Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at the fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in thousands), and the fair value hierarchy of the valuation techniques utilized.

	As of June 30, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents	$	29,895	$	—	$	—	$	29,895
U.S. treasury securities		5,989		—		—		5,989
U.S. agency bonds		—		198,475		—		198,475
Total	$	35,884	$	198,475	$	—	$	234,359
Financial liabilities:
DDSU Liability	$	1,300	$	—	$	—	$	1,300
2022 USD Financing Warrant Liability		—		—		18,944		18,944
Total	$	1,300	$	—	$	18,944	$	20,244
	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents	$	271,537	$	—	$	—	$	271,537
Financial liabilities:
DDSU Liability	$	1,148	$	—	$	—	$	1,148
2022 USD Financing Warrant Liability		—		—		24,010	$	24,010
Total	$	1,148	$	—	$	24,010	$	25,158

Schedule of Assumptions used to Determine Fair Value of 2022 USD Financing Warrants

The Company issued liability-classified warrants to purchase Common Shares in our underwritten public offering that closed on September 30, 2022 (the “2022 USD Financing Warrants”). The warrant liability is measured at fair value on a recurring basis and is classified as Level 3 in the fair value hierarchy. Its fair value is determined using the Black-Scholes option pricing model using the following assumptions:

	As of June 30, 2025	As of December 31, 2024
Share price	$6.49	$6.96
Expected volatility	80.55%	90.70%
Risk-free rate	3.68%	4.18%
Expected life	2.25 years	2.75 years