Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Expense

The Company recorded share-based compensation expense in the following expense categories in the unaudited interim consolidated statements of operations and comprehensive loss (amounts in thousands):

	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Research and development	$	3,725	$	3,284
General and administrative	4,429		3,906
	$	8,154	$	7,190

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2024:

	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term
Balance at January 1, 2024	16,069,015	$	7.09	7.9 years
Granted	2,874,100	$	8.10
Exercised	(176,460)	$	5.41
Forfeited	(50,416)	$	8.18
Balance at March 31, 2024	18,716,239	$	7.25	8.0 years
Exercisable at March 31, 2024	9,250,365	$	7.41	7.3 years
Vested and expected to vest at March 31, 2024	18,716,239	$	7.25	8.0 years

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards

During the three months ended March 31, 2024, the fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:

Expected term	5.9 years
Expected stock price volatility	76.3	%
Risk-free interest rate	3.8	%
Expected dividend yield	0	%

Summary of Replacement Equity Award Activity

The following table summarizes ordinary share activity related to the restricted stock programs for the three months ended March 31, 2024:

	Restricted Stock Awards			Restricted Stock Units
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share	Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Unvested at January 1, 2024	310,052			1,949,463
Granted	—		n/a	938,850		$	8.01
Vested	(56,534)			(424,392)
Forfeited	—			(16,800)
Unvested at March 31, 2024	253,518			2,447,121
Unrecognized compensation expense  at March 31, 2024 (in thousands)	$	4,632		$	13,575
Expected weighted average recognition period	1.1 years			2.9 years