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Share Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share Based Compensation | The expense for share-based compensation arises solely in respect of awards made under these two active plans as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | ($'000) |  |  | ($'000) |  |  | ($'000) |  |  | ($'000) |
2019 EIP |  |  | 1,568 |  |  |  | 684 |  |  |  | 3,027 |  |  |  | 1,889 |
2019 NED EIP |  |  | 520 |  |  |  | 259 |  |  |  | 1,111 |  |  |  | 687 |
Total |  |  | 2,088 |  |  |  | 943 |  |  |  | 4,138 |  |  |  | 2,576 |
Summary of Option Activity and Related Information | A summary of the Company’s Option activity and related information under the 2019 EIP for the six months ended June 30, 2024 is as follows; all outstanding Options are expected to vest:
|  | Number of options (ADSs) |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Grant Date Fair Value ($) |  |  | Aggregate intrinsic value ($'000) |
At December 31, 2023 |  |  | 9,595,161 |  |  |  | 1.63 |  |  |  | 1.41 |  |  |  | 8,133 |
Granted |  |  | 2,477,404 |  |  |  | 3.35 |  |  |  | 2.60 |  |  |  | — |
Forfeited |  |  | (47,288 | ) |  |  | 2.01 |  |  |  | 1.69 |  |  |  | 69 |
Exercised |  |  | (415,568 | ) |  |  | 1.51 |  |  |  | 1.27 |  |  |  | 760 |
Expired |  |  | (5,000 | ) |  |  | 3.32 |  |  |  | 2.93 |  |  |  | — |
At June 30, 2024 |  |  | 11,604,709 |  |  |  | 2.00 |  |  |  | 1.66 |  |  |  | 18,975 |
Vested |  |  | 4,957,767 |  |  |  | 1.95 |  |  |  | 1.66 |  |  |  | 8,566 |
Unvested |  |  | 6,646,942 |  |  |  | 2.03 |  |  |  | 1.67 |  |  |  | 10,409 |
Summary of Assumptions used in Black-Scholes Option Pricing Model | The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted average assumptions:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Market value of ADSs ($) |  | $ | 3.35 |  |  | $ | 1.01 |
Risk-free interest rate (%) |  |  | 4.02 | % |  |  | 3.43 | %
Expected life (years) |  |  | 6.25 |  |  |  | 10.00 |
Expected volatility (%) |  |  | 90.78 | % |  |  | 98.06 | %
Expected dividends |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Restricted Stock Unit Activity and Related Information | A summary of the Company’s RSU activity and related information under the 2019 EIP is as follows. As of June 30, 2024 all outstanding RSUs are expected to vest:
|  | Number of RSUs (ADSs) |  |  | Weighted Average Grant Date Fair Value ($) |  |  | Aggregate intrinsic value ($'000) |
At December 31, 2023 |  |  | 489,225 |  |  |  | 1.04 |  |  |  | 1,130 |
Granted |  |  | 204,914 |  |  |  | 3.36 |  |  |  | — |
Vested |  |  | (142,583 | ) |  |  | 1.01 |  |  |  | 480 |
Forfeited |  |  | (23,533 | ) |  |  | 1.36 |  |  |  | — |
At June 30, 2024 |  |  | 528,023 |  |  |  | 1.93 |  |  |  | 1,901 |
Summary of Performance Based Restricted Stock Unit (PSUs) Activity and Related Information | A summary of the Company’s PSU activity and related information under the 2019 EIP for the six months ended June 30, 2024 is as follows:
|  | Number of PSUs (ADSs) |  |  | Weighted Average Grant Date Fair Value ($) |  |  | Aggregate intrinsic value ($'000) |
At December 31, 2023 |  |  | 1,338,150 |  |  |  | 0.61 |  |  |  | 3,091 |
Granted |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (802,890 | ) |  |  | 0.65 |  |  |  | 2,798 |
At June 30, 2024 |  |  | 535,260 |  |  |  | 0.54 |  |  |  | 1,927 |
Employee Stock Option |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Option Activity and Related Information | A summary of the Company’s Option activity and related information under the 2019 NED EIP for the six months ended June 30, 2024 is as follows; all outstanding Options are expected to vest:
|  | Number of options (ADSs) |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Grant Date Fair Value ($) |  |  | Aggregate intrinsic value ($'000) |
At December 31, 2023 |  |  | 1,355,087 |  |  |  | 1.66 |  |  |  | 1.43 |  |  |  | 1,166 |
Granted |  |  | 360,000 |  |  |  | 3.87 |  |  |  | 2.83 |  |  |  | — |
At June 30, 2024 |  |  | 1,715,087 |  |  |  | 2.12 |  |  |  | 1.72 |  |  |  | 2,700 |
Vested |  |  | 1,475,087 |  |  |  | 1.84 |  |  |  | 1.54 |  |  |  | 2,700 |
Unvested |  |  | 240,000 |  |  |  | 3.87 |  |  |  | 2.83 |  |  |  | — |
Summary of Assumptions used in Black-Scholes Option Pricing Model | The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted average assumptions:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Market value of ADSs ($) |  |  | 3.87 |  |  |  | 0.94 |
Risk-free interest rate (%) |  |  | 4.08 | % |  |  | 3.36 | %
Expected life (years) |  |  | 5.25 |  |  |  | 10.00 |
Expected volatility (%) |  |  | 90.67 | % |  |  | 97.94 | %
Expected dividends |  |  | — |  |  |  | — |
Deferred Restricted Stock Units [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Restricted Stock Unit Activity and Related Information | A summary of the Company’s DRSU activity and related information under the 2019 NED EIP for the six months ended June 30, 2024 is as follows; all outstanding DRSUs are expected to vest:
|  | Number of DRSUs (ADSs) |  |  | Weighted Average Grant Date Fair Value ($) |  |  | Aggregate intrinsic value ($'000) |
At December 31, 2023 |  |  | 729,982 |  |  |  | 1.01 |  |  |  | 1,686 |
Granted |  |  | 125,393 |  |  |  | 3.87 |  |  |  | 485 |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |
At June 30, 2024 |  |  | 855,375 |  |  |  | 1.43 |  |  |  | 3,079 |
Vested |  |  | 771,778 |  |  |  | 1.17 |  |  |  | 2,778 |
Unvested |  |  | 83,597 |  |  |  | 3.87 |  |  |  | 301 |
Previous Share Option Plans [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Option Activity and Related Information | A summary of the awards still outstanding under these plans is as follows:
|  | Number of options (ADSs) |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Grant Date Fair Value ($) |  |  | Aggregate intrinsic value ($'000) |
At December 31, 2023 |  |  | 1,572,358 |  |  |  | 9.22 |  |  |  | 8.19 |  |  |  | — |
Expired |  |  | (152,491 | ) |  |  | — |  |  |  | — |  |  |  | — |
At June 30, 2024 |  |  | 1,419,867 |  |  |  | 9.24 |  |  |  | 9.05 |  |  |  | — |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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