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Equity-Settled Share-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Equity-Settled Share-Based Compensation | 19. Equity-settled share-based compensation The Group has issued share options under the 2018 Long Term Incentive Plan (“LTIP”), 2018 Non-Employee Long Term Inventive Plan (“Non-Employee LTIP”), and individual share option contracts, open to all employees of the Group, as well as EMI shares (none of which remain outstanding at December 31, 2024). Under the LTIP, Non-Employee LTIP, individual contracts and schemes available, the options typically vest after three years, with the exception of some options granted to certain members of key management personnel. The vesting period for these options ranges from 3 to 33 months. The options usually lapse after one year following the employee leaving the Group.
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Number of ADSs (1) |  |  | Weighted Average Exercise price |  |  | Aggregate Intrinsic Value |  |  | Number of ADSs (1) |  |  | Weighted Average Exercise price |  |  | Aggregate Intrinsic Value |  |  | Number of ADSs (1) |  |  | Weighted Average Exercise price |  |  | Aggregate Intrinsic Value |
|  |  |  |  | $ |  |  | $ |  |  |  |  |  | $ |  |  | $ |  |  |  |  |  | $ |  |  | $ |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at the beginning of the year |  |  | 5,284,486 |  |  |  | 14.80 |  |  |  | - |  |  |  | 3,857,162 |  |  |  | 15.10 |  |  |  | - |  |  |  | 2,684,233 |  |  |  | 7.32 |  |  |  | - |
Granted during the year |  |  | 1,267,514 |  |  |  | 18.05 |  |  |  | - |  |  |  | 2,567,942 |  |  |  | 14.01 |  |  |  | - |  |  |  | 1,940,377 |  |  |  | 22.30 |  |  |  | - |
Lapsed or forfeited during the year |  |  | (264,056 | ) |  |  | 19.82 |  |  |  | - |  |  |  | (871,309 | ) |  |  | 18.50 |  |  |  | - |  |  |  | (709,531 | ) |  |  | 29.25 |  |  |  | - |
Exercised during the year |  |  | (469,481 | ) |  |  | 6.55 |  |  |  | - |  |  |  | (269,309 | ) |  |  | 1.89 |  |  |  | - |  |  |  | (57,917 | ) |  |  | 3.20 |  |  |  | - |
Outstanding at the year-end (ADS/$) |  |  | 5,818,463 |  |  |  | 15.95 |  |  |  | - |  |  |  | 5,284,486 |  |  |  | 14.80 |  |  |  | 13,264,060 |  |  |  | 3,857,162 |  |  |  | 15.10 |  |  |  | 578,574 |
Exercisable at the year-end |  |  | 2,870,106 |  |  |  | 15.94 |  |  |  | - |  |  |  | 2,420,614 |  |  |  | 14.34 |  |  |  | - |  |  |  | 1,889,460 |  |  |  | 13.24 |  |  |  | - |
The table above shows the number of options in relation to ordinary shares and equivalent ADSs outstanding and exercisable at year end, on the conversion ratio of three ordinary share options to one ADS. The options outstanding at the year-end have a weighted average remaining contractual life of 7.7 years (2023: 7.7 years; 2022: 8.2 years). As of December 31, 2024, there was $29.1 million of total unrecognized compensation cost related to stock options granted but not vested under the Company’s plans. That cost will be recognized over an expected remaining weighted-average period of 1.5 years. In the years ended December 31, 2024, 2023 and 2022 the total intrinsic value of stock options exercised was $6.8 million, $2.3 million and $0.5 million, respectively. The weighted average share price at the date of exercise of the options during the year was $20.99 (2023: $10.26; 2022: $11.06). The Group granted 3,802,542 share options during the year (2023: 7,703,826; 2022: 5,821,131). The fair value of options granted were calculated using Black Scholes model. Inputs into the model were as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Inputs and assumptions for options granted in the year: |  |  |  |  |  |  |  |  |
Weighted average ADS price ($) |  |  | 18.1 |  |  |  | 14.0 |  |  |  | 19.5 |
Weighted average ADS price ($) |  |  | 18.1 |  |  |  | 14.0 |  |  |  | 24.4 |
Option life (years) |  | 6.2 |  |  |  | 6.0 |  |  |  | 8.9 |
Expected volatility |  | 74.4%-78.6% |  |  | 72%-79% |  |  | 56%-74% |
Risk free rate |  | 3.39%-3.97% |  |  | 3.16%-4.43% |  |  | 1.16%-3.57% |
Expected dividend yield |  | nil |  |  | nil |  |  | nil |
Weighted average grant data fair value ($) |  | 12.6 |  |  | 9.4 |  |  | 11.5 |
The Group recognized total charges of $16.3 million (2023: $16.3 million; 2022: $12.7 million) related to equity settled share-based payment transactions during the year. The Group does not bear any responsibility to settle any employee tax obligations that arise on the exercise of share options. The estimated employer tax obligation on outstanding options at the year-end was nominal (2023: $0.3 million; 2022: $0.5 million).

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