Shareholder's Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholder's Equity

Shareholder’s Equity

At-The-Market Facility

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. Since the establishment of the ATM offering program, through June 30, 2024, the Company sold 5,491,836 ADSs, resulting in $54.8 million in net proceeds.

Warrants

On June 30, 2023, the Company entered into a Warrant Agreement with Hercules, which provides Hercules with the right to purchase a number of the Company’s Ordinary Shares, refer to Note 4 (Debt). for further details. Upon receipt of each term loan, the Warrant will automatically become exercisable and will expire in 10 years (on June 30, 2033). On June 30, 2023, with the receipt of the first term loan, 94,222 shares became exercisable to Hercules with a fair market value of $0.7 million.

On August 18, 2023, in connection with the PIPE, the Company issued and sold warrants to purchase up to 16,076,750 ADSs, each representing one ordinary share. The PIPE Warrants have an exercise price of $9.93 per ADS. The PIPE Warrants became exercisable for a three year period beginning in February 2024. Through June 30, 2024, PIPE Warrants were exercised for 3,752,050 ADSs, resulting in $37.3 million in exercise proceeds.