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Equity-Settled Share-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Equity-Settled Share-Based Compensation | 10. 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.
|  | Number of ADSs |  |  | Weighted Average Exercise price
|  |  |  |  | $
Options |  |  |  |  |
Outstanding at January 1, 2025 |  |  | 5,818,463 |  |  |
Granted during the period |  |  | 1,564,285 |  |  |
Lapsed or forfeited during the period |  |  | (37,427 | ) |  |
Exercised during the period |  |  | (5,592 | ) |  |
Outstanding at March 31, 2025 |  |  | 7,339,729 |  |  | $14.08
Exercisable at the period-end |  |  | 3,409,904 |  |  |
The table above shows the number of options in relation to ordinary shares and equivalent ADSs outstanding and exercisable at period end, on the conversion ratio of three ordinary share options to one ADS.

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