Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

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:

	Year ended December 31,
	2020	2019	2018
Volatility	90.3 - 99.5%	68.9 - 74.5%	60%
Expected term in years	5.50 - 6.25	5.50 - 6.25	6.25
Dividend rate	0%	0%	0%
Risk-free interest rate	0.18 - 0.78%	1.73 - 2.57%	2.16 - 2.91%
Share price	1.68 - 2.03	3.55 - 6.80	7.06 - 13.00
Fair value of option on grant date	1.27 - 1.52	2.37 - 4.41	4.41 - 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, 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
Granted		64,840		$	1.69
Exercised		—
Forfeited		(134,004	)	$	8.54
Expired		(127,729	)	$	8.25
Options outstanding December 31, 2020		953,377		$	7.36		5.41		—
Exercisable at December 31, 2020		686,711		$	7.79

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
Granted		—
Shares vested		(25,664	)	$	7.01
Forfeited		(5,703	)	$	7.01
RSUs outstanding December 31, 2020		—

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,
	2020		2019		2018
Research and development expense	$	754	$	723	$	398
General and administrative expense		2,005		1,450		892

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
Granted	1,079,000	$2.04
Shares vested	—
Forfeited	(146,000)	$3.05
Performance RSUs outstanding December 31, 2020	983,000	$1.99