Share-based compensation (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development expenses	$	2,642	$	1,089	$	5,006	$	2,299
General and administrative expenses		3,031		1,486		10,865		4,097
	$	5,673	$	2,575	$	15,871	$	6,396

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	1,210,747		50.63	—		—
Exercised	(51,953)		12.42	—		—
Forfeited	(128,136)		23.50	—		—
Outstanding as of June 30, 2022	5,634,144	$	22.46	8.02	$	18,511
Vested and expected to vest as of June 30, 2022	5,634,144	$	22.46	8.02	$	18,511
Options exercisable as of June 30, 2022	2,982,451	$	13.07	7.25	$	15,878

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Risk-free interest rate	2.8	%	1.0	%	1.8	%	0.5	%
Expected volatility	82.9	%	80.5	%	81.9	%	79.5	%
Expected dividend yield	—		—		—		—
Expected term (in years)	6.1		6.1		6.0		6.0

Summarizes activity for RSUs under the 2020 Plan

	Number of Shares	Weighted-Average
	Underlying RSUs	Grant Date Fair Value
Unvested at December 31, 2021	—	$	—
Granted	222,725		60.86
Vested	(35,000)		60.86
Unvested at June 30, 2022	187,725	$	60.86