Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 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:
|
|
|
Year ended December 31,
|
|
|
|
2021
|
|
2020
|
|
2019
|
|
Volatility
|
|
120 - 140%
|
|
90.3 - 99.5%
|
|
68.9 - 74.5%
|
|
Expected term in years
|
|
5.50 - 6.25
|
|
5.50 - 6.25
|
|
5.50 - 6.25
|
|
Dividend rate
|
|
0%
|
|
0%
|
|
0%
|
|
Risk-free interest rate
|
|
0.90 - 1.42%
|
|
0.18 - 0.78%
|
|
1.73 - 2.57%
|
|
Share price
|
|
$0.48 - $2.01
|
|
$1.68 - $2.03
|
|
$3.55 - $6.80
|
|
Fair value of option on grant date
|
|
$0.45 - $1.75
|
|
$1.27 - $1.52
|
|
$2.37 - $4.41
|
|
| Summary of Stock Options Activity |
The following table summarizes total stock option activity for all Company plans:
|
|
|
Equity Plans
|
|
Inducement Plan
|
|
Total
|
|
Options outstanding December 31, 2018
|
|
665,219
|
|
—
|
|
665,219
|
|
Granted
|
|
512,778
|
|
—
|
|
512,778
|
|
Exercised
|
|
(18,232)
|
|
—
|
|
(18,232)
|
|
Forfeited
|
|
(8,726)
|
|
—
|
|
(8,726)
|
|
Expired
|
|
(769)
|
|
—
|
|
(769)
|
|
Options outstanding December 31, 2019
|
|
1,150,270
|
|
—
|
|
1,150,270
|
|
Granted
|
|
64,840
|
|
—
|
|
64,840
|
|
Exercised
|
|
—
|
|
—
|
|
—
|
|
Forfeited
|
|
(134,004)
|
|
—
|
|
(134,004)
|
|
Expired
|
|
(127,729)
|
|
—
|
|
(127,729)
|
|
Options outstanding December 31, 2020
|
|
953,377
|
|
—
|
|
953,377
|
|
Granted
|
|
13,621,412
|
|
1,800,000
|
|
15,421,412
|
|
Exercised
|
|
—
|
|
—
|
|
—
|
|
Forfeited
|
|
—
|
|
—
|
|
—
|
|
Expired
|
|
(344,979)
|
|
—
|
|
(344,979)
|
|
Options outstanding December 31, 2021
|
|
14,229,810
|
|
1,800,000
|
|
16,029,810
|
The following table summarizes the total 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
|
|
|
512,778
|
|
|
$
|
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
|
|
|
|
—
|
|
|
Granted
|
|
|
15,421,412
|
|
|
$
|
1.81
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expired
|
|
|
(344,979
|
)
|
|
$
|
7.91
|
|
|
|
|
|
|
|
|
|
|
Options outstanding December 31, 2021
|
|
|
16,029,810
|
|
|
$
|
2.01
|
|
|
|
9.42
|
|
|
|
—
|
|
|
Exercisable at December 31, 2021
|
|
|
522,450
|
|
|
$
|
7.02
|
|
|
|
6.73
|
|
|
|
|
|
|
| Summary of Restricted Share Units (RSUs) |
The following table summarizes the number of RSUs granted covering an equal number of the Company’s ordinary shares for all of our plans:
|
|
|
Equity Plans
|
|
Inducement Plan
|
|
Total
|
|
RSUs outstanding December 31, 2018
|
|
36,924
|
|
—
|
|
36,924
|
|
Granted
|
|
31,367
|
|
—
|
|
31,367
|
|
Shares vested
|
|
(36,924)
|
|
—
|
|
(36,924)
|
|
Forfeited
|
|
—
|
|
—
|
|
—
|
|
RSUs outstanding December 31, 2019
|
|
31,367
|
|
—
|
|
31,367
|
|
Granted
|
|
—
|
|
—
|
|
—
|
|
Shares vested
|
|
(25,664)
|
|
—
|
|
(25,664)
|
|
Forfeited
|
|
(5,703)
|
|
—
|
|
(5,703)
|
|
RSUs outstanding December 31, 2020
|
|
—
|
|
—
|
|
—
|
|
Granted
|
|
1,345,328
|
|
500,000
|
|
1,845,328
|
|
Shares vested
|
|
(60,000)
|
|
—
|
|
(60,000)
|
|
Forfeited
|
|
—
|
|
—
|
|
—
|
|
RSUs outstanding December 31, 2021
|
|
1,285,328
|
|
500,000
|
|
1,785,328
|
The table below shows the total number of RSUs granted and the weighted-average grant date fair value of the total 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 December 31, 2019
|
|
|
31,367
|
|
|
$
|
7.01
|
|
|
Granted
|
|
|
—
|
|
|
|
|
|
|
Shares vested
|
|
|
(25,664
|
)
|
|
$
|
7.01
|
|
|
Forfeited
|
|
|
(5,703
|
)
|
|
$
|
7.01
|
|
|
RSUs outstanding December 31, 2020
|
|
|
—
|
|
|
|
|
|
|
Granted
|
|
|
1,845,328
|
|
|
$
|
1.29
|
|
|
Shares vested
|
|
|
(60,000
|
)
|
|
$
|
1.60
|
|
|
Forfeited
|
|
|
—
|
|
|
|
|
|
|
RSUs outstanding December 31, 2021
|
|
|
1,785,328
|
|
|
$
|
1.28
|
|
|
| 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,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
Research and development expense
|
|
$
|
1,322
|
|
|
$
|
754
|
|
|
$
|
723
|
|
|
General and administrative expense
|
|
|
2,997
|
|
|
|
2,005
|
|
|
|
1,450
|
|
|
| Performance RSUs |
|
| Summary of Restricted Share Units (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
|
|
$2.20
|
|
Granted
|
|
—
|
|
|
|
Shares vested
|
|
(629,500)
|
|
$2.06
|
|
Forfeited
|
|
(327,500)
|
|
$1.99
|
|
Expired
|
|
(26,000)
|
|
$8.21
|
|
Performance RSUs outstanding December 31, 2021
|
|
—
|
|
|
|