Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.23.3
Share-Based Compensation (Tables)
9 Months Ended
Sep. 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:

 

 

Nine Months Ended

 

 

September 30, 2023

 

September 30, 2022

Volatility

 

100%

 

100% - 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% - 3.96%

Share price

 

$1.00 - $1.04

 

$1.59 - $6.72

Fair value of option on grant date

 

$0.80 - $0.84

 

$1.25 - $5.95

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

 

 

(103,437

)

 

 

 

 

 

(103,437

)

Options outstanding September 30, 2023

 

 

984,155

 

 

 

125,499

 

 

 

1,109,654

 

 

The following table summarizes the number of options outstanding and the weighted-average exercise price as of September 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

 

 

(103,437

)

 

$

2.08

 

 

 

 

 

 

 

Options outstanding September 30, 2023

 

 

1,109,654

 

 

$

2.73

 

 

 

9.20

 

 

$

 

Exercisable at September 30, 2023

 

 

170,364

 

 

$

9.12

 

 

 

8.19

 

 

$

 

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

 

 

(94,763

)

 

 

 

 

 

(94,763

)

Forfeited

 

 

 

 

 

 

 

 

 

RSUs outstanding September 30, 2023

 

 

8,966

 

 

 

24,999

 

 

 

33,965

 

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, 2023:

 

 

Number of
Shares

 

 

Weighted Average
Grant Date Fair
Value per Share

 

RSUs outstanding December 31, 2022

 

 

128,728

 

 

$

9.87

 

Granted

 

 

 

 

 

 

Shares vested

 

 

(94,763

)

 

$

11.38

 

Forfeited

 

 

 

 

 

 

RSUs outstanding September 30, 2023

 

 

33,965

 

 

$

5.67

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development expense

 

$

96

 

 

$

118

 

 

$

315

 

 

$

1,258

 

General and administrative expense

 

 

46

 

 

 

304

 

 

 

330

 

 

 

3,043