Share-based compensation (Tables)
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6 Months Ended |
Jun. 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 June 30, | | Six months ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands) | | (in thousands) | Cost of manufacturing services revenue | | $ | — | | $ | 690 | | $ | — | | $ | 1,035 | Research and development | | | 2,758 | | | 2,856 | | | 5,221 | | | 6,281 | Selling, general and administrative | | | 2,326 | | | 3,334 | | | 4,273 | | | 6,755 | Total | | $ | 5,084 | | $ | 6,880 | | $ | 9,494 | | $ | 14,071 |
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| Schedule of share-based compensation expense / (income) |
| | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands) | | (in thousands) | Award type/ESPP | | | | | | | | | | | | | Share options | | $ | 1,662 | | $ | 2,660 | | $ | 3,299 | | $ | 5,573 | Restricted share units | | | 2,547 | | | 4,214 | | | 4,760 | | | 8,584 | Performance share units | | | 875 | | | 3 | | | 1,435 | | | (96) | Employee share purchase plan | | | — | | | 3 | | | — | | | 10 | Total | | $ | 5,084 | | $ | 6,880 | | $ | 9,494 | | $ | 14,071 |
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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 | | $ | 15,146 | | 2.72 | Restricted share units | | | 21,007 | | 2.26 | Performance share units | | | 2,214 | | 0.50 | Total | | $ | 38,367 | | 2.34 |
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| Schedule of weighted-average assumptions for fair value of option issued |
| | | | | | | | | | | Three months ended June 30, | | Six months ended June 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 | | 4,64% | | 4,32% | | 4,36% - 4,64% | | 4,32% | Expected dividend yield | | 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 | | 1,367,990 | | $ | 12.24 | Vested | | (716,318) | | $ | 12.28 | Forfeited | | (143,601) | | $ | 9.99 | Non-vested at June 30, 2025 | | 2,167,969 | | $ | 11.20 | | | | | | | Total weighted average grant date fair value of RSUs granted during the period (in $ millions) | | | | $ | 16.7 |
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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 June 30, 2025 | | 45,000 | | $ | 15.40 | PSUs awarded but not yet granted | | 230,000 | | $ | 13.94 | Total non-vested and discretionary PSUs | | 275,000 | | $ | 14.18 |
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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 | | 1,150,410 | | $ | 12.56 | Forfeited | | (81,265) | | $ | 13.14 | Expired | | (693,203) | | $ | 30.81 | Exercised | | (21,240) | | $ | 9.55 | Outstanding at June 30, 2025 | | 5,321,862 | | $ | 17.16 | Thereof, fully vested, and exercisable on June 30, 2025 | | 3,044,471 | | $ | 21.06 | Thereof, outstanding and expected to vest after June 30, 2025 | | 2,277,391 | | $ | 11.94 | 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) | | | | $ | 8.8 |
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