Share-based compensation

The following table shows the total share-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	2,181	$	1,980
Selling, general and administrative	$	7,308	$	6,984

Equity Incentive Plan

Under the Company’s Equity Incentive Plan ("EIP"), the Company may grant market value options, share appreciation rights or restricted shares, restricted share units, performance share units and other share-based awards to the Company’s employees. The Company’s board members and consultants are eligible to receive awards under the Company’s non-employee sub-plan to the EIP. Awards may be granted at such times as the Company may determine, but will generally be granted annually following the end of the financial year. Awards vest at such times and as specified in the award agreement, typically being over a four-year period although the Company retains the discretion to provide for other vesting schedules. If the participant violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, the right of the participant to receive these shares on vesting shall terminate immediately. The Company maintains discretion over the type and terms of equity awards granted. Share options lapse on the tenth anniversary from the date of grant, and they are not subject to performance conditions or entitled to dividends. The Company has reserved 6,250,865 authorized shares for future issuance under the EIP.

The number and weighted average exercise prices of share options were as follows:


	Number of Share Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	9,422,875	$	31.14	6.0 years	$	50,455
Awards granted	1,529,159	29.57
Awards exercised	(119,749)	21.34
Awards forfeited	(13,193)	56.49
Awards expired	(7,176)	48.79
Outstanding as of March 31, 2025	10,811,916	$	30.99	6.4 years	$	50,832
Exercisable as of March 31, 2025	7,817,348	$	26.56	5.4 years	$	49,489

As of March 31, 2025, total unrecognized compensation expense related to share options granted but not vested was $36.6 million, which the Company expects to recognize over a remaining weighted-average period of 1.9 years.

Awards granted in the three months ended March 31, 2025 and 2024 have been valued using the Black-Scholes option pricing model. The assumptions used in the models for share options granted were as follows:


	Three Months Ended March 31,
	2025	2024
Share price at grant date	$29.21 - $29.60	$67.51 - $70.50
Exercise price	$29.21 - $29.60	$67.51 - $70.50
Expected volatility	53.30% - 55.78%	59.94% - 66.17%
Expected life	5.5 years	5 years - 5.5 years
Risk free rate	4.14% - 4.41%	3.93% - 4.30%
Fair value	$15.70 - $16.21	$39.50 - $40.47

Restricted share unit activity

In February 2025, the Company granted RSU awards that vest over a four-year service period with 25% on each anniversary of the grant date. An RSU award represents the right to receive one of the Company’s ADSs upon vesting of the RSU. The fair value of each RSU award is based on the closing price of the Company’s ADSs on Nasdaq on the date of grant.

The number and weighted average fair value of RSUs were as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2024	—	$	—
Awards granted	485,140	29.60
Awards vested	—	—
Awards forfeited	—	—
Unvested and outstanding as of March 31, 2025	485,140	$	29.60