Share-Based Compensation Expense

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share Option and Incentive Plan

During the nine months ended September 30, 2024, the Company granted options for 9,035,663 ordinary shares, restricted share units for 45,696,365 ordinary shares, and performance share units for 2,405,949 ordinary shares under the Company’s share option and incentive plan. As of September 30, 2024, options, restricted share units, and performance share units for ordinary shares outstanding totaled 65,461,567, 85,279,987, and 2,162,082, respectively. As of September 30, 2024, share-based awards to acquire 82,344,989 ordinary shares were available for future grant under the Company’s share option and incentive plan.

Employee Share Purchase Plan

The Company’s employee share purchase plan (the “ESPP”) allows eligible employees to purchase the Company’s ordinary shares (including in the form of ADSs) at the end of each offering period, which will generally be six months, at a 15% discount to the market price of the Company’s ADSs at the beginning or the end of each offering period, whichever is lower, using funds deducted from their payroll during the offering period. Eligible employees are able to authorize payroll deductions of up to 10% of their eligible earnings, subject to applicable limitations.

As of September 30, 2024, 4,953,682 ordinary shares were available for future issuance under the ESPP.

The following tables summarizes the shares issued under the ESPP:


		Market Price1				Purchase Price2
Issuance Date	Number of Ordinary Shares Issued	ADS		Ordinary		ADS		Ordinary		Proceeds
August 31, 2024	1,035,996	$	165.02	$	12.69	$	140.27	$	10.78	$	11,178
February 29, 2024	1,021,397	$	165.65	$	12.74	$	140.80	$	10.83	$	11,063
August 31, 2023	794,144	$	207.55	$	15.97	$	176.42	$	13.57	$	10,777
February 28, 2023	930,582	$	171.10	$	13.16	$	145.44	$	11.19	$	10,414

1 The market price is the lower of the closing price on the Nasdaq Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP.

2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP.

Share-Based Compensation Expense

The following table summarizes total share-based compensation expense recognized for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
	$	$	$	$
Research and development	47,670	44,150	141,121	124,126
Selling, general and administrative	66,933	51,969	192,890	150,710
Total	114,603	96,119	334,011	274,836