Shareholders' equity (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Summary of Changes in Number of Shares Available for Grant |
The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plan during the years ended December 31, 2023 and December 31, 2024:
|
|
|
|
|
|
|
Number of shares |
|
|
|
|
|
Available for grant at January 1, 2023 |
|
|
2,000,364 |
|
Added to 2019 Share Incentive Plan |
|
|
1,320,000 |
|
RSUs granted |
|
|
(225,338 |
) |
Options granted |
|
|
(1,478,946 |
) |
Performance shares awarded |
|
|
(97,500 |
) |
Shares withheld in settlement of taxes |
|
|
50,775 |
|
Expirations |
|
|
56,157 |
|
Forfeitures |
|
|
122,840 |
|
Available for grant at December 31, 2023 |
|
|
1,748,352 |
|
Added to 2019 Share Incentive Plan |
|
|
1,320,000 |
|
RSUs granted |
|
|
(1,044,920 |
) |
Options granted |
|
|
(1,475,625 |
) |
Shares withheld in settlement of taxes and/or exercise price |
|
|
12,735 |
|
Expirations |
|
|
330,598 |
|
Forfeitures |
|
|
585,127 |
|
Available for grant at December 31, 2024 |
|
|
1,476,267 |
|
|
| Summary of Stock Option Activity |
The following is a summary of option activity for the Company’s share incentive plans for year ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
average
exercise
price |
|
|
Weighted
Average
remaining
contractual
term (years) |
|
|
Aggregate
intrinsic
value |
|
Outstanding at January 1, 2023 |
|
|
3,395,219 |
|
|
$ |
13.83 |
|
|
|
7.6 |
|
|
$ |
28,985,969 |
|
Options granted 1 |
|
|
1,478,946 |
|
|
$ |
7.64 |
|
|
|
— |
|
|
$ |
— |
|
Options exercised |
|
|
(59,800 |
) |
|
$ |
8.32 |
|
|
|
— |
|
|
$ |
— |
|
Options expired |
|
|
(56,157 |
) |
|
$ |
10.32 |
|
|
|
— |
|
|
$ |
— |
|
Options forfeited |
|
|
(68,292 |
) |
|
$ |
14.08 |
|
|
|
— |
|
|
$ |
— |
|
Outstanding at December 31, 2023 |
|
|
4,689,916 |
|
|
$ |
11.98 |
|
|
|
7.5 |
|
|
$ |
617,623 |
|
Options granted |
|
|
1,475,625 |
|
|
$ |
3.95 |
|
|
|
— |
|
|
$ |
— |
|
Options exercised |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Options expired |
|
|
(330,598 |
) |
|
$ |
15.19 |
|
|
|
— |
|
|
$ |
— |
|
Options forfeited |
|
|
(416,631 |
) |
|
$ |
10.70 |
|
|
|
— |
|
|
$ |
— |
|
Outstanding at December 31, 2024 |
|
|
5,418,312 |
|
|
$ |
9.70 |
|
|
|
7.2 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2023 |
|
|
2,556,847 |
|
|
$ |
13.07 |
|
|
|
6.1 |
|
|
$ |
— |
|
Options vested and expected to vest at December 31, 2023 |
|
|
4,612,496 |
|
|
$ |
12.05 |
|
|
|
7.5 |
|
|
$ |
543,130 |
|
Options exercisable at December 31, 2024 |
|
|
2,919,706 |
|
|
$ |
12.61 |
|
|
|
5.6 |
|
|
$ |
— |
|
Options vested and expected to vest at December 31, 2024 |
|
|
5,291,366 |
|
|
$ |
9.81 |
|
|
|
— |
|
|
$ |
— |
|
1 Options granted includes the time-based share options and the performance-based share options for which a grant date has been established, as described below.
|
| Schedule of Estimated Fair Value of Weighted Average Assumptions |
The Company estimates the fair value of share options using the Black-Scholes option pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of share options is estimated using the following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Risk-free interest rate |
|
|
4.48 |
% |
|
|
4.38 |
% |
Weighted-average expected volatility |
|
|
69.8 |
% |
|
|
76.7 |
% |
Expected term (in years) |
|
|
5.8 |
|
|
|
5.8 |
|
Weighted average grant-date fair value per share of options granted |
|
$ |
4.93 |
|
|
$ |
2.71 |
|
|
| Summary of Restricted Shares Activity |
The following is a summary of restricted shares activity for the Company’s share incentive plans for the year ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
Weighted
average
grant date
fair value |
|
RSU balance at December 31, 2023 1 |
|
|
556,340 |
|
|
$ |
17.60 |
|
RSUs granted |
|
|
1,044,920 |
|
|
$ |
3.01 |
|
RSUs vested |
|
|
(169,554 |
) |
|
$ |
21.93 |
|
RSUs forfeited 1 |
|
|
(168,496 |
) |
|
$ |
12.77 |
|
RSU balance at December 31, 2024 1 |
|
|
1,263,210 |
|
|
$ |
5.29 |
|
1 Includes the time-based RSUs and the performance-based RSUs for which a grant date has been established, as described below.
|