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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

A summary of the changes in the Company’s unvested ordinary shares during the nine months ended September 30, 2021 are as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and Outstanding as of December 31, 2020	13,757	$	2.36
Granted	—	—
Vested	(13,757)	2.36
Forfeited	—	—
Unvested and Outstanding as of September 30, 2021	—	$	—

Schedule of Nonvested Restricted Share Units Activity

A summary of the changes in the Company’s unvested restricted share units during the nine months ended September 30, 2021 are as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and Outstanding as of December 31, 2020	217,482	$	10.19
Granted	—	—
Vested	(56,887)	10.19
Forfeited	—	—
Unvested and Outstanding as of September 30, 2021	160,595	$	10.19

Schedule of Share-based Payment Arrangement, Option, Activity

The following table summarizes the Company’s share options activity for the nine months ended September 30, 2021:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020	4,430,340	$	5.61	9.22	$	186,426
Granted	752,702	$	37.20
Exercised	(1,015,915)	$	1.07
Forfeited	(74,631)	$	9.11
Outstanding as of September 30, 2021	4,092,496	$	12.18	8.79	$	81,351
Exercisable as of September 30, 2021	2,294,380	$	1.92	8.45	$	64,148
Unvested as of September 30, 2021	1,798,116	$	24.47	9.23	$	17,203

Schedule of Valuation Assumptions

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the three months and nine months ended September 30, 2021 and 2020 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Expected term (in years)	6.07 Years			6.08 Years			6.07 Years			5.93 Years
Expected volatility	66.90		%	66.90		%	67.20		%	66.00		%
Risk-free interest rate	0.96		%	0.39		%	0.91		%	0.43		%
Expected dividend yield	—		%	—		%	—		%	—		%
Fair value of underlying ordinary shares	$	34.83		$	17.00		$	37.65		$	10.30

Summary of Share-based Compensation Expense

Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	1,288	$	2,231	$	3,023	$	5,748
General and administrative	999		2,984		2,834		10,869
Total share-based compensation expense	$	2,287	$	5,215	$	5,857	$	16,617