Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Share Units Activity

A summary of the changes in the Company’s unvested restricted share units during the six months ended June 30, 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	$	13.13
Vested	(21,319)	$	10.27
Forfeited	—	$	—
Unvested and Outstanding as of June 30, 2022	186,411	$	11.86

Schedule of Share-based Payment Arrangement, Option, Activity

The following table summarizes the Company’s share options activity for the six months ended June 30, 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	1,217,818	$	13.97
Exercised	(431,885)	$	0.84
Forfeited	(360,551)	$	8.98
Outstanding as of June 30, 2022	4,340,885	$	14.62	8.63	$	18,283
Exercisable as of June 30, 2022	1,897,406	$	5.62	7.97	$	15,618
Unvested as of June 30, 2022	2,443,479	$	19.88	9.14	$	2,665

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 six months ended June 30, 2022, and 2021 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Expected option life (years)	5.50 years			6.00 years			5.85 years			6.05 years
Expected volatility	81.17		%	67.40		%	80.29		%	67.70		%
Risk-free interest rate	3.35		%	1.08		%	1.80		%	0.83		%
Expected dividend yield	—		%	—		%	—		%	—		%
Fair value of underlying ordinary shares	$	10.08		$	36.13		$	15.01		$	41.80

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	1,830		934		3,622		1,735
General and administrative	1,348		970		2,684		1,835
Total stock based compensation expense	$	3,178	$	1,904	$	6,306	$	3,570