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Share-based compensation (Tables)

9 Months Ended

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):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​	​	​	​	​	​	​	​	​	​	​
​	​	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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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.

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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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