Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Unvested Ordinary Shares

	Number of			Weighted
	unvested			average
	ordinary			grant date
	shares			fair value
Unvested ordinary shares as of December 31, 2023		838,845		$	3.92
Granted		38,142			0.94
Vested		(149,230	)		8.07
Forfeited		(46,135	)		1.63
Unvested ordinary shares as of June 30, 2024		681,622		$	2.96

Summary of Share Options Activity

The following table summarizes the Company’s share options activity for the six months ended June 30, 2024:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		5,057,099		$	4.09		8.27	$	232
Granted		2,129,192		$	0.99		—		—
Exercised		—			—		—		—
Forfeited		(103,608	)	$	2.70		—		—
Outstanding as of June 30, 2024		7,082,683		$	3.10		8.35	$	212
Exercisable as of June 30, 2024		2,214,261		$	5.74		7.21	$	51
Unvested as of June 30, 2024		4,993,422		$	1.93		8.85	$	161

Summary of Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees during the three and six months ended June 30, 2024 and 2023, respectively, were as follows:

	Three Months Ended
	June 30,	June 30,
	2024	2023
Expected term (in years)	5.60	5.56
Expected volatility	92.11%	75.11%
Expected dividend yield	0.00%	0.00%
Risk free interest rate	4.28%	3.90%
Fair value of underlying ordinary shares	$0.87	$0.96
	Six Months Ended
	June 30,	June 30,
	2024	2023
Expected term (in years)	6.04	6.02
Expected volatility	90.10%	72.76%
Expected dividend yield	0.00%	0.00%
Risk free interest rate	3.82%	3.51%
Fair value of underlying ordinary shares	$0.99	$1.19

Summary of Share-based Compensation Expense

Share-based compensation expense recorded is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	764	$	934	$	1,586	$	1,819
General and administrative		548		767		1,113		1,534
	$	1,312	$	1,701	$	2,699	$	3,353