v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]  
Summary of Share Option Activity

Share option activity is summarized as follows:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic Value
(in thousands)(1)

 

Outstanding as of January 1, 2023

 

 

9,682,054

 

 

$

7.73

 

 

 

 

 

 

 

  Granted

 

 

5,769,100

 

 

 

4.74

 

 

 

 

 

 

 

  Exercised

 

 

(160,571

)

 

 

3.17

 

 

 

 

 

 

 

  Forfeited or cancelled

 

 

(1,182,873

)

 

 

7.51

 

 

 

 

 

 

 

Outstanding as of December 31, 2023

 

 

14,107,710

 

 

$

6.58

 

 

 

6.98

 

 

$

34,682

 

Options exercisable as of December 31, 2023

 

 

6,560,153

 

 

$

9.17

 

 

 

5.18

 

 

$

14,418

 

 

(1)
The aggregate intrinsic value of options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s ordinary shares for those share options that had exercise prices lower than the fair value of the ordinary shares as of the end of the period.
Summary of RSU Activity

RSU activity for the year ended December 31, 2023 is summarized as follows:

 

 

 

RSUs

 

 

Average Grant
Date Fair
Value (in
dollars per
share)

 

Outstanding as of January 1, 2023

 

 

934,342

 

 

$

10.94

 

  Granted

 

 

208,875

 

 

 

5.00

 

  Vested

 

 

(415,658

)

 

 

14.60

 

  Forfeited

 

 

(90,002

)

 

 

7.61

 

RSUs Outstanding at December 31, 2023

 

 

637,557

 

 

$

7.08

 
Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations and Comprehensive Loss

Share-based compensation expense for the years ended December 31, 2023 and 2022 is classified as operating expenses in the consolidated statements of operations and comprehensive loss as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Research and development expenses

 

$

4,617

 

 

$

7,467

 

General and administrative expenses

 

 

5,178

 

 

 

9,727

 

Total share-based compensation expense

 

$

9,795

 

 

$

17,194

 
Employee Stock Option  
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]  
Summary of Fair Value of Share Options Granted / Verdine Scientific Advisory Grant

The assumptions used in the Black-Scholes option pricing model to determine the fair value of share options granted to employees during the period were as follows:

 

 

 

For the Year Ended December 31,

 

 

2023

 

2022

Risk-free interest rate

 

3.46% –4.71%

 

1.35% – 4.23%

Expected term (in years)

 

3.0 – 6.1

 

3.0 – 6.1

Expected volatility

 

87% – 93%

 

63% – 96%

Expected dividend yield

 

0%

 

0%
Verdine Scientific Advisory Grant [Member]  
Share-based Compensation Arrangement By Share-based Payment Award [Line Items]  
Summary of Fair Value of Share Options Granted / Verdine Scientific Advisory Grant The assumptions used in the Black-Scholes option pricing model to determine the fair value of the Verdine Scientific Advisory Grant were as follows:

 

 

 

Year Ended
December 31, 2022

Risk-free interest rate

 

4.29%

Expected term (in years)

 

2.5

Expected volatility

 

99%

Expected dividend yield

 

0%