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Share-Based Compensation (Tables)

9 Months Ended

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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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 changes in outstanding nonvested shares.

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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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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.

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