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Share-based compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-based compensation |
Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in thousands) | ​ | (in thousands)
Cost of manufacturing services revenue | ​ | $ | — | ​ | $ | 690 | ​ | $ | — | ​ | $ | 1,035
Research and development | ​ | ​ | 2,758 | ​ | ​ | 2,856 | ​ | ​ | 5,221 | ​ | ​ | 6,281
Selling, general and administrative | ​ | ​ | 2,326 | ​ | ​ | 3,334 | ​ | ​ | 4,273 | ​ | ​ | 6,755
Total | ​ | $ | 5,084 | ​ | $ | 6,880 | ​ | $ | 9,494 | ​ | $ | 14,071
Schedule of share-based compensation expense / (income) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in thousands) | ​ | (in thousands)
Award type/ESPP | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share options | ​ | $ | 1,662 | ​ | $ | 2,660 | ​ | $ | 3,299 | ​ | $ | 5,573
Restricted share units | ​ | ​ | 2,547 | ​ | ​ | 4,214 | ​ | ​ | 4,760 | ​ | ​ | 8,584
Performance share units | ​ | ​ | 875 | ​ | ​ | 3 | ​ | ​ | 1,435 | ​ | ​ | (96)
Employee share purchase plan | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 10
Total | ​ | $ | 5,084 | ​ | $ | 6,880 | ​ | $ | 9,494 | ​ | $ | 14,071
Schedule of unrecognized compensation expense related to unvested awards | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Unrecognized |  | Weighted average
​ |  | share-based |  | remaining
​ | ​ | compensation | ​ | period for
​ | ​ | expense | ​ | recognition
​ | ​ | (in thousands) | ​ | (in years)
Award type | ​ | ​ | ​ | ​ | ​
Share options | ​ | $ | 15,146 | ​ | 2.72
Restricted share units | ​ | ​ | 21,007 | ​ | 2.26
Performance share units | ​ | ​ | 2,214 | ​ | 0.50
Total | ​ | $ | 38,367 | ​ | 2.34
Schedule of weighted-average assumptions for fair value of option issued | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, |  | Six months ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected volatility | ​ | 80% | ​ | 70% | ​ | 70% - 80% | ​ | 70%
Expected terms | ​ | 10 years | ​ | 10 years | ​ | 10 years | ​ | 10 years
Risk free interest rate | ​ | 4,64% | ​ | 4,32% | ​ | 4,36% - 4,64% | ​ | 4,32%
Expected dividend yield | ​ | 0% | ​ | 0% | ​ | 0% | ​ | 0,0%
Summary of RSUs activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSUs
​ |  | ​ |  | Weighted average
​ | ​ | Number of | ​ | grant-date fair
​ | ​ | ordinary shares | ​ | value
Non-vested at December 31, 2024 | ​ | 1,659,898 | ​ | $ | 10.71
Granted | ​ | 1,367,990 | ​ | $ | 12.24
Vested | ​ | (716,318) | ​ | $ | 12.28
Forfeited | ​ | (143,601) | ​ | $ | 9.99
Non-vested at June 30, 2025 | ​ | 2,167,969 | ​ | $ | 11.20
​ | ​ | ​ | ​ | ​ | ​
Total weighted average grant date fair value of RSUs granted during the period (in $ millions) | ​ | ​ | ​ | $ | 16.7
Summary of PSUs activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | PSUs
​ |  | ​ |  | Weighted average
​ | ​ | Number of | ​ | grant-date fair
​ | ​ | ordinary shares | ​ | value
Non-vested at December 31, 2024 | ​ | 150,120 | ​ | $ | 21.65
Vested | ​ | (66,500) | ​ | $ | 26.70
Forfeited | ​ | (38,620) | ​ | $ | 20.24
Non-vested at June 30, 2025 | ​ | 45,000 | ​ | $ | 15.40
PSUs awarded but not yet granted | ​ | 230,000 | ​ | $ | 13.94
Total non-vested and discretionary PSUs | ​ | 275,000 | ​ | $ | 14.18
2014 Plan |
Share-based compensation |
Summary of option activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options
​ | ​ | Number of | ​ | Weighted average
​ |  | ordinary shares |  | exercise price
​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2024 | ​ | 4,967,160 | ​ | ​ | 19.87
Granted | ​ | 1,150,410 | ​ | $ | 12.56
Forfeited | ​ | (81,265) | ​ | $ | 13.14
Expired | ​ | (693,203) | ​ | $ | 30.81
Exercised | ​ | (21,240) | ​ | $ | 9.55
Outstanding at June 30, 2025 | ​ | 5,321,862 | ​ | $ | 17.16
Thereof, fully vested, and exercisable on June 30, 2025 | ​ | 3,044,471 | ​ | $ | 21.06
Thereof, outstanding and expected to vest after June 30, 2025 | ​ | 2,277,391 | ​ | $ | 11.94
Outstanding and expected to vest after December 31, 2024 | ​ | 1,838,603 | ​ | $ | 11.46
​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​
Total weighted average grant date fair value of options issued during the period (in $ millions) | ​ | ​ | ​ | $ | 8.8

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