Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following table presents a summary of option activity and related information in 2023:

	Number of options	Weighted average exercise price ($)	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($ in thousands)
Outstanding at December 31, 2022	91,181,420	3.05	5.89	115,969
Granted	24,102,740	3.36
Exercised	(6,516,920)	0.39
Forfeited	(4,183,190)	6.68
Outstanding at December 31, 2023	104,584,050	3.14	5.97	83,424
Vested and exercisable as of December 31, 2023	58,695,320	2.11	3.93	83,266

Schedule of Assumptions Used to Estimate Fair Values of Share Options Granted

The following table presents the assumptions used to estimate the fair values of the share options granted:

	2023	2022	2021
Risk-free rate of return	3.5%-4.7%	1.4%-4.0%	0.9%-1.4%
Expected term (in years)	6, 6.25,or 6.5	6.5	6, 6.25 or 6.5
Estimated volatility rate	70%	65%	65%
Expected dividend rate	0%	0%	0%

Summary of Non-vested Restricted Share Activity

The following table summarized the Company’s non-vested restricted share activity in 2023:

	Numbers of non-vested restricted shares	Weighted average remaining contractual term (years)	Aggregate intrinsic value ($ in thousands)
Non-vested as of December 31, 2022	33,433,890	3.55	102,642
Granted	9,001,740
Vested	(8,178,500)
Forfeited	(2,977,530)
Non-vested as of December 31, 2023	31,279,600	2.75	85,487

Allocation of Compensation Expense Related to Options

The following table presents the share-based compensation expense which has been reported in the Company’s consolidated statements of operations ($ in thousands):

	Year Ended December 31,
	2023	2022	2021
Selling, general and administrative	48,017	38,118	23,194
Research and development	31,617	23,184	17,520
Total	79,634	61,302	40,714