Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Share Units Activity

Restricted Share Units

A summary of the changes in the Company’s unvested restricted share units during the three months ended March 31, 2022 are as follows:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and Outstanding as of December 31, 2021	115,140	$	10.19
Granted	92,590	$	13.56
Vested	(10,659)	$	10.60
Forfeited	—	$	—
Unvested and Outstanding as of March 31, 2022	197,071	$	12.69

Schedule of Share-based Payment Arrangement, Option, Activity

Share Options

The following table summarizes the Company’s share options activity for the three months ended March 31, 2022:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021	3,915,503	$	13.53	8.64	$	51,162
Granted	1,111,569	$	14.81
Exercised	(376,158)	$	1.00
Forfeited	(91,802)	$	13.40
Outstanding as of March 31, 2022	4,559,112	$	14.59	8.79	$	24,245
Exercisable as of March 31, 2022	1,992,397	$	4.86	8.11	$	20,495
Unvested as of March 31, 2022	2,566,715	$	21.57	9.32	$	3,750

Schedule of Valuation Assumptions

Share Option Valuation

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 ended March 31, 2022, and 2021 were as follows:

	Three Months Ended March 31,
	2022			2021
Expected option life (years)	5.88 years			6.07 years
Expected volatility	80.20		%	67.80		%
Risk-free interest rate	1.65		%	0.72		%
Expected dividend yield	—		%	—		%
Fair value of underlying ordinary shares	$	15.98		$	44.03

Summary of Share-based Compensation Expense

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 March 31,
	2022		2021
Research and development	1,792		801
General and administrative	1,336		865
Total stock based compensation expense	$	3,128	$	1,666