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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2021
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 three months ended March 31, 2021 were as follows:
| March 31,
| 2021
Expected option life (years) | 6.08 years
Risk-free interest rate | 0.62% to 0.99%
Expected volatility | 81.33% to 81.34%
Expected dividend yield | —%
Stock Option Rollforward | The table below summarizes activity for the three months ended March 31, 2021:
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2020 | 5,611,429 |  |  | $ | 17.19 |  |  | 8.0 |  | $ | 4,262 |
Granted | 1,828,200 |  |  | 8.67 |  |  | — |  |  | — |
Exercised | (545) |  |  | 0.01 |  |  | — |  |  | — |
Canceled or forfeited | (557,464) |  |  | 16.68 |  |  | — |  |  | — |
Outstanding as of March 31, 2021 | 6,881,620 |  |  | $ | 14.97 |  |  | 8.4 |  | $ | 2,194 |
Exercisable as of March 31, 2021 | 2,954,620 |  |  | 17.20 |  |  | 7.6 |  | $ | 2,055 |
Vested and expected to vest as of March 31, 2021 | 6,881,620 |  |  | $ | 14.97 |  |  | 8.4 |  | $ | 2,194 |
Schedule of Nonvested Share Activity | A summary of the changes in the Company’s restricted ordinary shares during the three months ended March 31, 2021 is as follows:
| Number of restricted shares |  | Weighted average grant date fair value
Unvested and outstanding at December 31, 2020 | 90,383 |  |  | $ | 4.17 |
Granted | — |  |  | — |
Vested | (40,124) |  |  | 4.17 |
Canceled or forfeited | — |  |  | — |
Unvested and outstanding at March 31, 2021 | 50,259 |  |  | $ | 4.17 |
The following is a summary of RSU activity for the 2018 Plan for the three months ended March 31, 2021:
| Number of restricted shares |  | Weighted average grant date fair value
Unvested and outstanding at December 31, 2020 | 415,000 |  |  | $ | 12.09 |
Granted | 1,035,650 |  |  | 8.71 |
Vested | (21,500) |  |  | 8.12 |
Canceled or forfeited | (119,250) |  |  | 11.36 |
Unvested and outstanding at March 31, 2021 | 1,309,900 |  | $ | 9.48 |
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 March 31, |
| 2021 |  | 2020 |
Research and development | $ | (1,654) |  |  | $ | 4,562 |  |
General and administrative | 984 |  |  | 1,627 |  |
Capitalized to property and equipment | — |  |  | 46 |  |
Total share-based compensation expense | $ | (670) |  |  | $ | 6,235 |  |

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- Definition 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. + 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 (h)(1) -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 S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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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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