v3.25.0.1
Share-based compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-based compensation  
Schedule of share based compensation expense

The Company recorded share-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

​

​

​

​

​

​

​

​

​

​

​

 

Year Ended

​

 

December 31, 

​

    

2024

    

2023

    

2022

Research and development expenses

​

$

19,424

​

$

15,581

​

$

10,394

General and administrative expenses

​

 

18,657

​

 

16,896

​

 

16,385

​

​

$

38,081

​

$

32,477

​

$

26,779

Schedule of share option activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

Weighted

​

​

​

​

​

Shares

​

Weighted

​

Average

​

Aggregate

​

​

Underlying

​

Average

​

Contractual

​

Intrinsic

​

    

Share Options

    

Exercise Price

    

Term

    

Value

​

​

​

​

​

​

​

(in years)

​

(in thousands)

Outstanding as of December 31, 2023

 

7,469,527

​

$

23.13

 

6.83

​

$

21,920

Granted

 

2,438,356

​

 

19.42

 

—

​

 

—

Exercised

 

(554,596)

​

 

13.57

 

—

​

 

—

Forfeited

 

(604,561)

​

 

27.37

 

—

​

 

—

Outstanding as of December 31, 2024

 

8,748,726

​

$

22.41

 

6.81

​

$

9,559

Vested and expected to vest as of December 31, 2024

 

8,748,726

​

$

22.41

​

6.81

​

$

9,559

Options exercisable as of December 31, 2024

 

5,359,049

​

$

21.65

 

5.60

​

$

9,559

Schedule of assumptions used to determine the fair value of share options granted

​

​

​

​

​

​

​

​

​

​

​

Year Ended

 

​

​

December 31, 

 

​

    

2024

    

2023

    

2022

 

Risk-free interest rate

 

4.0

%  

4.0

%  

2.2

%

Expected volatility

 

77.0

%  

82.9

%  

82.5

%

Expected dividend yield

 

—

 

—

 

—

​

Expected term (in years)

 

6.1

 

6.1

 

6.0

​

Schedule of restricted ordinary share award activity

​

​

​

​

​

​

​

​

​

Number of Shares

​

Weighted-Average

​

​

Underlying RSUs

​

Grant Date Fair Value

Unvested at December 31, 2023

​

326,848

​

$

37.40

Granted

​

617,496

​

​

18.26

Vested and settled

​

(141,350)

​

​

37.76

Vested and deferred(1)

​

(42,000)

​

​

18.07

Forfeited

​

(86,732)

​

​

22.15

Unvested outstanding at December 31, 2024

​

674,262

​

​

22.96

Vested but subject to deferred settlement at December 31, 2024(1)

​

42,000

​

​

18.07

Outstanding at December 31, 2024

​

716,262

​

$

22.67

(1)The Company granted certain RSUs to the Company’s non-employee directors which provided for deferred settlement of the RSUs to a specified date following the first to occur of (i) the date of the director’s separation from service, (ii) the date of the director’s disability, (iii) the date of the director’s death or (iv) the date of a change in control event.