Share-based compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-based compensation |
|
| Summary of share-based compensation expense included in the consolidated statements of operations |
The following table shows the total share-based compensation expense included in the Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
December 31, |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
2020 |
Research and development |
$ |
6,264 |
|
$ |
9,052 |
|
$ |
4,417 |
General and administrative |
|
11,976 |
|
|
11,577 |
|
|
5,997 |
|
$ |
18,240 |
|
$ |
20,629 |
|
$ |
10,414 |
|
| Summary of information about share options granted |
|
|
|
|
|
|
|
|
|
|
Year ended |
|
December 31, |
|
2022 |
|
2021 |
|
2020 |
Number of options over ordinary shares granted |
|
31,826,293 |
|
|
21,300,998 |
|
|
15,595,374 |
Weighted average fair value of ordinary shares options |
$ |
0.37 |
|
$ |
0.70 |
|
$ |
0.59 |
Number of additional options with a nominal exercise price granted |
|
24,248,424 |
|
|
17,765,778 |
|
|
8,282,152 |
Weighted average fair value of options with a nominal exercise price |
$ |
0.51 |
|
$ |
0.97 |
|
$ |
0.85 |
|
| Summary of all stock option activity |
The following table summarizes all stock option activity for the year ended December 31, 2022:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Average |
|
|
|
|
|
|
average |
|
remaining |
|
Aggregate |
|
|
|
|
exercise price |
|
contractual |
|
intrinsic value |
|
|
Options |
|
per option |
|
term (years) |
|
(thousands) |
Outstanding at January 1, 2022 |
|
114,915,438 |
|
£ |
0.52 |
|
|
|
|
|
Changes during the period: |
|
|
|
|
|
|
|
|
|
|
Granted |
|
56,074,717 |
|
£ |
0.21 |
|
|
|
|
|
Exercised |
|
(5,823,534) |
|
£ |
0.01 |
|
|
|
|
|
Expired |
|
(3,238,371) |
|
£ |
0.69 |
|
|
|
|
|
Forfeited |
|
(9,389,161) |
|
£ |
0.21 |
|
|
|
|
|
Outstanding at December 31, 2022 |
|
152,539,089 |
|
£ |
0.44 |
|
7.0 |
|
£ |
8,082 |
Exercisable at December 31, 2022 |
|
75,064,373 |
|
£ |
0.64 |
|
5.3 |
|
£ |
1,077 |
|
| Summarizes information about stock options granted based on the market value at grant date which were outstanding |
The following table summarizes information about stock options granted based on the market value at grant date which were outstanding as of December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Average |
|
|
|
|
|
|
|
average |
|
remaining |
|
Aggregate |
|
|
|
|
exercise price |
|
contractual |
|
intrinsic value |
|
|
Options |
|
per option |
|
term (years) |
|
(thousands) |
Outstanding at January 1, 2022 |
|
87,387,314 |
|
£ |
0.68 |
|
|
|
|
|
Changes during the period: |
|
|
|
|
|
|
|
|
|
|
Granted |
|
31,826,293 |
|
£ |
0.37 |
|
|
|
|
|
Exercised |
|
(318,222) |
|
£ |
0.11 |
|
|
|
|
|
Expired |
|
(3,077,532) |
|
£ |
0.72 |
|
|
|
|
|
Forfeited |
|
(3,340,390) |
|
£ |
0.59 |
|
|
|
|
|
Outstanding at December 31, 2022 |
|
112,477,463 |
|
£ |
0.60 |
|
6.5 |
|
£ |
68 |
Exercisable at December 31, 2022 |
|
69,769,359 |
|
£ |
0.68 |
|
5.2 |
|
£ |
18 |
|
| Summary of information about RSU-style options which are outstanding |
The following table summarizes information about RSU-style options which were outstanding as of December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
remaining |
|
Aggregate |
|
|
|
|
|
contractual |
|
intrinsic value |
|
|
Options |
|
|
term (years) |
|
(thousands) |
Outstanding at January 1, 2022 |
|
27,528,124 |
|
|
8.5 |
|
|
12,720 |
Changes during the period: |
|
|
|
|
|
|
|
|
Granted |
|
24,248,424 |
|
|
|
|
|
|
Exercised |
|
(5,505,312) |
|
|
|
|
|
|
Expired |
|
(160,839) |
|
|
|
|
|
|
Forfeited |
|
(6,048,771) |
|
|
|
|
|
|
Outstanding at December 31, 2022 |
|
40,061,626 |
|
|
8.4 |
|
£ |
8,014 |
Exercisable at December 31, 2022 |
|
5,295,014 |
|
|
6.6 |
|
£ |
1,059 |
|
| Summary of information about stock options outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
Exercisable |
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
|
|
|
average |
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Total share |
|
remaining |
|
average |
|
Total share |
|
average |
Exercise price |
|
options |
|
contractual life |
|
exercise price |
|
options |
|
exercise price |
£ |
0 |
|
40,061,626 |
|
8.4 |
|
£ |
0.00 |
|
5,295,014 |
|
£ |
0.00 |
|
0.01 - 0.25 |
|
8,412,475 |
|
9.1 |
|
|
0.22 |
|
738,325 |
|
|
0.19 |
|
0.26 - 0.50 |
|
38,339,879 |
|
6.9 |
|
|
0.41 |
|
14,287,927 |
|
|
0.42 |
|
0.51 - 0.75 |
|
36,255,404 |
|
5.9 |
|
|
0.60 |
|
32,291,011 |
|
|
0.61 |
|
0.76 - 1.00 |
|
24,103,880 |
|
6.1 |
|
|
0.84 |
|
17,446,630 |
|
|
0.87 |
|
1.01 - 1.50 |
|
3,974,824 |
|
6.3 |
|
|
1.25 |
|
3,614,465 |
|
|
1.26 |
|
1.51 - 2.00 |
|
1,391,001 |
|
4.7 |
|
|
1.70 |
|
1,391,001 |
|
|
1.70 |
Total |
|
152,539,089 |
|
7.0 |
|
£ |
0.44 |
|
75,064,373 |
|
£ |
0.64 |
|
| Summary of the assumptions used to estimate the fair values of the share options granted using the Black-Scholes option-pricing model |
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Expected term |
|
5 years |
|
5 years |
|
5 years |
Expected volatility |
|
99-101% |
|
98-100% |
|
90-99% |
Risk free rate |
|
0.94-3.90% |
|
0.00-0.61% |
|
0.00-0.42% |
Expected dividend yield |
|
0% |
|
0% |
|
0% |
|