Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.24.1
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