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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
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 three months ended March 31, 2023 are as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value |
Unvested and Outstanding as of December 31, 2022 | 271,135 |  |  | $ | 12.23 |  |
Granted | 175,750 |  |  | $ | 10.85 |  |
Vested | (31,856) |  |  | $ | 12.60 |  |
Forfeited | (7,500) |  |  | $ | 12.42 |  |
Unvested and Outstanding as of March 31, 2023 | 407,529 |  |  | $ | 11.60 |  |
Schedule of Share-based Payment Arrangement, Option, Activity | The following table summarizes the Company’s share options activity for the three months ended March 31, 2023:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2022 | 5,092,732 |  |  | $ | 13.55 |  |  | 8.38 |  | $ | 13,013 |  |
Granted | 2,076,950 |  |  | $ | 10.08 |  |  |  |  |  |
Exercised | (3,790) |  |  | $ | 0.01 |  |  |  |  |  |
Forfeited | (131,350) |  |  | $ | 24.13 |  |  |  |  |  |
Outstanding as of March 31, 2023 | 7,034,542 |  |  | $ | 13.25 |  |  | 8.63 |  | $ | 17,648 |  |
Exercisable as of March 31, 2023 | 2,600,262 |  |  | $ | 10.86 |  |  | 7.53 |  | $ | 15,048 |  |
Unvested as of March 31, 2023 | 4,434,280 |  |  | $ | 14.65 |  |  | 9.27 |  | $ | 2,600 |  |
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 three months ended March 31, 2023, and 2022 were as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
Expected option life (years) | 6.05 years |  | 5.88 years
Expected volatility | 87.12 | % |  | 80.20 | %
Risk-free interest rate | 3.47 | % |  | 1.65 | %
Expected dividend yield | — | % |  | — | %
Fair value of underlying ordinary shares | $ | 10.85 |  | $ | 15.98
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 March 31,
| 2023 |  | 2022
Research and development | 2,244 |  |  | 1,792 |
General and administrative | 1,827 |  |  | 1,336 |
Total share based compensation expense | $ | 4,071 |  |  | $ | 3,128 |

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- 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
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- 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
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- 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
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- 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
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