Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Assumptions Used to Determine Fair Value of Options

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:

	Three Months Ended March 31,
	2020		2019
Volatility	90.3%		69.5% - 70.2%
Expected term in years		6.25		6.25
Dividend rate	0%		0%
Risk-free interest rate	0.78%		2.44% - 2.57%
Share price	$2.03		$5.80 - $6.80
Fair value of option on grant date	$1.52		$3.74 - $4.41

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 as of March 31, 2020:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value (in thousands)
Options outstanding December 31, 2019		1,150,270		$	7.92		8.59	$	254
Granted		2,000			2.03
Exercised		—
Forfeited		(19,062	)		9.42
Expired		—
Options outstanding March 31, 2020		1,133,208			7.88		7.78		1
Exercisable at March 31, 2020 (unaudited)		527,722			8.10		7.30		—

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

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, 2020 :

	Number of Shares			Weighted Average Grant Date Fair Value per Share
RSUs outstanding December 31, 2019		31,367		$	7.01
Granted		—
Shares vested		—
Forfeited		(5,703	)		7.01
RSUs outstanding March 31, 2020		25,664			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 March 31,
	2020		2019
	(unaudited)
Research and development expense	$	213	$	163
General and administrative expense		384		377

Performance RSUs

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

The table below shows the number of Performance RSUs outstanding covering an equal number of the Company’s ordinary shares and the weighted-average grant date fair value of the Performance RSUs outstanding as of March 31, 2020:

	Number of Shares			Weighted Average Grant Date Fair Value per Share
Performance RSUs outstanding December 31, 2019		50,000		$	8.21
Granted		1,079,000			2.04
Shares vested		—
Forfeited		(2,000	)		8.21
Performance RSUs outstanding March 31, 2020		1,127,000			2.30