Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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	(42,518)	$	11.84
Forfeited	(11,506)	$	11.79
Unvested and Outstanding as of June 30, 2023	392,861	$	11.67

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, 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	2,365,866	$	9.83
Exercised	(128,869)	$	0.01
Forfeited	(345,895)	$	17.90
Outstanding as of June 30, 2023	6,983,834	$	13.24	8.45	$	13,553
Exercisable as of June 30, 2023	2,803,031	$	11.60	7.45	$	11,744
Unvested as of June 30, 2023	4,180,803	$	14.35	9.11	$	1,809

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, 2023, and 2022 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022				2023			2022
Expected option life (years)	3.99 years			5.50 years				5.80 years			5.85 years
Expected volatility	91.82		%	81.17		%		87.70		%	80.29		%
Risk-free interest rate	4.16		%	3.35		%		3.55		%	1.80		%
Expected dividend yield	—		%	—		%		—		%	—		%
Fair value of underlying ordinary shares	$	7.93		$	10.08			$	10.49		$	15.01

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,
	2023		2022		2023		2022
Research and development	2,198		1,830		4,442		3,622
General and administrative	2,363		1,348		4,190		2,684
Total share based compensation expense	$	4,561	$	3,178	$	8,632	$	6,306