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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Stock Options

Total outstanding stock options as of June 30, 2023 was as follows:

		Number of shares				Weighted average exercise price
Outstanding at January 1, 2023			8,032,902			$	14.38
Granted			2,215,540			$	11.80
Exercised			(16,050	)		$	2.67
Cancelled or forfeited			(201,651	)		$	14.76
Outstanding at June 30, 2023			10,030,741			$	13.82

Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model

The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Fair value of stock options		$	7.08			$	7.23			$	8.33			$	9.51
Risk-free interest rate			3.75	%			2.92	%			3.68	%			2.00	%
Expected terms (in years)			5.81				5.59				6.00				5.97
Expected volatility			80.78	%			78.85	%			81.48	%			78.55	%
Expected dividend yield			0.00	%			0.00	%			0.00	%			0.00	%

Summary of Total Outstanding Restricted Stock Units

Total outstanding restricted share units as of June 30, 2023 was as follows:

		Number of shares				Weighted average grant date fair value
Outstanding at January 1, 2023			—
Awarded			626,260			$	12.42
Forfeited			(16,550	)		$	12.42
Outstanding at June 30, 2023			609,710			$	12.42

The fair value of each restricted share unit is estimated on the date of grant based on the fair value of our common shares on that same date.

Schedule of Share-based Compensation Expense

Share-based compensation expense was allocated as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
		(in thousands)
Research and development		$	3,329			$	2,440			$	6,548			$	4,751
General and administrative			2,936				2,305				5,779				4,749
Total share-based compensation expense		$	6,265			$	4,745			$	12,327			$	9,500

Share-based compensation expense by type of award was as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
		(in thousands)
Stock options		$	5,561			$	4,695			$	11,098			$	9,407
Restricted share units			620				—				1,045				—
ESPP			84				50				184				93
Total share-based compensation expense		$	6,265			$	4,745			$	12,327			$	9,500

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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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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