Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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:


	Six Months Ended
	June 30, 2023	June 30, 2022
Volatility	100%	110% - 130%
Expected term in years	6.00 - 6.25	5.50 - 6.25
Dividend rate	0%	0%
Risk-free interest rate	3.55% - 3.67%	1.9% - 3.53%
Share price	$1.00 - $1.04	$3.00 - $6.72
Fair value of option on grant date	$0.80 - $0.84	$2.40 - $6.00

Summary of Stock Options Activity

The following table summarizes total share option activity for all Company plans:


	Equity Plans			Inducement Plan		Total
Options outstanding December 31, 2022		232,592			122,999		355,591
Granted		855,000			2,500		857,500
Exercised		—			—		—
Forfeited		(87,100	)		—		(87,100	)
Options outstanding June 30, 2023		1,000,492			125,499		1,125,991

The following table summarizes the number of options outstanding and the weighted-average exercise price as of June 30, 2023:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value (in thousands)
Options outstanding December 31, 2022		355,591		$	7.49		9.12	$	—
Granted		857,500		$	1.00
Exercised		—
Forfeited		(87,100	)	$	2.08
Options outstanding June 30, 2023		1,125,991		$	2.97		9.32	$	60
Exercisable at June 30, 2023		176,756		$	10.11		7.67	$	—

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 Company plans:


	Equity Plans			Inducement Plan		Total
RSUs outstanding December 31, 2022		103,729			24,999		128,728
Granted		—			—		—
Shares vested		(90,188	)		—		(90,188	)
Forfeited		—			—		—
RSUs outstanding June 30, 2023		13,541			24,999		38,540

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, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
RSUs outstanding December 31, 2022		128,728		$	9.87
Granted		—			—
Shares vested		(90,188	)	$	11.83
Forfeited		—			—
RSUs outstanding June 30, 2023		38,540		$	5.29

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development expense	$	95	$	614	$	219	$	1,140
General and administrative expense		15		1,370		284		2,739