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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Option Activity | The following table presents a summary of option activity and related information in 2023:
| Number of options |  | Weighted average exercise price ($) |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value ($ in thousands)
Outstanding at December 31, 2022 | 91,181,420 |  | 3.05 |  |  | 5.89 |  | 115,969 |
Granted | 24,102,740 |  | 3.36 |  |  |  |  |
Exercised | (6,516,920) |  | 0.39 |  |  |  |  |
Forfeited | (4,183,190) |  | 6.68 |  |  |  |  |
Outstanding at December 31, 2023 | 104,584,050 |  | 3.14 |  |  | 5.97 |  | 83,424 |
Vested and exercisable as of December 31, 2023 | 58,695,320 |  | 2.11 |  |  | 3.93 |  | 83,266 |
Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted | The following table presents the assumptions used to estimate the fair values of the share options granted:
| 2023 |  | 2022 |  | 2021
Risk-free rate of return | 3.5%-4.7% |  | 1.4%-4.0% |  | 0.9%-1.4%
Expected term (in years) | 6, 6.25,or 6.5 |  | 6.5 |  | 6, 6.25 or 6.5
Estimated volatility rate | 70% |  | 65% |  | 65%
Expected dividend rate | 0% |  | 0% |  | 0%
Summary of Non-vested Restricted Share Activity | The following table summarized the Company’s non-vested restricted share activity in 2023:
| Numbers of non-vested restricted shares |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value ($ in thousands)
Non-vested as of December 31, 2022 | 33,433,890 |  | 3.55 |  | 102,642 |
Granted | 9,001,740 |  |  |  |
Vested | (8,178,500) |  |  |  |
Forfeited | (2,977,530) |  |  |  |
Non-vested as of December 31, 2023 | 31,279,600 |  | 2.75 |  | 85,487 |
Allocation of Compensation Expense Related to Options | The following table presents the share-based compensation expense which has been reported in the Company’s consolidated statements of operations ($ in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Selling, general and administrative | 48,017 |  |  | 38,118 |  |  | 23,194 |
Research and development | 31,617 |  |  | 23,184 |  |  | 17,520 |
Total | 79,634 |  |  | 61,302 |  |  | 40,714 |

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