Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.19.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Summary of Restricted Ordinary Shares Activity

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

 

 

 

Number of

 

 

Weighted

Average

Grant Date Fair

 

 

 

Shares

 

 

Value per Share

 

Unvested at December 31, 2018

 

 

86,068

 

 

$

3.14

 

Granted

 

 

—

 

 

 

 

 

Vested

 

 

(77,526

)

 

$

3.14

 

Forfeited

 

 

—

 

 

 

 

 

Unvested at September 30, 2019 (unaudited)

 

 

8,542

 

 

$

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:

 

 

 

Nine Months Ended September 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 - 2.63%

 

Share price

 

$5.80 - $6.80

 

$9.06 - $13.00

 

Fair value of option on grant date

 

$3.74 - $4.41

 

$5.28 - $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

 

 

(8,726

)

 

 

7.43

 

 

 

 

 

 

 

 

 

Options outstanding September 30, 2019

 

 

1,150,439

 

 

$

7.92

 

 

 

8.84

 

 

 

526

 

Exercisable at September 30, 2019 (unaudited)

 

 

269,910

 

 

$

8.77

 

 

 

8.22

 

 

 

290

 
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 September 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(unaudited)

 

 

(unaudited)

 

Research and development expense

 

$

189

 

 

$

83

 

 

$

548

 

 

$

280

 

General and administrative expense

 

 

372

 

 

 

391

 

 

 

1,126

 

 

 

598

 
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