Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Share Units Activity

A summary of the changes in the Company’s unvested restricted share units during the year ended December 31, 2024 is as follows:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and Outstanding as of December 31, 2023	320,203	$	11.79
Granted	518,868	10.72
Vested	(107,644)	11.72
Forfeited	(72,874)	11.79
Unvested and Outstanding as of December 31, 2024	658,553	$	10.96

Schedule of Share-based Payment Arrangement, Option Activity

The following table summarizes the Company’s share options activity for the year ended December 31, 2024:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023	6,969,328	$	13.14	7.73	$	14,070
Granted	2,974,472	$	9.34
Exercised	(189,214)	$	1.14
Cancelled or forfeited	(1,518,967)	$	13.30
Outstanding as of December 31, 2024	8,235,619	$	12.01	6.95	$	6,009
Exercisable as of December 31, 2024	4,827,397	$	13.34	5.77	$	4,782
Unvested as of December 31, 2024	3,408,222	$	10.14	8.62	$	1,227

Schedule of Valuation Assumptions

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the years ended December 31, 2024 and 2023 were as follows:

	Year Ended December 31,
	2024			2023
Expected option life (years)	5.1 years			5.7 years
Expected volatility	86.05		%	87.33		%
Risk-free interest rate	4.12		%	3.63		%
Expected dividend yield	—		%	—		%
Fair value of underlying ordinary shares	$	9.62		$	10.32

Schedule of Share-based Compensation Expense

Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Research and development	10,309		8,910
General and administrative	9,208		8,367
Total stock based compensation expense	$	19,517	$	17,277