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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

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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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 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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