Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
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Schedule of Unvested Share Activity |
Ordinary Shares A summary of the changes in the Company’s unvested ordinary shares during the year ended December 31, 2022, 2021 and 2020 are as follows: | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | Unvested and Outstanding as of December 31, 2020 | 13,757 | | | $ | 2.36 | | Granted | — | | | $ | — | | Vested | (13,757) | | | $ | 2.36 | | Forfeited | — | | | $ | — | | Unvested and Outstanding as of December 31, 2022 and 2021 | — | | | $ | — | |
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Schedule of Nonvested Restricted Share Units Activity |
A summary of the changes in the Company’s unvested restricted share units during the years ended December 31, 2022, 2021 and 2020 are as follows: | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value | | Unvested and Outstanding as of December 31, 2020 | 217,482 | | | $ | 10.19 | | | Granted | — | | | — | | | Vested | (70,482) | | | 10.19 | | | Forfeited | (31,860) | | | 10.19 | | | Unvested and Outstanding as of December 31, 2021 | 115,140 | | | $ | 10.19 | | | Granted | 202,830 | | | 13.52 | | | Vested | (42,635) | | | 9.77 | | | Forfeited | (4,200) | | | 14.44 | | | Unvested and Outstanding as of December 31, 2022 | 271,135 | | | $ | 12.23 | | |
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Schedule of Share-based Payment Arrangement, Option Activity |
The following table summarizes the Company’s share options activity for the years ended December 31, 2022, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value (in thousands) | | Outstanding as of December 31, 2020 | 4,430,340 | | | $ | 5.61 | | | 9.22 | | $ | 186,426 | | | Granted | 1,043,702 | | | $ | 36.11 | | | | | | | Exercised | (1,244,709) | | | $ | 1.55 | | | | | | | Cancelled or forfeited | (313,830) | | | $ | 22.45 | | | | | | | Outstanding as of December 31, 2021 | 3,915,503 | | | $ | 13.53 | | | 8.64 | | $ | 51,162 | | | Granted | 2,120,783 | | | $ | 13.49 | | | | | | | Exercised | (462,722) | | | $ | 0.75 | | | | | | | Cancelled or forfeited | (480,832) | | | $ | 11.09 | | | | | | | Outstanding as of December 31, 2022 | 5,092,732 | | | $ | 13.55 | | | 8.38 | | $ | 13,013 | | | Exercisable as of December 31, 2022 | 2,342,389 | | | $ | 9.14 | | | 7.67 | | $ | 11,765 | | | Unvested as of December 31, 2022 | 2,750,343 | | | $ | 17.31 | | | 8.99 | | $ | 1,247 | | |
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Schedule of Valuation Assumptions |
The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the years ended December 31, 2022, 2021 and 2020 were as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Expected option life (years) | 5.95 years | | 5.73 years | | 5.95 years | Expected volatility | 80.76 | % | | 67.36 | % | | 66.10 | % | Risk-free interest rate | 2.26 | % | | 0.95 | % | | 0.43 | % | Expected dividend yield | — | % | | — | % | | — | % | Fair value of underlying ordinary shares | $ | 14.06 | | | $ | 35.21 | | | $ | 12.58 | |
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Summary of Share-based Compensation Expense |
Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Research and development | 7,358 | | 4,569 | | 6,336 | General and administrative | 5,765 | | 4,070 | | 11,647 | Total stock based compensation expense | $ | 13,123 | | | $ | 8,639 | | | $ | 17,983 | |
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