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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

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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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.

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