Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based compensation

Schedule of share based compensation expense

The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Research and development expenses	$	1,238	$	668	$	3,535	$	1,863
General and administrative expenses		1,450		842		5,549		3,087
	$	2,688	$	1,510	$	9,084	$	4,950

Schedule of share option activity

				Weighted
		Weighted		Average	Aggregate
	Number of	Average		Contractual	Intrinsic
	Shares	Exercise Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2020	3,736,663	$	10.51	8.54	$	27,553
Granted	1,509,205		20.48	—		—
Exercised	(446,600)		10.99	—		—
Forfeited	(82,102)		18.08	—		—
Outstanding as of September 30, 2021	4,717,166	$	13.53	8.29	$	127,324
Vested and expected to vest as of September 30, 2021	4,717,166	$	13.53	8.29	$	127,324
Options exercisable as of September 30, 2021	2,181,492	$	10.00	7.73	$	68,059

Schedule of assumptions used to determine the fair value of share options granted

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Risk-free interest rate	0.9	%	0.3	%	0.6	%	1.4	%
Expected volatility	80.2	%	74.1	%	79.6	%	74.1	%
Expected dividend yield	—		—		—		—
Expected term (in years)	6.1		6.1		6.0		6.0