Share-Based Compensation (Tables)
|
9 Months Ended |
Sep. 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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|
|
|
|
|
Nine months ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
Volatility |
|
100% - 130% |
|
120%-130% |
Expected term in years |
|
5.50 - 6.25 |
|
5.50 - 6.25 |
Dividend rate |
|
0% |
|
0% |
Risk-free interest rate |
|
1.9% - 3.96% |
|
0.9% - 1.32% |
Share price |
|
$1.59 - $6.72 |
|
$8.40 - $30.15 |
Fair value of option on grant date |
|
$1.25 - $5.95 |
|
$7.50 - $26.25 |
|
| 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 |
|
|
948,639 |
|
|
|
120,000 |
|
|
|
1,068,639 |
|
Granted |
|
|
161,628 |
|
|
|
6,332 |
|
|
|
167,960 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
(906,800 |
) |
|
|
— |
|
|
|
(906,800 |
) |
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options outstanding September 30, 2022 |
|
|
203,467 |
|
|
|
126,332 |
|
|
|
329,799 |
|
The following table summarizes the number of options outstanding and the weighted-average exercise price as of September 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 |
|
|
1,068,639 |
|
|
$ |
30.12 |
|
|
|
9.42 |
|
|
$ |
— |
|
Granted |
|
|
167,960 |
|
|
$ |
3.24 |
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Cancelled |
|
|
(906,800 |
) |
|
$ |
33.16 |
|
|
|
|
|
|
|
Options outstanding September 30, 2022 |
|
|
329,799 |
|
|
$ |
8.07 |
|
|
|
9.29 |
|
|
$ |
— |
|
Exercisable at September 30, 2022 |
|
|
28,176 |
|
|
$ |
38.58 |
|
|
|
7.41 |
|
|
$ |
— |
|
|
| 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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|
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|
|
|
|
|
|
|
|
Equity Plans |
|
|
Inducement Plan |
|
|
Total |
|
RSUs outstanding December 31, 2021 |
|
|
85,684 |
|
|
|
33,333 |
|
|
|
119,017 |
|
Granted |
|
|
57,432 |
|
|
|
— |
|
|
|
57,432 |
|
Shares vested |
|
|
(48,353 |
) |
|
|
— |
|
|
|
(48,353 |
) |
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
RSUs outstanding September 30, 2022 |
|
|
94,763 |
|
|
|
33,333 |
|
|
|
128,096 |
|
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 September 30, 2022:
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|
|
|
|
|
|
Number of
Shares |
|
|
Weighted Average
Grant Date Fair
Value per Share |
|
RSUs outstanding December 31, 2021 |
|
|
119,017 |
|
|
$ |
19.16 |
|
Granted |
|
|
57,432 |
|
|
$ |
3.17 |
|
Shares vested |
|
|
(48,353 |
) |
|
$ |
23.64 |
|
Forfeited |
|
|
— |
|
|
|
|
RSUs outstanding September 30, 2022 |
|
|
128,096 |
|
|
$ |
10.31 |
|
|
| 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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Research and development expense |
|
$ |
118 |
|
|
$ |
570 |
|
|
$ |
1,258 |
|
|
$ |
748 |
|
General and administrative expense |
|
|
304 |
|
|
|
942 |
|
|
|
3,043 |
|
|
|
1,604 |
|
|