Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Restricted Ordinary Shares Activity

The following table summarizes restricted ordinary shares activity for the six months ended June 30, 2019:

	Number of			Weighted Average Grant Date Fair
	Shares			Value per Share
Unvested at December 31, 2018		86,068		$	3.14
Granted		—
Vested		(51,906	)	$	3.14
Forfeited		—
Unvested at June 30, 2019 (unaudited)		34,162		$	3.14

Schedule of Assumptions Used to Determine Grant Date Fair Value of Employee and Director Options Granted

The assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows, presented on a weighted average basis:

	Six Months Ended June 30,
	2019	2018
Volatility	68.9% - 70.2%	60%
Expected term in years	5.5 - 6.25		6.25
Dividend rate	0%	0%
Risk-free interest rate	1.96% - 2.57%	2.16%
Share price	$5.80 - $6.80	$12.20 - $13.00
Fair value of option on grant date	$3.74 - $4.41	$7.03 - $7.49

Summary of Number of Options Outstanding and Weighted-average Exercise Price

The following table summarizes the 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, 2018		665,219		$	9.31		8.93	395
Granted		512,178			5.94
Exercised		(18,232	)		3.29
Forfeited		(1,086	)		9.44
Options outstanding June 30, 2019		1,158,079		$	7.92		9.10		1,245
Exercisable at June 30, 2019 (unaudited)		232,530		$	8.66		8.48		372

Summary of Number of RSUs Granted and Weighted-average Grant Date Fair Value of RSUs

The table below shows the number of RSUs granted covering an equal number of the Company’s ordinary shares and the weighted-average grant date fair value of the RSUs granted:

	Number of Shares			Weighted Average Grant Date Fair Value per Share
RSUs outstanding December 31, 2018		36,924		$	13.00
Granted		31,367		$	7.01
Shares vested		(36,924	)	$	13.00
Forfeited		—
RSUs outstanding June 30, 2019		31,367		$	7.01

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,
	2019		2018		2019		2018
	(unaudited)				(unaudited)
Research and development expense	$	196	$	118	$	359	$	197
General and administrative expense		377		149		754		207

Performance RSUs

Summary of Number of RSUs Granted and Weighted-average Grant Date Fair Value of 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, 2018		—
Granted		50,000	$	8.21
Shares vested		—
Forfeited		—
Performance RSUs outstanding June 30, 2019		50,000	$	8.21