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Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based compensation

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

​

​	​	​	​	​	​	​	​	​	​
	​	Year ended December 31,
​	​	2022		​	2021		​	2020
​	​	(in thousands)
Cost of manufacturing services revenue	​	$	323	​	$	—	​	$	—
Research and development	​	​	18,402	​	​	12,834	​	​	11,995
Selling, general and administrative	​	​	15,479	​	​	12,801	​	​	9,836
Total	​	$	34,204	​	$	25,635	​	$	21,831

​

Schedule of share-based compensation expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​	​	2022		​	2021		​	2020
​	​	(in thousands)
Award type/ESPP	​	​	​	​	​	​	​	​	​
Share options	​	$	13,425	​	$	12,477	​	$	11,434
Restricted share units	​	​	15,486	​	​	11,347	​	​	7,364
Performance share units	​	​	5,267	​	​	1,783	​	​	2,990
Employee share purchase plan	​	​	26	​	​	28	​	​	43
Total	​	$	34,204	​	$	25,635	​	$	21,831

​

Schedule of unrecognized compensation cost related to unvested awards

​

​	​	​	​	​	​
​		Unrecognized			Weighted average
​		share-based			remaining
​	​	compensation		​	period for
​	​	expense		​	recognition
​	​	(in thousands)		​	(in years)
Award type	​	​	​	​	​
Share options	​	$	24,420	​	2.48
Restricted share units	​	​	24,924	​	1.90
Performance share units	​	​	184	​	0.14
Total	​	$	49,528	​	2.18

​

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

​

​	​	​	​	​	​	​
​	​	Year ended December 31,
Assumptions		2022		2021	​	2020
Expected volatility	​	70%	​	75%	​	70%
Expected terms	​	10 years	​	10 years	​	10 years
Risk free interest rate	​	2.12% - 4.16%	​	1.21 - 1.86%	​	0.76% - 1.44%
Expected dividend yield	​	0%	​	0%	​	0%

​

Summary of RSUs activity

​

​	​	​	​	​	​
​	​	RSU
​		​		Weighted average
​	​	Number of	​	grant-date fair
​	​	ordinary shares	​	value
Non-vested at December 31, 2021	​	710,617	​	$	38.89
Granted	​	1,604,533	​	$	16.10
Vested	​	(292,688)	​	$	39.31
Forfeited	​	(203,688)	​	$	23.39
Non-vested at December 31, 2022	​	1,818,774	​	$	20.46
​	​	​	​	​	​
Total weighted average grant date fair value of RSUs granted during the period (in $ millions)	​	​	​	$	25.8
Granted to directors and officers during the period (shares, $ in millions)	​	380,288	​	$	6.0

​

Summary of PSUs activity

​

​	​	​	​	​	​
​	​	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	​	(213,145)	​	$	40.46
Forfeited	​	(53,795)	​	$	29.35
Non-vested at December 31, 2022	​	400,690	​	$	28.82
​	​	​	​	​	​
Total weighted average grant date fair value of PSUs granted during the period (in $ millions)	​	​	​	$	0.5

​

2014 Plan.

Share-based compensation

Summary of option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Options
​	​	Number of	​	Weighted average		​	Weighted average	​	Aggregate intrinsic
​		ordinary shares		exercise price			remaining contractual life		value
​	​	​	​	​	​	​	in years	​	​	(in thousands)
Outstanding at December 31, 2021	​	3,308,325	​	$	31.02	​	7.05	​	$	8,660
Granted	​	1,426,966	​	$	15.90	​	​	​	​	​
Forfeited	​	(204,224)	​	$	38.29	​	​	​	​	​
Expired	​	(154,794)	​	$	36.86	​	​	​	​	​
Exercised	​	(138,356)	​	$	7.81	​	​	​	​	​
Outstanding at December 31, 2022	​	4,237,917	​	$	26.13	​	7.14	​	​	17,848
Thereof, fully vested and exercisable on December 31, 2022	​	2,139,360	​	$	28.82	​	5.45	​	​	8,339
Thereof, outstanding and expected to vest after December 31, 2022	​	2,098,557	​	$	23.38	​	8.86	​	​	9,509
Outstanding and expected to vest after December 31, 2021	​	1,521,500	​	$	38.71	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

​

​

​	​	​	​	​	​	​	​	​	​	​
Total weighted average grant date fair value of options issued during the period (in $ millions)	​	​	​	$	12.9	​	​	​	​	​
Granted to directors and officers during the period (options, grant date fair value $ in millions)	​	672,908	​	$	5.9	​	​	​	​	​
Proceeds from option sales during the period (in $ millions)	​	​	​	$	1.3	​	​	​	​	​

​

Summary of information about weighted average grant-date fair value of options granted

​

​	​	​	​	​	​
​		​		Weighted average
​	​	Options	​	grant‑date fair value
Granted, 2022		1,426,966	​	$	9.04
Granted, 2021		1,174,893	​	​	20.95
Granted, 2020		653,852	​	​	28.08
Vested, 2022	​	652,635	​	​	22.27
Forfeited, 2022	​	(204,224)	​	​	22.17

​

Summary of summarizes information about the weighted average grant-date fair value of options outstanding and expected to vest

​

​	​	​	​	​	​
​		​		Weighted average
​	​	Options	​	grant‑date fair value
Outstanding and expected to vest, 2022		2,098,557	​	$	13.46
Outstanding and expected to vest, 2021		1,521,500	​	​	22.52

​

Summary of information about options exercised

​

​	​	​	​	​	​
​		Exercised		​	​
​	​	during the year	​	Intrinsic value
​	​	​	​	(in thousands)
2022		138,356	​	$	1,848
2021		241,496	​		5,046
2020		498,678	​		11,927

​

Restricted share units ("RSUs")

Share-based compensation

Summary of information about weighted average grant-date fair value of options granted

​

​	​	​	​	​	​
​		Granted		Weighted average
​	​	during the year	​	grant‑date fair value
2022		1,604,533	​	$	16.10
2021		574,921	​	​	36.14
2020		376,799	​	​	48.18

​

Summary of information about the total fair value of stock that vested

​

​	​	​
​	Total fair value
​	(in thousands)
2022	$	5,104
2021		8,063
2020		12,156

​

Performance Share Awards

Share-based compensation

Summary of information about weighted average grant-date fair value of options granted

​

​	​	​	​	​	​
​		Granted		Weighted average
​	​	during the year	​	grant‑date fair value
2022		34,700	​	$	15.11
2021		555,600	​	$	30.19
2020		91,003	​	$	57.56

​

Summary of information about the total fair value of stock that vested

​

​	​	​
​	Total fair value
​	(in thousands)
2022	$	4,450
2021		5,074
2020		21,852

​

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