Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2022

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
	March 31,
	2022		2021
Research and development expenses	$	2,364	$	1,211
General and administrative expenses		7,834		2,610
	$	10,198	$	3,821

Schedule of share option activity

	Number of			Weighted
	Shares	Weighted		Average	Aggregate
	Underlying	Average		Contractual	Intrinsic
	Share Options	Exercise Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2021	4,603,486	$	14.97	8.13	$	207,009
Granted	899,747		58.96	—		—
Exercised	(30,074)		14.96	—		—
Forfeited	(93,818)		22.39	—		—
Outstanding as of March 31, 2022	5,379,341	$	22.20	8.17	$	130,435
Vested and expected to vest as of March 31, 2022	5,379,341	$	22.20	8.17	$	130,435
Options exercisable as of March 31, 2022	2,750,276	$	12.74	7.47	$	86,689

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

	Three Months Ended
	March 31,
	2022		2021
Risk-free interest rate	1.5	%	0.5	%
Expected volatility	81.5	%	79.5	%
Expected dividend yield	—		—
Expected term (in years)	6.0		6.0

Summarizes activity for RSUs under the 2020 Plan

		Weighted-Average
	Number of Shares Underlying RSUs	Grant Date Fair Value
Unvested at December 31, 2021	—	$	—
Granted	222,725		60.86
Vested	(35,000)		60.86
Unvested at March 31, 2022	187,725	$	60.86