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Share based compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Allocation of Share Based Compensation Expense | The following table shows the allocation of share-based compensation between research and development and selling, general and administrative costs (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Research and development |  | $ | 4,228 |  |  | $ | 5,420 |
Selling, general and administrative |  | 14,784 |  |  | 8,701 |
Total share-based compensation |  | $ | 19,012 |  |  | $ | 14,121 |
Share Option Activity | The following table shows share option activity and includes the options outstanding from all three plans:
|  | Number of share options |  | Weighted average exercise price (1) |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value (thousands)
Outstanding at January 1, 2022 |  | 12,695,200 |  |  | $ | 1.38 |  |  | 6.5 |  |
Granted |  | 9,024,000 |  |  | 0.90 |  |  |  |  |
Forfeited |  | (620,016) |  |  | 1.04 |  |  |  |  |
Exercised |  | (1,822,688) |  |  | 0.75 |  |  |  |  |
Outstanding at December 31, 2022 |  | 19,276,496 |  |  | $ | 1.22 |  |  | 7.2 |  | $ | 39,412 |
Granted |  | 7,376,000 |  |  | 2.46 |  |  |  |  |
Forfeited |  | (464,680) |  |  | 0.89 |  |  |  |  |
Expired |  | (240,000) |  |  | 3.07 |  |  |  |  |
Exercised |  | (1,258,192) |  |  | 1.55 |  |  |  |  |
Outstanding at December 31, 2023 |  | 24,689,624 |  |  | $ | 1.56 |  |  | 7.4 |  | $ | 24,022 |
Exercisable at December 31, 2023 |  | 12,904,640 |  |  | $ | 1.30 |  |  | 5.8 |  | $ | 15,574 |
(1) The exercise prices relate to the equivalent price for an ordinary share, calculated as one eighth of the ADS price. The following summarizes the aggregate intrinsic value and cash receipts related to stock option exercise activity for the years ended December 31:
($ in thousands) |  | 2023 |  | 2022
Aggregate intrinsic value of stock options exercised |  | $ | 1,861 |  |  | $ | 2,413 |
Cash receipts from stock options exercised |  | $ | 1,949 |  |  | $ | 1,372 |
Schedule of Weighted-Average Assumptions | A summary of the weighted-average assumptions applicable to the share options granted in the applicable years is as follows:
|  | December 31,
|  | 2023 |  | 2022
Risk-free interest rate |  | 3.40% - 4.69% |  | 2.09% - 4.20%
Expected lives, years |  | 5-7 |  | 5-7
Expected volatility |  | 80.64% - 87.26% |  | 82.50% - 84.27%
Expected dividend yield |  | — | % |  | — | %
Grant date fair value (per share) |  | $1.69 - $3.27 |  | $0.34 - $1.33
Restricted Stock Unit Activity | The following table shows RSU activity:
|  | Number of RSUs |  | Weighted average grant date fair value |  | Weighted average remaining contractual term (years)
Outstanding at January 1, 2022 |  | 38,347,352 |  |  | $ | 0.97 |  |  | 1.2
Granted |  | 12,877,864 |  |  | 1.07 |  |  |
Forfeited |  | (1,006,264) |  |  | 1.03 |  |  |
Vested |  | (15,676,608) |  |  | 0.96 |  |  |
Outstanding at December 31, 2022 |  | 34,542,344 |  |  | $ | 1.01 |  |  | 1.2
Granted |  | 3,596,872 |  |  | 1.66 |  |  |
Forfeited |  | (303,648) |  |  | 1.10 |  |  |
Vested |  | (18,332,944) |  |  | 0.99 |  |  |
Outstanding at December 31, 2023 |  | 19,502,624 |  |  | $ | 1.14 |  |  | 1.2
Summary of the Company’s PRSU Activity | A summary of the Company’s PRSU activity for the year ended December 31, 2023 is as follows:
|  | Number of PRSUs |  | Weighted average grant date fair value |  | Aggregate Intrinsic Value (thousands)
Outstanding at January 1, 2023 |  | — |  |  | $ | — |  |  |
Granted |  | 10,790,144 |  |  | 1.66 |  |  |
Forfeited |  | (60,000) |  |  | 1.66 |  |  |
Outstanding at December 31, 2023 |  | 10,730,144 |  |  | $ | 1.66 |  |  | $ | 26,665 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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