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Share-Based Compensation (Tables)

9 Months Ended

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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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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