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Non-Cash Share-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Non-Cash Share-Based Compensation | Non-Cash Share-Based Compensation Non-Cash Share-based Compensation Expense The Company measures non-cash share-based compensation at the grant date based on the fair value of the award and recognizes non-cash shared-based compensation as expense over the requisite service period of the award (generally three years) using the straight-line method. Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development expenses |  | $ | 7,164 |  |  | $ | 2,184 |  |  | $ | 35,526 |  |  | $ | 6,882 |
General and administrative expenses |  | 4,996 |  |  | 2,272 |  |  | 23,743 |  |  | 6,034 |
Total non-cash share-based compensation expense |  | $ | 12,160 |  |  | $ | 4,456 |  |  | $ | 59,269 |  |  | $ | 12,916 |
Share Options All share option grants are awarded at fair value on the date of grant. The fair value of share options is estimated using the Black-Scholes option pricing model. Stock options generally expire 10 years after the grant date. The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company's common shares for those share options that had exercise prices lower than the fair value of the Company's common shares at September 30, 2024. As of September 30, 2024, total unrecognized compensation cost related to the unvested share options was $78,570, which is expected to be recognized over a weighted average period of 2.13 years, which does not consider the impact of a change in control. The weighted average grant date fair value per share of share options granted under the Company's share option plan during the nine months ended September 30, 2024 and 2023 was $30.60 and $18.01, respectively. The Company expects approximately 7,901,963 of the unvested stock options to vest over the requisite service period. The following table is a summary of the Company's share option activity for the nine months ended September 30, 2024:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
|  |  |  |  |  | (in years) |  |
Outstanding as of December 31, 2023 |  | 11,379,429 |  | $ | 11.48 |  |  |  |  |
Granted |  | 2,503,161 |  | $ | 42.04 |  |  |  |  |
Exercised |  | (684,124) |  | $ | 9.49 |  |  |  |  |
Forfeited |  | (104,448) |  | $ | 20.53 |  |  |  |  |
Outstanding as of September 30, 2024 |  | 13,094,018 |  | $ | 17.36 |  |  | 8.44 |  | $ | 427,203 |
Options exercisable as of September 30, 2024 |  | 5,192,055 |  | $ | 13.72 |  |  | 8.30 |  | $ | 188,273 |
Vested and expected to vest as of September 30, 2024 |  | 13,094,018 |  | $ | 17.36 |  |  | 8.44 |  | $ | 427,203 |
Restricted Share Units The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. The employee can elect to receive the one common share net of taxes or pay for taxes separately and receive the entire share. Compensation cost is recorded based on the market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period. As of September 30, 2024, there was $8,989 of total unrecognized compensation cost related to Company RSUs that are expected to vest. These costs are expected to be recognized over a weighted-average period of 2.31 years, which does not consider the impact of a change in control. The total fair value of RSUs vested during the three and nine months ended September 30, 2024 was $221 and $3,991. The following table is a summary of the RSU activity for the nine months ended September 30, 2024:

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