Share-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Summary of Assumptions Used to Determine Fair Value of Options |
The range of assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows:
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Three months ended |
|
|
|
March 31, 2022 |
|
March 31, 2021 |
|
Volatility |
|
130% |
|
90.3% |
|
Expected term in years |
|
5.50 - 6.25 |
|
|
6.25 |
|
Dividend rate |
|
0% |
|
0% |
|
Risk-free interest rate |
|
1.9 - 2.55% |
|
0.78% |
|
Share price |
|
$0.41-$0.45 |
|
$2.03 |
|
Fair value of option on grant date |
|
$0.37 - $0.40 |
|
$1.52 |
|
|
| Summary of Stock Options Activity |
The following table summarizes total share option activity for all Company plans:
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Equity Plans |
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|
Inducement Plan |
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Total |
|
Options outstanding December 31, 2021 |
|
|
14,229,810 |
|
|
|
1,800,000 |
|
|
|
16,029,810 |
|
Granted |
|
|
147,436 |
|
|
|
50,000 |
|
|
|
197,436 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options outstanding March 31, 2022 |
|
|
14,377,246 |
|
|
|
1,850,000 |
|
|
|
16,227,246 |
|
The following table summarizes the number of options outstanding and the weighted-average exercise price as of March 31, 2022:
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|
Number of
Shares |
|
|
Weighted
Average Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual Life
in Years |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Options outstanding December 31, 2021 |
|
|
16,029,810 |
|
|
$ |
2.01 |
|
|
|
9.42 |
|
|
$ |
— |
|
Granted |
|
|
197,436 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Options outstanding March 31, 2022 |
|
|
16,227,246 |
|
|
$ |
1.99 |
|
|
|
9.19 |
|
|
$ |
— |
|
Exercisable at March 31, 2022 |
|
|
547,583 |
|
|
$ |
7.10 |
|
|
|
6.49 |
|
|
$ |
— |
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|
| Summary of Restricted Share Units (RSUs) |
The following table summarizes the number of RSUs granted covering an equal number of the Company’s ordinary shares for all of our plans:
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Equity Plans |
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|
Inducement Plan |
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Total |
|
RSUs outstanding December 31, 2021 |
|
|
1,285,328 |
|
|
|
500,000 |
|
|
|
1,785,328 |
|
Granted |
|
|
29,381 |
|
|
|
— |
|
|
|
29,381 |
|
Shares vested |
|
|
(578,136 |
) |
|
|
— |
|
|
|
(578,136 |
) |
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
RSUs outstanding March 31, 2022 |
|
|
736,573 |
|
|
|
500,000 |
|
|
|
1,236,573 |
|
The table below shows the number of RSUs outstanding covering an equal number of the Company’s ordinary shares and the weighted-average grant date fair value of the RSUs outstanding as of March 31, 2022:
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Number of
Shares |
|
|
Weighted Average
Grant Date Fair
Value per Share |
|
RSUs outstanding December 31, 2021 |
|
|
1,785,328 |
|
|
$ |
1.28 |
|
Granted |
|
|
29,381 |
|
|
$ |
0.45 |
|
Shares vested |
|
|
(578,136 |
) |
|
$ |
1.60 |
|
Forfeited |
|
|
— |
|
|
|
|
RSUs outstanding March 31, 2022 |
|
|
1,236,573 |
|
|
$ |
1.10 |
|
|
| Summary of Share-based Compensation Expense |
The Company’s share-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
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Three Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
|
Research and development expense |
|
$ |
526 |
|
|
$ |
9 |
|
General and administrative expense |
|
|
1,369 |
|
|
|
272 |
|
|