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Share based compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share based compensation | Share-based compensation The following table shows the allocation of share-based compensation between research and development and selling, general and administrative costs (in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  | $ | 790 |  |  | $ | 1,110 |  |  | $ | 5,470 |  |  | $ | 3,336 |
Selling, general and administrative |  | 6,864 |  |  | 3,969 |  |  | 22,036 |  |  | 11,107 |
Total |  | $ | 7,654 |  |  | $ | 5,079 |  |  | $ | 27,506 |  |  | $ | 14,443 |
The following tables show the activity of each type of share-based compensation and are presented in ordinary shares. The Company’s ADSs that are listed on Nasdaq each represent eight ordinary shares. Share options activity
|  | Number of share options outstanding |  |  |  |  |  |
Balance as of December 31, 2023 |  | 24,689,624 |  |  |  |  |  |  |
Granted |  | 2,432,000 |  |  |  |  |  |  |
Forfeited |  | (64,000) |  |  |  |  |  |  |
Exercised |  | (1,037,424) |  |  |  |  |  |  |
Balance as of March 31, 2024 |  | 26,020,200 |  |  |  |  |  |  |
Granted |  | 7,924,000 |  |  |  |  |  |  |
Forfeited |  | (72,000) |  |  |  |  |  |  |
Expired |  | (160,000) |  |  |  |  |  |  |
Balance as of June 30, 2024 |  | 33,712,200 |  |  |  |  |  |  |
Granted |  | 2,056,000 |  |  |  |  |  |  |
Forfeited |  | (107,632) |  |  |  |  |  |  |
Exercised |  | (2,654,960) |  |  |  |  |  |  |
Balance as of September 30, 2024 |  | 33,005,608 |  |  |  |  |  |  |
Restricted stock units (“RSU”) activity
|  | Number of RSUs outstanding |  |  |  |  |  |
Balance as of December 31, 2023 |  | 19,502,624 |  |  |  |  |  |  |
Forfeited |  | (1,752) |  |  |  |  |  |  |
Vested |  | (4,357,208) |  |  |  |  |  |  |
Balance as of March 31, 2024 |  | 15,143,664 |  |  |  |  |  |  |
Vested |  | (2,045,384) |  |  |  |  |  |  |
Balance as of June 30, 2024 |  | 13,098,280 |  |  |  |  |  |  |
Forfeited |  | (566,824) |  |  |  |  |  |  |
Vested |  | (2,045,376) |  |  |  |  |  |  |
Balance as of September 30, 2024 |  | 10,486,080 |  |  |  |  |  |  |
Performance restricted stock units (“PRSU”) activity PRSUs will begin to vest upon achievement of certain performance conditions and are subject to continued service. The fair value of PRSUs will be recognized over the remaining service period using the graded-vesting method once the performance conditions are determined to be probable of occurring. As of June 30, 2024, the performance conditions were assessed by the Company and considered probable of being met under the applicable accounting framework, and accordingly the Company recognized $2.2 million and $12.1 million in share-based compensation expense related to the PRSUs in the three and nine months ended September 30, 2024. The total compensation cost not yet recognized as of September 30, 2024 related to PRSUs was $5.0 million, which will be recognized over a weighted-average period of approximately one year. A summary of the Company’s PRSU activity for the period ended September 30, 2024 is as follows:
|  | Number of PRSUs outstanding |  |  |  |  |  |
Balance as of December 31, 2023 |  | 10,730,144 |  |  |  |  |  |  |
Forfeited |  | (5,248) |  |  |  |  |  |  |
Balance as of March 31, 2024 |  | 10,724,896 |  |  |  |  |  |  |
Balance as of June 30, 2024 |  | 10,724,896 |  |  |  |  |  |  |
Forfeited |  | (420,864) |  |  |  |  |  |  |
Vested |  | (3,569,696) |  |  |  |  |  |  |
Balance as of September 30, 2024 |  | 6,734,336 |  |  |  |  |  |  |

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