Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Research and development expenses	$	4,531	$	4,596
General and administrative expenses		4,751		4,446
	$	9,282	$	9,042

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, 2023	7,469,527	$	23.13	6.83	$	21,920
Granted	1,862,815		18.44	—		—
Exercised	(133,735)		13.98	—		—
Forfeited	(30,351)		27.43	—		—
Outstanding as of March 31, 2024	9,168,256	$	22.30	7.31	$	61,558
Vested and expected to vest as of March 31, 2024	9,168,256	$	22.30	7.31	$	61,558
Options exercisable as of March 31, 2024	4,959,686	$	20.12	5.81	$	45,394

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

	Three Months Ended
	March 31,
	2024		2023
Risk-free interest rate	4.0	%	3.9	%
Expected volatility	77.8	%	83.6	%
Expected dividend yield	—		—
Expected term (in years)	6.1		6.1

Summarizes activity for RSUs under the 2020 Plan

	Number of Shares	Weighted-Average
	Underlying RSUs	Grant Date Fair Value
Unvested at December 31, 2023	326,848	$	37.40
Granted	596,996		18.12
Vested and settled	(67,096)		33.99
Vested and deferred(1)	(10,500)		18.07
Unvested outstanding at March 31, 2024	846,248		24.31
Vested but subject to deferred settlement at March 31, 2024(1)	10,500		18.07
Outstanding at March 31, 2024	856,748	$	24.23