The Company measures non-cash share-based compensation at the grant date based on the fair value of the award and recognizes non-cash shared-based compensation as expense over the requisite service period of the award (generally three years) using the straight-line method. Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development expenses	$	13,110	$	7,071	$	48,344	$	28,362
General and administrative expenses	7,702		5,161		25,530		18,747
Total non-cash share-based compensation expense	$	20,812	$	12,232	$	73,874	$	47,109

As of June 30, 2025, total unrecognized compensation cost related to the unvested share-based awards was $137,655, which is expected to be recognized over a weighted average period of 1.57 years.

All share option grants are awarded at fair value on the date of grant. The fair value of share options is estimated using the Black-Scholes option pricing model. Share options generally expire 10 years after the grant date.

The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company's common shares for those share options that had exercise prices lower than the fair value of the Company's common shares at June 30, 2025. The total intrinsic value of share options exercised during the six months ended June 30, 2025 and 2024 was $1,566 and $11,880, respectively. The tax benefit from share options exercised for the six months ended June 30, 2025 and 2024 was not material.

The weighted average grant date fair value per share of share options granted under the Company's share option plan during the six months ended June 30, 2025 and 2024 was $25.04 and $30.76, respectively. The Company expects approximately 6,644,371 of the unvested share options to vest over the requisite service period.


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(in years)
Outstanding as of December 31, 2024	12,781,084	$	17.46
Granted	3,036,387	$	36.77
Exercised	(64,865)	$	7.31
Forfeited	(81,045)	$	29.89
Outstanding as of June 30, 2025	15,671,561	$	21.18	8.04	$	57,107
Options exercisable as of June 30, 2025	9,027,190	$	17.14	7.74	$	39,177
Vested and expected to vest as of June 30, 2025	15,671,561	$	21.18	8.04	$	57,107

The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. The employee can elect to receive the one common share net of taxes or pay for taxes separately and receive the entire share. Compensation cost is recorded based on the market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period.

The total fair value of RSUs vested during the six months ended June 30, 2025 and 2024 was $19,118 and $3,770, respectively.


	Number of shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	277,221	$	41.87
Granted	1,627,563	$	38.53
Forfeited	(20,979)	$	39.12
Vested	(486,621)	$	39.29
Unvested as of June 30, 2025	1,397,184	$	38.92