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Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-based compensation

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

​

​	​	​	​	​	​	​
	​	Three months ended March 31,
​	​	2024		​	2023
​	​	(in thousands)
Cost of manufacturing services revenue	​	$	345	​	$	24
Research and development	​	​	3,425	​	​	4,305
Selling, general and administrative	​	​	3,421	​	​	3,732
Total	​	$	7,191	​	$	8,061

Schedule of share-based compensation expense

​

​	​	​	​	​	​	​
​	​	Three months ended March 31,
​	​	2024		​	2023
​	​	(in thousands)
Award type/ESPP	​	​	​	​	​	​
Share options	​	$	2,913	​	$	3,274
Restricted share units	​	​	4,370	​	​	4,630
Performance share units	​	​	(99)	​	​	150
Employee share purchase plan	​	​	7	​	​	7
Total	​	$	7,191	​	$	8,061

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	​	$	20,743	​	2.56
Restricted share units	​	​	27,981	​	1.99
Performance share units	​	​	80	​	0.61
Total	​	$	48,804	​	2.23

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

​

​	​	​	​	​
​	​	Three months ended March 31,
Assumptions		2024		2023
Expected volatility	​	70%	​	70%
Expected terms	​	10 years	​	10 years
Risk free interest rate	​	4.32%	​	4.10%
Expected dividend yield	​	0%	​	0%

Summary of RSUs activity

​

​	​	​	​	​	​
​	​	RSUs
​		​		Weighted average
​	​	Number of	​	grant-date fair
​	​	ordinary shares	​	value
Non-vested at December 31, 2023	​	2,264,369	​	$	18.07
Granted	​	1,160,800	​	$	5.59
Vested	​	(659,240)	​	$	20.30
Forfeited	​	(58,401)	​	$	17.39
Non-vested at March 31, 2024	​	2,707,528	​	$	12.19
​	​	​	​	​	​
Total weighted average grant date fair value of RSUs granted during the period (in $ millions)	​	​	​	$	6.5

Summary of PSUs activity

​

​	​	​	​	​	​
​	​	PSUs
​		​		Weighted average
​	​	Number of	​	grant-date fair
​	​	ordinary shares	​	value
Non-vested at December 31, 2023	​	222,550	​	$	28.09
Forfeited	​	(17,030)	​	$	27.12
Non-vested at March 31, 2024	​	205,520	​	$	27.99

2014 Plan

Share-based compensation

Summary of option activity

​

​	​	​	​	​	​
​	​	Options
​	​	Number of	​	Weighted average
​		ordinary shares		exercise price
​	​	​	​	​	​
Outstanding at December 31, 2023	​	4,974,030	​	​	23.25
Granted	​	930,900	​	$	5.59
Forfeited	​	(71,437)	​	$	21.26
Expired	​	(11,584)	​	$	37.61
Outstanding at March 31, 2024	​	5,821,909	​	$	20.42
Thereof, fully vested, and exercisable on March 31, 2024	​	3,054,242	​	$	25.70
Thereof, outstanding and expected to vest after March 31, 2024	​	2,767,667	​	$	14.60
Outstanding and expected to vest after December 31, 2023	​	2,098,557	​	$	23.38
​	​	​	​	​	​

​

​	​	​	​	​	​
Total weighted average grant date fair value of options issued during the period (in $ millions)	​	​	​	$	3.0

​

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.

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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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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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