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Share based compensation (Tables)

12 Months Ended

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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