Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Summary of Restricted Ordinary Shares Activity |
A summary of the Company’s restricted ordinary share activity and related information is as follows:
|
|
|
Number of
|
|
|
Weighted
Average
Grant Date Fair
|
|
|
|
|
Shares
|
|
|
Value per Share
|
|
|
Unvested at December 31, 2016
|
|
|
292,620
|
|
|
$
|
3.14
|
|
|
Granted
|
|
|
—
|
|
|
|
|
|
|
Vested
|
|
|
(103,278
|
)
|
|
$
|
3.14
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
Unvested at December 31, 2017
|
|
|
189,342
|
|
|
$
|
3.14
|
|
|
Granted
|
|
|
—
|
|
|
|
|
|
|
Vested
|
|
|
(103,274
|
)
|
|
$
|
3.14
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
Unvested at December 31, 2018
|
|
|
86,068
|
|
|
$
|
3.14
|
|
|
Granted
|
|
|
—
|
|
|
|
|
|
|
Vested
|
|
|
(86,068
|
)
|
|
$
|
3.14
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
Unvested at December 31, 2019
|
|
|
—
|
|
|
$
|
3.14
|
|
|
| Schedule of Assumptions Used to Determine Grant Date Fair Value of Employee and Director Options Granted |
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,
|
|
|
|
2019
|
|
2018
|
|
2017
|
|
Volatility
|
|
68.9 - 74.5%
|
|
60%
|
|
60%
|
|
Expected term in years
|
|
5.50 - 6.25
|
|
6.25
|
|
6.25
|
|
Dividend rate
|
|
0%
|
|
0%
|
|
0%
|
|
Risk-free interest rate
|
|
1.73 - 2.57%
|
|
2.16 - 2.91%
|
|
1.63%
|
|
Share price
|
|
3.55 - 6.80
|
|
7.06 - 13.00
|
|
3.30 - 4.40
|
|
Fair value of option on grant date
|
|
2.37 - 4.41
|
|
4.41 - 7.49
|
|
1.88 - 2.50
|
|
| 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, 2016
|
|
|
49,330
|
|
|
$
|
3.14
|
|
|
|
8.51
|
|
|
|
|
|
|
Granted
|
|
|
198,798
|
|
|
$
|
3.36
|
|
|
|
|
|
|
|
|
|
|
Options outstanding December 31, 2017
|
|
|
248,128
|
|
|
$
|
3.31
|
|
|
|
9.44
|
|
|
|
|
|
|
Granted
|
|
|
479,986
|
|
|
$
|
12.60
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(2,008
|
)
|
|
$
|
3.30
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(60,887
|
)
|
|
$
|
10.99
|
|
|
|
|
|
|
|
|
|
|
Options outstanding December 31, 2018
|
|
|
665,219
|
|
|
$
|
9.31
|
|
|
|
8.93
|
|
|
|
395
|
|
|
Granted
|
|
|
512,778
|
|
|
$
|
5.94
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(18,232
|
)
|
|
$
|
3.29
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(8,726
|
)
|
|
$
|
7.43
|
|
|
|
|
|
|
|
|
|
|
Expired
|
|
|
(769
|
)
|
|
$
|
6.77
|
|
|
|
|
|
|
|
|
|
|
Options outstanding December 31, 2019
|
|
|
1,150,270
|
|
|
$
|
7.92
|
|
|
|
8.59
|
|
|
|
254
|
|
|
Exercisable at December 31, 2019
|
|
|
312,884
|
|
|
$
|
8.82
|
|
|
|
8.02
|
|
|
|
157
|
|
|
| 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, 2017
|
|
|
—
|
|
|
|
|
|
|
Granted
|
|
|
36,924
|
|
|
$
|
13.00
|
|
|
Shares vested
|
|
|
—
|
|
|
|
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
RSUs outstanding December 31, 2018
|
|
|
36,924
|
|
|
$
|
13.00
|
|
|
Granted
|
|
|
31,367
|
|
|
$
|
7.01
|
|
|
Shares vested
|
|
|
(36,924
|
)
|
|
$
|
13.00
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
RSUs outstanding December 31, 2019
|
|
|
31,367
|
|
|
$
|
7.01
|
|
|
| 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,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
Research and development expense
|
|
$
|
723
|
|
|
$
|
398
|
|
|
$
|
139
|
|
|
General and administrative expense
|
|
|
1,450
|
|
|
|
892
|
|
|
|
253
|
|
|
| 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 December 31, 2019
|
|
50,000
|
|
$8.21
|
|