Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 are as follows:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and Outstanding as of December 31, 2022	271,135	$	12.23
Granted	175,750	$	10.85
Vested	(31,856)	$	12.60
Forfeited	(7,500)	$	12.42
Unvested and Outstanding as of March 31, 2023	407,529	$	11.60

Schedule of Share-based Payment Arrangement, Option, Activity

The following table summarizes the Company’s share options activity for the three months ended March 31, 2023:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	5,092,732	$	13.55	8.38	$	13,013
Granted	2,076,950	$	10.08
Exercised	(3,790)	$	0.01
Forfeited	(131,350)	$	24.13
Outstanding as of March 31, 2023	7,034,542	$	13.25	8.63	$	17,648
Exercisable as of March 31, 2023	2,600,262	$	10.86	7.53	$	15,048
Unvested as of March 31, 2023	4,434,280	$	14.65	9.27	$	2,600

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 ended March 31, 2023, and 2022 were as follows:

	Three Months Ended March 31,
	2023			2022
Expected option life (years)	6.05 years			5.88 years
Expected volatility	87.12		%	80.20		%
Risk-free interest rate	3.47		%	1.65		%
Expected dividend yield	—		%	—		%
Fair value of underlying ordinary shares	$	10.85		$	15.98

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 March 31,
	2023		2022
Research and development	2,244		1,792
General and administrative	1,827		1,336
Total share based compensation expense	$	4,071	$	3,128