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Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-based compensation

Schedule of share based compensation expense

The Company recorded share-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

​	​	​	​	​	​	​	​	​	​
​		Year Ended
​		December 31,
​		2024			2023			2022
Research and development expenses	​	$	19,424	​	$	15,581	​	$	10,394
General and administrative expenses	​		18,657	​		16,896	​		16,385
​	​	$	38,081	​	$	32,477	​	$	26,779

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		2,438,356	​		19.42		—	​		—
Exercised		(554,596)	​		13.57		—	​		—
Forfeited		(604,561)	​		27.37		—	​		—
Outstanding as of December 31, 2024		8,748,726	​	$	22.41		6.81	​	$	9,559
Vested and expected to vest as of December 31, 2024		8,748,726	​	$	22.41	​	6.81	​	$	9,559
Options exercisable as of December 31, 2024		5,359,049	​	$	21.65		5.60	​	$	9,559

Schedule of assumptions used to determine the fair value of share options granted

​

​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2024		2023		2022
Risk-free interest rate		4.0	%	4.0	%	2.2	%
Expected volatility		77.0	%	82.9	%	82.5	%
Expected dividend yield		—		—		—	​
Expected term (in years)		6.1		6.1		6.0	​

Schedule of restricted ordinary share award activity

​

​	​	​	​	​	​
​	​	Number of Shares	​	Weighted-Average
​	​	Underlying RSUs	​	Grant Date Fair Value
Unvested at December 31, 2023	​	326,848	​	$	37.40
Granted	​	617,496	​	​	18.26
Vested and settled	​	(141,350)	​	​	37.76
Vested and deferred(1)	​	(42,000)	​	​	18.07
Forfeited	​	(86,732)	​	​	22.15
Unvested outstanding at December 31, 2024	​	674,262	​	​	22.96
Vested but subject to deferred settlement at December 31, 2024(1)	​	42,000	​	​	18.07
Outstanding at December 31, 2024	​	716,262	​	$	22.67

(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 the changes in outstanding nonvested restricted stock shares.

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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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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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