Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.24.1.1.u2
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
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:

 

 

Three Months Ended

 

 

March 31, 2023

Volatility

 

100%

Expected term in years

 

6.00 - 6.25

Dividend rate

 

0%

Risk-free interest rate

 

3.55% - 3.67%

Share price

 

$1.00 - $1.04

Fair value of option on grant date

 

$0.80 - $0.84

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, 2023

 

 

984,155

 

 

 

124,833

 

 

 

1,108,988

 

Granted

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

Options outstanding March 31, 2024

 

 

984,155

 

 

 

124,833

 

 

 

1,108,988

 

The following table summarizes the number of options outstanding and the weighted-average exercise price as of March 31, 2024:

 

 

Number of
Shares

 

 

Weighted
Average Exercise
Price

 

 

Weighted
Average
Remaining
Contractual Life
in Years

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Options outstanding December 31, 2023

 

 

1,108,988

 

 

$

2.73

 

 

 

8.94

 

 

$

832

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding March 31, 2024

 

 

1,108,988

 

 

$

2.73

 

 

 

8.70

 

 

$

463

 

Exercisable at March 31, 2024

 

 

473,701

 

 

$

4.18

 

 

 

8.48

 

 

$

154

 

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, 2023

 

 

 

 

 

16,666

 

 

 

16,666

 

Granted

 

 

 

 

 

 

 

 

 

Shares vested

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

RSUs outstanding March 31, 2024

 

 

 

 

 

16,666

 

 

 

16,666

 

 

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 March 31, 2024:

 

 

Number of
Shares

 

 

Weighted Average
Grant Date Fair
Value per Share

 

RSUs outstanding December 31, 2023

 

 

16,666

 

 

$

7.26

 

Granted

 

 

 

 

 

 

Shares vested

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

RSUs outstanding March 31, 2024

 

 

16,666

 

 

$

7.26

 

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 March 31,

 

 

 

2024

 

 

2023

 

Research and development expense

 

$

96

 

 

$

124

 

General and administrative expense

 

 

42

 

 

 

269