Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 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:
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Volatility |
|
100% |
|
100 - 130% |
|
120 - 140% |
Expected term in years |
|
6.00 - 6.25 |
|
5.50 - 6.25 |
|
5.50 - 6.25 |
Dividend rate |
|
0% |
|
0% |
|
0% |
Risk-free interest rate |
|
3.55% - 3.67% |
|
1.90 - 3.96% |
|
0.90 - 1.42% |
Share price |
|
$1.00 - $1.04 |
|
$0.81-$6.72 |
|
$0.48-$2.01 |
Fair value of option on grant date |
|
$0.80 - $0.84 |
|
$0.64-$5.95 |
|
$0.45-$1.75 |
|
| Summary of Stock Options Activity |
The following table summarizes total stock option activity for all Company plans:
|
|
|
|
|
|
|
|
|
Equity Plans |
|
Inducement Plan |
|
Total |
Options outstanding December 31, 2020 |
|
63,431 |
|
— |
|
63,431 |
Granted |
|
908,090 |
|
120,000 |
|
1,028,090 |
Exercised |
|
— |
|
— |
|
— |
Forfeited |
|
— |
|
— |
|
— |
Expired |
|
(22,882) |
|
— |
|
(22,882) |
Options outstanding December 31, 2021 |
|
948,639 |
|
120,000 |
|
1,068,639 |
Granted |
|
190,753 |
|
6,332 |
|
197,085 |
Exercised |
|
— |
|
— |
|
— |
Forfeited |
|
— |
|
(3,333) |
|
(3,333) |
Cancelled Shares |
|
(906,800) |
|
— |
|
(906,800) |
Expired |
|
— |
|
— |
|
— |
Options outstanding December 31, 2022 |
|
232,592 |
|
122,999 |
|
355,591 |
Granted |
|
855,000 |
|
2,500 |
|
857,500 |
Exercised |
|
— |
|
— |
|
— |
Forfeited |
|
(103,437) |
|
(666) |
|
(104,103) |
Options outstanding December 31, 2023 |
|
984,155 |
|
124,833 |
|
1,108,988 |
The following table summarizes the total number of options outstanding and the weighted-average exercise price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares |
|
|
Weighted
Average Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual Life
in Years |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Options outstanding December 31, 2020 |
|
|
63,431 |
|
|
$ |
110.40 |
|
|
|
5.41 |
|
|
|
— |
|
Granted |
|
|
1,028,090 |
|
|
$ |
27.13 |
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
(22,882 |
) |
|
$ |
118.49 |
|
|
|
|
|
|
|
Options outstanding December 31, 2021 |
|
|
1,068,639 |
|
|
$ |
30.12 |
|
|
|
9.42 |
|
|
|
— |
|
Granted |
|
|
197,085 |
|
|
$ |
2.88 |
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
(3,333 |
) |
|
$ |
6.15 |
|
|
|
|
|
|
|
Cancelled Shares |
|
|
(906,800 |
) |
|
$ |
33.16 |
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Options outstanding December 31, 2022 |
|
|
355,591 |
|
|
$ |
7.49 |
|
|
|
9.12 |
|
|
|
— |
|
Granted |
|
|
857,500 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
Exercised |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
(104,103 |
) |
|
$ |
2.08 |
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
$ |
18.76 |
|
|
|
|
|
|
|
Options outstanding December 31, 2023 |
|
|
1,108,988 |
|
|
$ |
2.73 |
|
|
|
8.94 |
|
|
$ |
832 |
|
Exercisable at December 31, 2023 |
|
|
178,978 |
|
|
$ |
9.05 |
|
|
|
7.94 |
|
|
|
— |
|
|
| 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:
|
|
|
|
|
|
|
|
|
Equity Plans |
|
Inducement Plan |
|
Total |
RSUs outstanding December 31, 2020 |
|
— |
|
— |
|
— |
Granted |
|
89,684 |
|
33,333 |
|
123,017 |
Shares vested |
|
(4,000) |
|
— |
|
(4,000) |
Forfeited |
|
— |
|
— |
|
— |
RSUs outstanding December 31, 2021 |
|
85,684 |
|
33,333 |
|
119,017 |
Granted |
|
66,398 |
|
— |
|
66,398 |
Shares vested |
|
(48,353) |
|
(8,334) |
|
(56,687) |
Forfeited |
|
— |
|
— |
|
— |
RSUs outstanding December 31, 2022 |
|
103,729 |
|
24,999 |
|
128,728 |
Granted |
|
— |
|
— |
|
— |
Shares vested |
|
(103,729) |
|
(8,333) |
|
(112,062) |
Forfeited |
|
— |
|
— |
|
— |
RSUs outstanding December 31, 2023 |
|
— |
|
16,666 |
|
16,666 |
The table below shows the total number of RSUs granted and the weighted-average grant date fair value of the total RSUs granted:
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares |
|
|
Weighted
Average
Grant Date Fair
Value per Share |
|
RSUs outstanding December 31, 2020 |
|
|
— |
|
|
|
|
Granted |
|
|
123,017 |
|
|
$ |
19.32 |
|
Shares vested |
|
|
(4,000 |
) |
|
$ |
24.00 |
|
Forfeited |
|
|
— |
|
|
|
|
RSUs outstanding December 31, 2021 |
|
|
119,017 |
|
|
$ |
19.16 |
|
Granted |
|
|
66,398 |
|
|
$ |
2.91 |
|
Shares vested |
|
|
(56,687 |
) |
|
$ |
21.23 |
|
Forfeited |
|
|
— |
|
|
|
|
RSUs outstanding December 31, 2022 |
|
|
128,728 |
|
|
$ |
9.87 |
|
Granted |
|
|
— |
|
|
|
|
Shares vested |
|
|
(112,062 |
) |
|
$ |
10.26 |
|
Forfeited |
|
|
— |
|
|
|
|
RSUs outstanding December 31, 2023 |
|
|
16,666 |
|
|
$ |
7.26 |
|
|
| Summary of Share-based Compensation Expense |
The Company’s share-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Research and development expense |
|
$ |
412 |
|
|
$ |
1,396 |
|
|
$ |
1,322 |
|
General and administrative expense |
|
|
372 |
|
|
|
3,362 |
|
|
|
2,997 |
|
|
| Performance RSUs |
|
| Summary of Restricted Share Units (RSUs) |
The table below shows the number of Performance RSUs granted covering an equal number of the Company’s ordinary shares and the weighted-average grant date fair value of the Performance RSUs granted:
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares |
|
|
Weighted Average
Grant Date Fair
Value per Share |
|
Performance RSUs outstanding December 31, 2020 |
|
|
65,527 |
|
|
$ |
33.18 |
|
Granted |
|
|
— |
|
|
|
|
Shares vested |
|
|
(41,961 |
) |
|
$ |
30.90 |
|
Expired |
|
|
(1,733 |
) |
|
$ |
29.85 |
|
Forfeited |
|
|
(21,833 |
) |
|
$ |
123.15 |
|
Performance RSUs outstanding December 31, 2021 |
|
|
— |
|
|
|
|
|