Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

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:

	Nine months ended
	September 30, 2021	September 30, 2020
Volatility	120 - 130%	90.3% - 99.5%
Expected term in years	5.5 - 6.25	5.5 - 6.25
Dividend rate	0%	0%
Risk-free interest rate	0.90% - 1.32%	0.18% - 0.78%
Share price	$0.56 - $2.01	$1.68 - $2.03
Fair value of option on grant date	$0.50 - $1.75	$1.27 - $1.52

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 September 30, 2021:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value (in thousands)
Options outstanding December 31, 2020		953,377		$	7.36		5.41	$	—
Granted		13,621,412			1.98
Exercised		—
Forfeited		—
Expired		(303,392	)	$	8.54
Options outstanding September 30, 2021		14,271,397		$	2.20		9.59	$	—
Exercisable at September 30, 2021 (unaudited)		538,830		$	6.65		6.46	$	—

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 September 30, 2021:

	Number of Shares			Weighted Average Grant Date Fair Value per Share
RSUs outstanding December 31, 2020		—
Granted		1,345,328		$	1.60
Shares vested		(60,000	)	$	1.60
Forfeited		—
RSUs outstanding September 30, 2021		1,285,328		$	1.60

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,
	2021		2020		2021		2020
	(unaudited)				(unaudited)
Research and development expense	$	570	$	292	$	748	$	872
General and administrative expense		942		558		1,604		1,761

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 September 30, 2021:

	Number of Shares			Weighted Average Grant Date Fair Value per Share
Performance RSUs outstanding December 31, 2020		983,000		$	2.20
Granted		—
Shares vested		(629,500	)	$	2.01
Expired		(327,500	)	$	2.00
Performance RSUs outstanding September 30, 2021		26,000