Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
Research and development expenses	$	3,357	$	2,637	$	11,941	$	7,643
General and administrative expenses		4,073		2,731		12,724		13,596
	$	7,430	$	5,368	$	24,665	$	21,239

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, 2022	5,898,888	$	22.45	7.64	$	71,002
Granted	1,859,315		27.57	—		—
Exercised	(26,562)		11.42	—		—
Forfeited	(419,621)		30.69	—		—
Outstanding as of September 30, 2023	7,312,020	$	23.32	6.99	$	29,629
Vested and expected to vest as of September 30, 2023	7,312,020	$	23.32	6.99	$	29,629
Options exercisable as of September 30, 2023	4,334,755	$	18.39	5.75	$	28,069

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Risk-free interest rate	4.1	%	3.0	%	3.9	%	2.0	%
Expected volatility	83.3	%	84.1	%	83.5	%	82.2	%
Expected dividend yield	—		—		—		—
Expected term (in years)	6.1		6.1		6.1		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, 2022	187,725	$	60.86
Granted	321,839		29.59
Vested	(99,638)		51.39
Forfeited	(74,822)		39.55
Unvested at September 30, 2023	335,104	$	38.40