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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Stock Options Valuation Assumptions | The assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted by the Company during the nine months ended September 30, 2020 were as follows:
| September 30,
| 2020
Expected option life (years) | 5.27 to 6.08 years
Risk-free interest rate | 0.31% to 1.66%
Expected volatility | 76.38% to 81.45%
Expected dividend yield | —%
Stock Option Rollforward | The table below summarizes activity for the nine months ended September 30, 2020:
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2019 | 5,936,239 |  |  | $ | 17.71 |  |  | 9.0 |  | $ | 11,873 |
Granted | 426,875 |  |  | 11.61 |  |  | — |  |  | — |
Exercised | (67,839) |  |  | 1.07 |  |  | — |  |  | — |
Canceled or forfeited | (545,431) |  |  | 19.41 |  |  | — |  |  | — |
Outstanding as of September 30, 2020 | 5,749,844 |  |  | $ | 17.30 |  |  | 8.0 |  | $ | 7,624 |
Exercisable as of September 30, 2020 | 2,138,181 |  |  | 18.22 |  |  | 6.8 |  | $ | 5,490 |
Vested and expected to vest as of September 30, 2020 | 5,749,844 |  |  | $ | 17.30 |  |  | 8.0 |  | $ | 7,624 |
Schedule of Nonvested Share Activity | A summary of the changes in the Company’s restricted ordinary shares during the nine months ended September 30, 2020 is as follows:
| Number of restricted shares |  | Weighted average grant date fair value
Unvested and outstanding at December 31, 2019 | 314,744 |  |  | $ | 4.22 |
Granted | — |  |  | — |
Vested | (182,249) |  |  | 4.26 |
Canceled or forfeited | (1,969) |  |  | 4.44 |
Unvested and outstanding at September 30, 2020 | 130,526 |  |  | $ | 4.17 |
During the nine months ended September 30, 2020, the Company did not grant RSUs under the 2018 Plan. The following is a summary of RSU activity for the 2018 Plan for the nine months ended September 30, 2020:
| Number of restricted shares |  | Weighted average grant date fair value
Unvested and outstanding at December 31, 2019 | 500,000 |  |  | $ | 12.09 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Canceled or forfeited | (41,250) |  |  | 12.09 |
Unvested and outstanding at September 30, 2020 | 458,750 |  | $ | 12.09 |
Schedule Share Based Compensation Expense | Share-based compensation expense recorded as research and development expenses, general and administrative expenses, and capitalized to property and equipment is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Research and development | $ | 2,183 |  |  | $ | 4,673 |  |  | $ | 10,450 |  |  | $ | 13,817 |
General and administrative | 2,062 |  |  | 2,906 |  |  | $ | 5,423 |  |  | 9,993 |
Capitalized to property and equipment | — |  |  | 130 |  |  | (87) |  |  | 130 |
Total share-based compensation expense | $ | 4,245 |  |  | $ | 7,709 |  |  | $ | 15,786 |  |  | $ | 23,940 |

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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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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