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Share-based compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-based compensation |
Schedule of share based compensation expense | The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development expenses | ​ | $ | 4,444 | ​ | $ | 3,357 | ​ | $ | 13,574 | ​ | $ | 11,941
General and administrative expenses | ​ |  | 4,758 | ​ |  | 4,073 | ​ |  | 14,174 | ​ |  | 12,724
​ | ​ | $ | 9,202 | ​ | $ | 7,430 | ​ | $ | 27,748 | ​ | $ | 24,665
Schedule of share option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | Shares | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | Underlying | ​ | Average | ​ | Contractual | ​ | Intrinsic
​ |  | Share Options |  | Exercise Price |  | Term |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | (in years) | ​ | (in thousands)
Outstanding as of December 31, 2023 |  | 7,469,527 | ​ | $ | 23.13 |  | 6.83 | ​ | $ | 21,920
Granted |  | 2,257,808 | ​ |  | 19.21 |  | — | ​ |  | —
Exercised |  | (535,700) | ​ |  | 13.65 |  | — | ​ |  | —
Forfeited |  | (334,734) | ​ |  | 28.27 |  | — | ​ |  | —
Outstanding as of September 30, 2024 |  | 8,856,901 | ​ | $ | 22.51 |  | 7.20 | ​ | $ | 43,328
Vested and expected to vest as of September 30, 2024 |  | 8,856,901 | ​ | $ | 22.51 | ​ | 7.20 | ​ | $ | 43,328
Options exercisable as of September 30, 2024 |  | 5,088,727 | ​ | $ | 21.33 |  | 6.01 | ​ | $ | 34,254
Schedule of assumptions used to determine the fair value of share options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended |
​ | ​ | September 30, | ​ | ​ | September 30, |
​ |  | 2024 |  | 2023 |  | ​ | 2024 |  | 2023 |
Risk-free interest rate |  | 3.9 | % | 4.1 | % | ​ | 4.0 | % | 3.9 | %
Expected volatility |  | 74.1 | % | 83.3 | % | ​ | 77.3 | % | 83.5 | %
Expected dividend yield |  | — |  | — |  | ​ | — |  | — | ​
Expected term (in years) |  | 6.1 |  | 6.1 |  | ​ | 6.1 |  | 6.1 | ​
Summarizes activity for RSUs under the 2020 Plan | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of Shares | ​ | Weighted-Average
​ | ​ | Underlying RSUs | ​ | Grant Date Fair Value
Unvested at December 31, 2023 | ​ | 326,848 | ​ | $ | 37.40
Granted | ​ | 615,496 | ​ | ​ | 18.25
Vested and settled | ​ | (114,799) | ​ | ​ | 37.31
Vested and deferred(1) | ​ | (31,500) | ​ | ​ | 18.07
Forfeited | ​ | (15,119) | ​ | ​ | 18.89
Unvested outstanding at September 30, 2024 | ​ | 780,926 | ​ | ​ | 23.46
Vested but subject to deferred settlement at September 30, 2024(1) | ​ | 31,500 | ​ | ​ | 18.07
Outstanding at September 30, 2024 | ​ | 812,426 | ​ | $ | 23.25
(1) | The Company granted certain RSUs to the Company’s non-employee directors which provided for deferred settlement of the RSUs to a specified date following the first to occur of (i) the date of the director’s separation from service, (ii) the date of the director’s disability, (iii) the date of the director’s death, or (iv) the date of a change in control event.

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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