Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-based compensation

Schedule of share based compensation expense

The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Research and development expenses	$	2,637	$	1,238	$	7,643	$	3,535
General and administrative expenses		2,731		1,450		13,596		5,549
	$	5,368	$	2,688	$	21,239	$	9,084

Schedule of share option activity

	Number of			Weighted
	Shares	Weighted		Average	Aggregate
	Underlying	Average		Contractual	Intrinsic
	Share Options	Exercise Price		Term	Value
				(in years)	(in thousands)
Outstanding as of December 31, 2021	4,603,486	$	14.97	8.13	$	207,009
Granted	1,398,517		46.83	—		—
Exercised	(64,067)		12.55	—		—
Forfeited	(153,355)		25.86	—		—
Outstanding as of September 30, 2022	5,784,581	$	22.41	7.82	$	43,632
Vested and expected to vest as of September 30, 2022	5,784,581	$	22.41	7.82	$	43,632
Options exercisable as of September 30, 2022	3,177,177	$	13.51	7.06	$	35,164

Schedule of assumptions used to determine the fair value of share options granted

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Risk-free interest rate	3.0	%	0.9	%	2.0	%	0.6	%
Expected volatility	84.1	%	80.2	%	82.2	%	79.6	%
Expected dividend yield	—		—		—		—
Expected term (in years)	6.1		6.1		6.0		6.0

Summarizes activity for RSUs under the 2020 Plan

	Number of Shares	Weighted-Average
	Underlying RSUs	Grant Date Fair Value
Unvested at December 31, 2021	—	$	—
Granted	222,725		60.86
Vested	(35,000)		60.86
Unvested at September 30, 2022	187,725	$	60.86