Share-based compensation (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Share-based compensation |
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| Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss |
| | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands) | | (in thousands) | Cost of contract manufacturing revenues | | $ | — | | $ | — | | $ | — | | $ | 1,035 | Research and development expenses | | | 695 | | | 1,413 | | | 5,916 | | | 7,694 | Selling, general and administrative expenses | | | 2,827 | | | 2,025 | | | 7,100 | | | 8,780 | Total | | $ | 3,522 | | $ | 3,438 | | $ | 13,016 | | $ | 17,509 |
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| Schedule of share-based compensation expense / (income) |
| | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands) | | (in thousands) | Award type/ESPP | | | | | | | | | | | | | Share options | | $ | 1,829 | | $ | 2,003 | | $ | 5,128 | | $ | 7,576 | Restricted share units | | | 2,837 | | | 1,615 | | | 7,597 | | | 10,199 | Performance share units | | | (1,159) | | | (180) | | | 276 | | | (276) | ESPP | | | 15 | | | — | | | 15 | | | 10 | Total | | $ | 3,522 | | $ | 3,438 | | $ | 13,016 | | $ | 17,509 |
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| Schedule of unrecognized compensation expense related to unvested awards |
| | | | | | | | Unrecognized | | Weighted average | | | share-based | | remaining | | | compensation | | period for | | | expense | | recognition | | | (in thousands) | | (in years) | Award type | | | | | | Share options | | $ | 13,621 | | 2.63 | Restricted share units | | | 20,501 | | 2.23 | Performance share units | | | 166 | | 0.25 | Total | | $ | 34,288 | | 2.38 |
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| Schedule of weighted-average assumptions for fair value of option issued |
| | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Assumptions | | | | | | | | | Expected volatility | | 80% | | 70% | | 70% - 80% | | 70% | Expected terms | | 10 years | | 10 years | | 10 years | | 10 years | Risk-free interest rate | | 4,38% | | 4,32% | | 4.36% - 4.64% | | 4,32% | Expected dividend yield | | 0,0% | | 0,0% | | 0,0% | | 0,0% |
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| Summary of RSUs activity |
| | | | | | | | RSUs | | | | | Weighted average | | | Number of | | grant-date fair | | | ordinary shares | | value | Non-vested at December 31, 2024 | | 1,659,898 | | $ | 10.71 | Granted | | 1,587,990 | | $ | 12.46 | Vested | | (747,388) | | $ | 12.14 | Forfeited | | (213,147) | | $ | 10.11 | Non-vested at September 30, 2025 | | 2,287,353 | | $ | 11.51 | | | | | | | Total weighted average grant date fair value of RSUs granted during the period (in $ millions) | | | | $ | 19.8 |
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| Summary of PSUs activity |
| | | | | | | | PSUs | | | | | Weighted average | | | Number of | | grant-date fair | | | ordinary shares | | value | Non-vested at December 31, 2024 | | 150,120 | | $ | 21.65 | Vested | | (66,500) | | $ | 26.70 | Forfeited | | (38,620) | | $ | 20.24 | Non-vested at September 30, 2025 | | 45,000 | | $ | 15.40 |
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| 2014 Plan |
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| Share-based compensation |
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| Summary of option activity |
| | | | | | | | Options | | | Number of | | Weighted average | | | ordinary shares | | exercise price | | | | | | | Outstanding at December 31, 2024 | | 4,967,160 | | | 19.87 | Granted | | 1,220,410 | | $ | 12.63 | Forfeited | | (118,432) | | $ | 13.17 | Expired | | (833,550) | | $ | 29.86 | Exercised | | (553,556) | | $ | 15.74 | Outstanding at September 30, 2025 | | 4,682,032 | | $ | 17.04 | Thereof, fully vested, and exercisable on September 30, 2025 | | 2,534,300 | | $ | 21.41 | Thereof, outstanding and expected to vest after September 30, 2025 | | 2,147,732 | | $ | 11.88 | Outstanding and expected to vest after December 31, 2024 | | 1,838,603 | | $ | 11.46 | | | | | | |
| | | | | | Total weighted average grant date fair value of options issued during the period (in $ millions) | | | | $ | 9.4 |
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