Share-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 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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|
|
|
|
|
Six months ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
Volatility |
|
110% - 130% |
|
120% |
Expected term in years |
|
5.50 - 6.25 |
|
5.50 - 6.25 |
Dividend rate |
|
0% |
|
0% |
Risk-free interest rate |
|
1.9 - 3.53% |
|
0.90 - 1.29% |
Share price |
|
$0.20 - $0.45 |
|
$1.99 - $2.01 |
Fair value of option on grant date |
|
$0.16 - $0.40 |
|
$1.70 - $1.75 |
|
| Summary of Stock Options Activity |
The following table summarizes total share option activity for all Company plans:
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|
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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 |
|
|
2,201,889 |
|
|
|
85,000 |
|
|
|
2,286,889 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options outstanding June 30, 2022 |
|
|
16,431,699 |
|
|
|
1,885,000 |
|
|
|
18,316,699 |
|
The following table summarizes the number of options outstanding and the weighted-average exercise price as of June 30, 2022:
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|
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|
|
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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 |
|
|
2,286,889 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Options outstanding June 30, 2022 |
|
|
18,316,699 |
|
|
$ |
1.79 |
|
|
|
9.06 |
|
|
$ |
— |
|
Exercisable at June 30, 2022 |
|
|
4,010,832 |
|
|
$ |
2.74 |
|
|
|
8.59 |
|
|
$ |
— |
|
|
| 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 |
|
|
Inducement Plan |
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|
Total |
|
RSUs outstanding December 31, 2021 |
|
|
1,285,328 |
|
|
|
500,000 |
|
|
|
1,785,328 |
|
Granted |
|
|
792,877 |
|
|
|
— |
|
|
|
792,877 |
|
Shares vested |
|
|
(725,328 |
) |
|
|
— |
|
|
|
(725,328 |
) |
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
RSUs outstanding June 30, 2022 |
|
|
1,352,877 |
|
|
|
500,000 |
|
|
|
1,852,877 |
|
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 June 30, 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 |
|
|
792,877 |
|
|
$ |
0.22 |
|
Shares vested |
|
|
(725,328 |
) |
|
$ |
1.58 |
|
Forfeited |
|
|
— |
|
|
|
|
RSUs outstanding June 30, 2022 |
|
|
1,852,877 |
|
|
$ |
0.71 |
|
|
| 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 June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Research and development expense |
|
$ |
614 |
|
|
$ |
169 |
|
|
$ |
1,140 |
|
|
$ |
178 |
|
General and administrative expense |
|
|
1,370 |
|
|
|
390 |
|
|
|
2,739 |
|
|
|
662 |
|
|