Ordinary Shares

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Ordinary Shares

Ordinary Shares

On October 8, 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC, or Cowen, under which the Company may issue and sell from time to time up to $150.0 million of its ADSs, each representing one ordinary share, through Cowen as the sales agent. Sales of the Company’s ADSs, if any, will be made at market prices. Through March 31, 2023 we sold 157,836 ADSs, resulting in $1.6 million in net proceeds. During the second quarter of 2023, through May 10, 2023, we sold 2,824,202 ADSs, resulting in $26.9 million in net proceeds.

During the three months ended March 31, 2023, the Company issued in total 3,790 ordinary shares to settle share options exercised by employees and non-employees compared to 376,158 in the three months ended March 31, 2022.

During the three months ended March 31, 2023, a total of 31,856 restricted share units vested, of which 21,579 were issued and 10,277 were settled. During the three months ended March 31, 2023, a total of 30,481 ordinary shares were issued in settlement of restricted share units, of which 8,902 were vested and not issued at December 31, 2022 and 21,579 vested and were issued during the three months ended March 31, 2023.

During the three months ended March 31, 2022, a total of 68,534 ordinary shares were issued in settlement of restricted share units, of which 57,875 were vested and not issued at December 31, 2021 and 10,659 vested and were issued during the three months ended March 31, 2022.