XML 34 R25.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Share-Based Compensation (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Nonvested Restricted Share Units Activity | A summary of the changes in the Company’s unvested restricted share units during the nine months ended September 30, 2022 are as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value |
Unvested and Outstanding as of December 31, 2021 | 115,140 |  |  | $ | 10.19 |  |
Granted | 143,830 |  |  | $ | 14.89 |  |
Vested | (31,975) |  |  | $ | 9.94 |  |
Forfeited | (600) |  |  | $ | 14.68 |  |
Unvested and Outstanding as of September 30, 2022 | 226,395 |  |  | $ | 11.59 |  |
Schedule of Share-based Payment Arrangement, Option, Activity | The following table summarizes the Company’s share options activity for the nine months ended September 30, 2022:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2021 | 3,915,503 |  |  | $ | 13.53 |  |  | 8.64 |  | $ | 51,162 |  |
Granted | 2,000,783 |  |  | $ | 13.86 |  |  |  |  |  |
Exercised | (461,772) |  |  | $ | 0.77 |  |  |  |  |  |
Forfeited | (418,591) |  |  | $ | 9.38 |  |  |  |  |  |
Outstanding as of September 30, 2022 | 5,035,923 |  |  | $ | 14.28 |  |  | 8.60 |  | $ | 17,846 |  |
Exercisable as of September 30, 2022 | 2,106,737 |  |  | $ | 7.07 |  |  | 7.82 |  | $ | 15,544 |  |
Unvested as of September 30, 2022 | 2,929,746 |  |  | $ | 16.68 |  |  | 9.16 |  | $ | 2,302 |  |
Schedule of Valuation Assumptions | The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the nine months ended September 30, 2022, and 2021 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |
Expected option life (years) | 6.08 |  | 6.07 |  | 5.94 |  | 6.07 |
Expected volatility | 81.40 | % |  | 66.90 | % |  | 80.72 | % |  | 67.20 | % |
Risk-free interest rate | 2.70 | % |  | 0.96 | % |  | 2.15 | % |  | 0.91 | % |
Expected dividend yield | — | % |  | — | % |  | — | % |  | — | % |
Fair value of underlying ordinary shares | $ | 14.41 |  |  | $ | 34.83 |  |  | $ | 14.48 |  |  | $ | 37.65 |  |
Summary of Share-based Compensation Expense | Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |
Research and development | 1,936 |  |  | 1,288 |  |  | 5,558 |  |  | 3,023 |  |
General and administrative | 1,568 |  |  | 999 |  |  | 4,252 |  |  | 2,834 |  |
Total stock based compensation expense | $ | 3,504 |  |  | $ | 2,287 |  |  | $ | 9,810 |  |  | $ | 5,857 |  |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration