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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2022
SHARE-BASED COMPENSATION |
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted‑ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | Weighted‑ | ​ | Grant | ​ | Average | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Date | ​ | Remaining | ​ | Aggregate
​ | ​ | Number of | ​ | Exercise | ​ | Fair | ​ | Contractual | ​ | Intrinsic
​ |  | Options |  | Price |  | Value |  | Term |  | Value
​ | ​ | ​ | ​ | US$ per | ​ | US$ per | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | option | ​ | option | ​ | Years | ​ | US$
Outstanding at December 31, 2019 | ​ | 866,028 |  | 0.65 |  | 3.67 |  | 7.27 |  | 6,328,171
Granted | ​ | 6,313,373 |  | 2.00 |  | 7.01 |  | — |  | —
Exercised | ​ | (3,694,934) |  | 1.93 |  | 6.55 |  | — |  | —
Forfeited | ​ | (190,000) | ​ | 1.70 | ​ | 6.91 | ​ | — | ​ | —
Outstanding at December 31, 2020 | ​ | 3,294,467 | ​ | 1.75 | ​ | 6.65 | ​ | 8.78 | ​ | 33,410,968
Granted | ​ | 1,894,119 | ​ | 12.31 | ​ | 8.39 | ​ | — | ​ | —
Exercised | ​ | (233,958) | ​ | 0.99 | ​ | 5.13 | ​ | — | ​ | —
Forfeited | ​ | (145,550) |  | 3.02 |  | 7.71 |  | — |  | —
Outstanding at December 31, 2021 | ​ | 4,809,078 |  | 5.91 |  | 7.38 |  | 8.68 |  | 2,619,574
Granted | ​ | 2,640,598 | ​ | 3.28 | ​ | 2.13 | ​ | — | ​ | —
Exercised | ​ | (197,975) | ​ | 2.08 | ​ | 6.95 | ​ | — | ​ | —
Forfeited | ​ | (964,789) | ​ | 6.75 | ​ | 7.57 | ​ | — | ​ | —
Outstanding at December 31, 2022 | ​ | 6,286,912 | ​ | 4.80 | ​ | 5.16 | ​ | 8.44 | ​ | 94,990
Vested and expected to vest at December 31, 2022 | ​ | 6,286,912 | ​ | 4.80 | ​ | 5.16 | ​ | 8.44 | ​ | 94,990
Exercisable at December 31, 2021 | ​ | 1,486,318 | ​ | 5.87 | ​ | 7.05 | ​ | 8.20 | ​ | 874,180
Exercisable at December 31, 2022 | ​ | 2,070,533 | ​ | 6.35 | ​ | 6.87 | ​ | 7.62 | ​ | 55,880
​
Summary of assumptions used to estimate the fair value of the share options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended
​ | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
Risk‑free interest rate |  | 0.68% - 0.83% | ​ | 1.11% - 1.67% | ​ | 1.92% - 4.25%
Dividend yield |  | 0% | ​ | 0% | ​ | 0%
Expected volatility range |  | 72.3% - 73.4% | ​ | 73.1% - 75.5% | ​ | 74.2% - 74.9%
Exercise multiple |  | 2.2 - 2.8 | ​ | 2.2 - 2.8 | ​ | 2.2 - 2.8
Contractual life |  | 10 years | ​ | 10 years | ​ | 10 years
​
Summary of total share based compensation expenses recognized | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | US$ | ​ | US$ | ​ | US$
Research and development expenses |  | 6,472,083 |  | 13,582,746 |  | 7,227,298
Administrative expenses |  | 3,657,458 |  | 5,096,912 |  | 3,292,984
Total share‑based compensation expenses |  | 10,129,541 |  | 18,679,658 |  | 10,520,282

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