XML 57 R31.htm IDEA: XBRL DOCUMENT v3.22.4
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Changes in Unvested Ordinary Shares A summary of the changes in the Company’s unvested ordinary shares from December 31, 2020 through December 31, 2022 are as follows:

 

 

 

Number of

 

 

Weighted

 

 

 

unvested

 

 

average

 

 

 

ordinary

 

 

grant date

 

 

 

shares

 

 

fair value

 

Unvested ordinary shares as of December 31, 2020

 

 

2,837,492

 

 

$

6.38

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(916,172

)

 

 

5.61

 

Forfeited

 

 

(18,262

)

 

 

6.80

 

Unvested ordinary shares as of December 31, 2021

 

 

1,903,058

 

 

$

6.43

 

Granted

 

 

356,566

 

 

 

2.86

 

Vested

 

 

(915,817

)

 

 

5.29

 

Forfeited

 

 

(49,004

)

 

 

3.53

 

Unvested ordinary shares as of December 31, 2022

 

 

1,294,803

 

 

$

4.89

 
Summary of Share Options Activity

The following table summarizes the Company’s share options activity for the year ended December 31, 2022:

 

 

 

Number
of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
 (Years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Outstanding as of December 31, 2021

 

 

1,357,847

 

 

$

8.95

 

 

 

8.58

 

 

$

10

 

Granted

 

 

1,859,614

 

 

$

2.80

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(223,820

)

 

$

7.59

 

 

 

 

 

 

 

Outstanding as of December 31, 2022

 

 

2,993,641

 

 

$

6.18

 

 

 

8.51

 

 

$

150

 

Exercisable as of December 31, 2022

 

 

581,514

 

 

$

10.88

 

 

 

7.09

 

 

$

—

 

Unvested as of December 31, 2022

 

 

2,412,127

 

 

$

5.04

 

 

 

8.85

 

 

$

150

 
Summary of Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees during the year ended December 31, 2022 and 2021 were as follows:

 

 

 

Year Ended
December 31,

 

 

Year Ended
December 31,

 

 

 

2022

 

 

2021

 

Expected term (in years)

 

6.04

 

 

6.02

 

Expected volatility

 

 

69.74

%

 

 

72.15

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Risk free interest rate

 

 

2.00

%

 

 

1.07

%

Fair value of underlying ordinary shares

 

$

3.06

 

 

$

9.53

 
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):

 

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Research and development

 

$

3,750

 

 

$

3,362

 

 

$

1,331

 

General and administrative

 

 

3,272

 

 

 

2,955

 

 

 

1,661

 

 

 

$

7,022

 

 

$

6,317

 

 

$

2,992