Under the Company’s historical shareholder and subscription agreements, the Company was authorized to issue restricted shares, restricted share units, as well as options, as incentives to its employees, non-employees and members of its board of directors.

As of June 30, 2025, the Company was authorized to issue a total of 476,165 ordinary shares underlying outstanding options granted under the 2017 Plan prior to our initial public offering, or IPO.

The Company’s 2020 Employee Share Purchase Plan, or the ESPP, provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2022 and each January 1 thereafter through termination of the 2020 Plan, by the lesser of (i) 1% of the outstanding number of ordinary shares on the immediately preceding December 31, (ii) 510,080 ordinary shares or (iii) such lesser number of ordinary shares as determined by the plan administrator.

The Company’s 2020 Share Option and Incentive Plan, or the 2020 Plan, allows the compensation and leadership development committee to make equity-based, including options and restricted share units, and cash-based incentive awards to the Company’s officers, employees, directors and other key persons (including consultants).

The Company initially reserved 2,074,325 of its ordinary shares for the issuance of awards under the 2020 Plan. The 2020 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2022, by up to 4% of the outstanding number of ordinary shares on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation and leadership development committee. The total number of ordinary shares that were authorized for issuance under the 2020 Plan is 10,686,217 shares as of June 30, 2025, of which 2,278,954 shares remained available for future grant.

During 2022, the Company granted a non-qualified share option to purchase up to 600,000 ordinary shares as an inducement grant to our chief executive officer.

Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):


	Three Months Ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Research and development	1,289		2,646		2,813		5,260
General and administrative	2,307		2,275		4,718		4,790
Total share-based compensation expense	$	3,596	$	4,921	$	7,531	$	10,050