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Share based compensation
 9 Months Ended
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,
2024202320242023
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, 202324,689,624 
Granted2,432,000 
Forfeited(64,000)
Exercised(1,037,424)
Balance as of March 31, 202426,020,200 
Granted7,924,000 
Forfeited(72,000)
Expired(160,000)
Balance as of June 30, 202433,712,200 
Granted2,056,000 
Forfeited(107,632)
Exercised(2,654,960)
Balance as of September 30, 202433,005,608 
Restricted stock units (“RSU”) activity
Number of RSUs outstanding
Balance as of December 31, 202319,502,624 
Forfeited(1,752)
Vested (4,357,208)
Balance as of March 31, 202415,143,664 
Vested(2,045,384)
Balance as of June 30, 202413,098,280 
Forfeited(566,824)
Vested(2,045,376)
Balance as of September 30, 202410,486,080 
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, 202310,730,144 
Forfeited(5,248)
Balance as of March 31, 202410,724,896 
Balance as of June 30, 202410,724,896 
Forfeited(420,864)
Vested(3,569,696)
Balance as of September 30, 20246,734,336