Fair
Value of
Equity
Awards
($)
Year over
Year
Average
Change in
Fair Value of
Outstanding
and Unvested
Equity
Awards
($)
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in the
Year
($)
Year over
Year
Average
Change in
Fair Value of
Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Average Fair
Value at the
End of the
Prior Year of
Equity
Awards
that Failed to
Meet Vesting
Conditions in
the Year
($)
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total
Average
Equity
Award
Adjustments
($)
2025
$3,566,014
$2,802,676
$0
$818,912
$0
$7,187,602
2024
$983,449
$215,972
$0
$152,825
$0
$1,352,246
2023
$510,584
($323,389)
$0
($82,053)
$0
$105,142
   
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (2,674,636) $ (2,519,960) $ (3,323,675)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 26,627,644 5,343,983 1,784,762
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 14,264,055 3,261,900 2,552,921
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 11,231,213 1,137,344 (567,896)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,132,376 944,739 (200,263)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (668,659) (1,148,489) (664,735)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 7,187,602 1,352,246 105,142
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 3,566,014 983,449 510,584
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,802,676 215,972 (323,389)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 818,912 152,825 (82,053)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 0