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Ordinary Shares
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Ordinary Shares Ordinary Shares
During the nine months ended September 30, 2022, the Company issued in total 461,772 ordinary shares to settle share options exercised by employees and non-employees compared to 1,188,242 in the nine months ended September 30, 2021. Of the shares issued in the nine months ended September 30, 2021, 232,227 were related to options exercised in 2020 for which shares were delivered in 2021.
During the nine months ended September 30, 2022, a total of 72,738 ordinary shares were issued in settlement of restricted share units, of which 14,863 vested and were issued during the nine months ended September 30, 2022 and 57,875 vested but had not been issued at December 31, 2021. As of September 30, 2022, there were 17,112 restricted shares vested but not settled.
In the nine months ended September 30, 2021, 56,887 restricted share units vested, of which 12,607 ordinary shares were issued in settlement of the vested restricted shares units on August 13, 2021. No ordinary shares were issued for the vested restricted share units of 44,280 in the nine months ended September 30, 2021.
On May 4, 2021, the Company sold 4,000,000 ordinary shares in connection with its follow-on offering. On May 19, 2021 the underwriters exercised their option to purchase an additional 600,000 ordinary shares. This capital raise resulted in net proceeds of approximately $154.8 million after deducting underwriting fees and offering costs.
Each ordinary share entitles the holder to one vote on all matters submitted to a vote of the Company’s shareholders. Ordinary shareholders are entitled to receive dividends, if any, as may be declared by the board of directors. Through September 30, 2022, no cash dividends had been declared or paid by the Company.