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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2021 were as follows:
| September 30,
| 2021
Expected option life (years) | 5.27 to 6.08 years
Risk-free interest rate | 0.62% to 1.14%
Expected volatility | 80.05% to 84.35%
Expected dividend yield | —%
Stock Option Rollforward | The table below summarizes activity for the nine months ended September 30, 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 |  |  | 7.96 years |  | $ | 4,262 |
Granted | 2,678,175 |  |  | 7.90 |  |  |  |  | — |
Exercised | (192,844) |  |  | 0.64 |  |  |  |  | — |
Canceled or forfeited | (1,753,479) |  |  | 15.75 |  |  |  |  | — |
Outstanding as of September 30, 2021 | 6,343,281 |  |  | $ | 14.18 |  |  | 8.25 years |  | $ | 948 |
Exercisable as of September 30, 2021 | 2,764,732 |  |  | 18.43 |  |  | 7.38 years |  | $ | 484 |
Vested and expected to vest as of September 30, 2021 | 6,343,281 |  |  | $ | 14.18 |  |  | 8.25 years |  | $ | 948 |
Schedule of Nonvested Share Activity | A summary of the changes in the Company’s restricted ordinary shares during the nine months ended September 30, 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 | (90,383) |  |  | 4.17 |
Canceled or forfeited | — |  |  | — |
Unvested and outstanding at September 30, 2021 | — |  |  | $ | — |
The following is a summary of RSU award activity for the 2018 Plan for the nine months ended September 30, 2021:
| Number of restricted shares |  | Weighted average grant date fair value
Unvested and outstanding at December 31, 2020 | 415,000 |  |  | $ | 12.09 |
Granted | 1,215,650 |  |  | 8.27 |
Vested | (204,500) |  |  | 11.49 |
Canceled or forfeited | (320,850) |  |  | 10.33 |
Unvested and outstanding at September 30, 2021 | 1,105,300 |  | $ | 8.62 |
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Research and development | $ | 556 |  |  | $ | 2,183 |  |  | $ | (238) |  |  | $ | 10,450 |
General and administrative | 946 |  |  | 2,062 |  |  | 2,350 |  |  | 5,423 |
Capitalized | — |  |  | — |  |  | — |  |  | (87) |
Total share-based compensation | $ | 1,502 |  |  | $ | 4,245 |  |  | $ | 2,112 |  |  | $ | 15,786 |

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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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