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Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based compensation

Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss

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Three months ended June 30,

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Six months ended June 30,

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2022

2021

​

2022

​

2021

​

​

(in thousands)

​

(in thousands)

Research and development

​

$

4,306

​

$

3,294

​

$

8,360

​

$

5,974

Selling, general and administrative

​

​

3,359

​

​

3,737

​

​

6,174

​

​

6,818

Cost of contract manufacturing

​

​

148

​

​

—

​

​

148

​

​

—

Total

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$

7,813

​

$

7,030

​

$

14,682

​

$

12,792

Schedule of share-based compensation expense

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​

​

​

​

​

​

Three months ended June 30,

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Six months ended June 30,

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2022

2021

​

2022

​

2021

​

​

(in thousands)

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(in thousands)

Award type/ESPP

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​

​

​

​

​

​

​

​

​

​

​

Share options

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$

3,438

​

$

3,350

​

$

6,693

​

$

6,190

Restricted share units

​

​

4,127

​

​

3,222

​

​

7,397

​

​

5,782

Performance share units

​

​

242

​

​

449

​

​

580

​

​

803

ESPP

​

​

6

​

​

9

​

​

12

​

​

17

Total

​

$

7,813

​

$

7,030

​

$

14,682

​

$

12,792

Schedule of unrecognized compensation cost related to unvested awards

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​	​	​	​	​	​
​		Unrecognized			Weighted average
​		share-based			remaining
​	​	compensation		​	period for
​	​	expense		​	recognition
​	​	(in thousands)		​	(in years)
Award type	​	​	​	​	​
Share options	​	$	32,429	​	2.76
Restricted share units	​	​	33,228	​	2.20
Performance share units	​	​	202	​	0.21
Total	​	$	65,859	​	2.47

Schedule of weighted-average assumptions for fair value of option issued

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​	​	​	​	​	​	​	​	​
​	​	Three months ended June 30,				Six months ended June 30,
Assumptions		2022		2021		2022		2021
Expected volatility	​	70%	​	75%	​	70%	​	75%
Expected terms	​	10 years	​	10 years	​	10 years	​	10 years
Risk free interest rate	​	3.03% - 3.44%	​	1.72 - 1.85%	​	2.12% - 3.44%	​	1.21 - 1.85%
Expected dividend yield	​	0%	​	0%	​	0%	​	0%

Summary of RSUs activity

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​	​	​	​	​	​
​	​	RSU
​		​		Weighted average
​	​	Number of	​	grant-date fair
​	​	ordinary shares	​	value
Non-vested at December 31, 2021	​	710,617	​	$	38.89
Granted	​	1,496,443	​	$	15.81
Vested	​	(230,794)	​	$	39.64
Forfeited	​	(94,596)	​	$	25.20
Non-vested at June 30, 2022	​	1,881,670	​	$	21.13
​	​	​	​	​	​
Total weighted average grant date fair value of RSUs granted during the period (in $ millions)	​	​	​	$	23.7

Summary of PSUs activity

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​	​	​	​	​	​
​	​	PSU
​		​		Weighted average
​	​	Number of	​	grant-date fair
​	​	ordinary shares	​	value
Non-vested at December 31, 2021	​	632,930	​	$	33.54
Granted	​	34,700	​	$	15.11
Vested	​	(77,330)	​	$	57.56
Forfeited	​	(24,400)	​	$	29.35
Non-vested at June 30, 2022	​	565,900	​	$	29.31
​	​	​	​	​	​

2014 Plan.

Share-based compensation

Summary of option activity

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​	​	​	​	​	​
​	​	Options
​	​	Number of	​	Weighted average
​		ordinary shares		exercise price
​	​	​	​	​	​
Outstanding at December 31, 2021	​	3,308,325	​	$	31.02
Granted	​	1,343,496	​	$	15.66
Forfeited	​	(106,166)	​	$	37.70
Expired	​	(66,587)	​	$	39.53
Exercised	​	(68,594)	​	$	6.39
Outstanding at June 30, 2022	​	4,410,474	​	$	26.44
Thereof, fully vested and exercisable on June 30, 2022	​	2,045,905	​	$	27.21
Thereof, outstanding and expected to vest after June 30, 2022	​	2,364,569	​	$	25.77

​

​	​	​	​	​	​
Total weighted average grant date fair value of options issued during the period (in $ millions)	​	​	​	$	11.9
Proceeds from option sales during the period (in $ millions)	​	​	​	$	0.5

​

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

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-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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- Definition

Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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