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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Summary of Stock Option Activity | Activity for the year ended December 31, 2023, under the 2013 ISOP was as follows:
|  | Number of options |  | Weighted average exercise price |  | Weighted average remaining life in years
Outstanding as of January 1, 2023 |  | 657,980 |  |  | $ | 2.92 |  |  | 4.24
Exercised |  | (39,000) |  |  | 2.52 |  |  | — |
Forfeited |  | (12,000) |  |  | 0.05 |  |  | — |
Outstanding as of December 31, 2023 |  | 606,980 |  |  | $ | 3.00 |  |  | 3.49
Exercisable as of December 31, 2023 |  | 606,980 |  |  | $ | 3.00 |  |  | 3.49
Activity for the year ended December 31, 2022, under the 2013 ISOP was as follows:
|  | Number of options |  | Weighted average exercise price |  | Weighted average remaining life in years
Outstanding as of January 1, 2022 |  | 859,540 |  |  | $ | 2.75 |  |  | 5.08
Exercised |  | (193,560) |  |  | 2.44 |  |  | — |
Forfeited |  | (8,000) |  |  | 3.19 |  |  | — |
Outstanding as of December 31, 2022 |  | 657,980 |  |  | $ | 2.92 |  |  | 4.24
Exercisable as of December 31, 2022 |  | 657,980 |  |  | $ | 2.92 |  |  | 4.24
Activity for the year ended December 31, 2023, under the 2019 ISOP was as follows:
|  | Number of options |  | Weighted average exercise price |  | Weighted average remaining life in years
Outstanding as of January 1, 2023 |  | 2,629,516 |  |  | 4.96 |  |  | 7.21
Exercised |  | (32,000) |  |  | 4.06 |  |  | — |
Forfeited |  | (195,006) |  |  | 4.94 |  |  | — |
Outstanding as of December 31, 2023 |  | 2,402,510 |  |  | $ | 4.97 |  |  | 6.30
Exercisable as of December 31, 2023 |  | 1,651,493 |  |  | $ | 4.64 |  |  | 6.03
Activity for the year ended December 31, 2022, under the 2019 ISOP was as follows:
|  | Number of options |  | Weighted average exercise price |  | Weighted average remaining life in years
Outstanding as of January 1, 2022 |  | 2,812,500 |  |  | $ | 5.83 |  |  | 8.61
Exercised |  | (47,000) |  |  | 7.25 |  |  | — |
Forfeited |  | (135,984) |  |  | 5.15 |  |  | — |
Outstanding as of December 31, 2022 |  | 2,629,516 |  |  | $ | 4.96 |  |  | 7.21
Exercisable as of December 31, 2022 |  | 1,476,744 |  |  | $ | 4.41 |  |  | 6.56
Activity for the year ended December 31, 2023, under the 2021 EIP was as follows:
|  | Number of options |  | Weighted average exercise price |  | Weighted average remaining life in years
Outstanding as of January 1, 2023 |  | 2,624,297 |  |  | $ | 12.32 |  |  | 8.88
Granted |  | 3,734,266 |  |  | 4.44 |  |  | — |
Exercised |  | (5,194) |  |  | 2.63 |  |  | — |
Forfeited |  | (645,310) |  |  | $ | 6.43 |  |  | — |
Outstanding as of December 31, 2023 |  | 5,708,059 |  |  | $ | 7.84 |  |  | 8.74
Exercisable as of December 31, 2023 |  | 1,155,231 |  |  | $ | 14.64 |  |  | 7.57
Activity for the year ended December 31, 2022, under the 2021 EIP was as follows:
|  | Number of options |  | Weighted average exercise price |  | Weighted average remaining life in years
Outstanding as of January 1, 2022 |  | 1,576,069 |  |  | $ | 17.96 |  |  | 9.57
Granted |  | 1,336,284 |  |  | 6.03 |  |  | — |
Forfeited |  | (288,056) |  |  | 14.00 |  |  | — |
Outstanding as of December 31, 2022 |  | 2,624,297 |  |  | $ | 12.32 |  |  | 8.88
Exercisable as of December 31, 2022 |  | 528,693 |  |  | $ | 17.98 |  |  | 8.04
Summary of Valuation Inputs | The valuation inputs for the 2019 ISOP grants were as follows:
|  | Twelve months ended December 31,
|  | 2023 |  | 2022 |  | 2021
Share price at grant date (in USD) |  | N/A |  | N/A |  | $5.59
Expected life of share options (years) |  | N/A |  | N/A |  | 6.05 | - | 6.19
Expected volatility |  | N/A |  | N/A |  | 41.26 | % | - | 41.45%
Risk free interest rate |  | N/A |  | N/A |  | (0.63) | % | - | (0.48)%
Dividend yield (%) |  | N/A |  | N/A |  | —%
The valuation inputs for the 2021 EIP grants were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Share price at grant date (in USD) |  | $2.53 | - | $4.72 |  | $2.06 | - | $8.36 |  | $16.81 | - | $18.00
Expected life of share options (years) |  | 5.50 | - | 7.00 |  | 5.50 | - | 7.00 |  | 5.50 | - | 7.00
Expected volatility (%) |  | 69.50 | % | - | 74.96% |  | 62.65 | % | - | 69.43% |  | 41.65 | % | - | 59.77%
Risk free interest rate (%) |  | 3.45 | % | - | 4.67% |  | 2.42 | % | - | 4.00% |  | 0.87 | % | - | 1.36%
Dividend yield (%) |  | —% |  | —% |  | —%
Summary of Weighted Average Fair Value of Options Granted | The weighted average fair value of options granted during the years ended December 31, 2023 and 2022, respectively (in USD):
|  | 2023 |  | 2022
2021 EIP |  | $ | 2.91 |  |  | $ | 3.62 |
Summary of Restricted Stock Units Activity | The activity for the year ended December 31, 2023 was as follows:
|  | Number of RSUs |  | Weighted-average grant date fair value per share
Unvested as of January 1, 2023 |  | 1,865,433 |  |  | $ | 5.20 |
Granted |  | 2,658,150 |  |  | $ | 4.42 |
Vested |  | (927,155) |  |  | $ | 4.65 |
Forfeited |  | (261,160) |  |  | $ | 4.75 |
Unvested as of December 31, 2023 |  | 3,335,268 |  |  | $ | 4.77 |
The activity for the year ended December 31, 2022 was as follows:
|  | Number of RSUs |  | Weighted-average grant date fair value per share
Unvested as of January 1, 2022 |  | 287,575 |  |  | $ | 17.97 |
Granted |  | 1,776,832 |  |  | 4.30 |
Vested |  | (133,056) |  |  | 17.99 |
Forfeited |  | (65,918) |  |  | 10.72 |
Unvested as of December 31, 2022 |  | 1,865,433 |  |  | $ | 5.20 |
Summary of Movements in Share-based Compensation Reserve | Movements in the share-based compensation reserve were as follows (in USD thousands):
| Total
January 1, 2022 | $ | 11,462 |
Movement in the period | 13,613 |
December 31, 2022 | 25,075 |
Movement in the period | 15,242 |
December 31, 2023 | $ | 40,317 |
Share-based compensation expense by financial statement caption for all stock awards consists of the following (in USD thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Research and development |  | $ | 3,440 |  |  | $ | 2,245 |  |  | 784
Sales and marketing |  | 1,266 |  |  | 1,462 |  |  | 1,227 |
General and administrative |  | 10,536 |  |  | 9,906 |  |  | 6,503 |
Total |  | $ | 15,242 |  |  | $ | 13,613 |  |  | $ | 8,514 |

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