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Non-Cash Share-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Non-Cash Share-Based Compensation Non-Cash Share-Based Compensation
Non-Cash Share-based Compensation Expense
The Company measures non-cash share-based compensation at the grant date based on the fair value of the award and recognizes non-cash shared-based compensation as expense over the requisite service period of the award (generally three years) using the straight-line method. Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Research and development expenses
$7,071 $2,457 $28,362 $4,698 
General and administrative expenses
5,161 2,238 18,747 3,762 
Total non-cash share-based compensation expense$12,232 $4,695 $47,109 $8,460 
Share Options
All share option grants are awarded at fair value on the date of grant. The fair value of share options is estimated using the Black-Scholes option pricing model. Stock options generally expire 10 years after the grant date.
The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company's common shares for those share options that had exercise prices lower than the fair value of the Company's common shares at June 30, 2024.
As of June 30, 2024, total unrecognized compensation cost related to the unvested share options was $90,206, which is expected to be recognized over a weighted average period of 2.33 years, which does not consider the impact of a change in control. The weighted average grant date fair value per share of share options granted under the Company's share option plan during the six months ended June 30, 2024 and 2023 was $30.76 and $10.16, respectively. The Company expects
approximately 7,978,678 of the unvested stock options to vest over the requisite service period.
The following table is a summary of the Company's share option activity for the six months ended June 30, 2024:
 
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
 (in years)
Outstanding as of December 31, 2023
11,379,429$11.48 
Granted2,500,161$42.05 
Exercised(295,890)$9.00 
Forfeited(38,684)$20.38 
Outstanding as of June 30, 2024
13,545,016$17.15 8.68$256,022 
Options exercisable as of June 30, 2024
5,566,338$13.44 8.54$122,803 
Vested and expected to vest as of June 30, 2024
13,545,016$17.15 8.68$256,022 
Restricted Share Units
The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. The employee can elect to receive the one common share net of taxes or pay for taxes separately and receive the entire share. Compensation cost is recorded based on the market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period.
As of June 30, 2024, there was $9,405 of total unrecognized compensation cost related to Company RSUs that are expected to vest. These costs are expected to be recognized over a weighted-average period of 2.53 years, which does not consider the impact of a change in control. The total fair value of RSUs vested during the three and six months ended June 30, 2024 was $3,770.
The following table is a summary of the RSU activity for the six months ended June 30, 2024: