Shareholders' Equity and Share Based Compensation

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Shareholders' Equity and Share Based Compensation

11. SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Share-based compensation expense for the three months ended March 31, 2023 was $1,732 and $964, respectively.

Stock option activity for the three months ended March 31, 2023 was as follows:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2023		4,089,418		$	5.76		6.77	$	152
Granted		2,182,436		$	1.08		9.85	$	125
Exercised		(100,000	)	$	0.83			$	71
Forfeited		(15,000	)	$	3.25
Outstanding at March 31, 2023		6,156,854		$	4.14		7.81	$	2
Exercisable at March 31, 2023		2,512,569		$	6.07		5.51	$	2

Performance-based shares activity for the three months ended March 31, 2023 was as follows:


	Number of Performance-based Restricted Share Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023		30,000	$	8.31
Outstanding at March 31, 2023		30,000	$	8.31
Exercisable at March 31, 2023		30,000	$	8.31

On January 30, 2023, the Company closed a public offering (the "Offering") of 18,350,000 Common Shares at a price of US$1.35 per share together with accompanying warrants to purchase up to 18,350,000 Common Shares, which have an exercise price of US$1.65 per share (the "Warrants"). The gross proceeds from the Offering were approximately US$25 million before deducting placement agent fees and other offering expenses payable by the Company. The proceeds from the Offering are intended to be used for general working capital. The accompanying Warrants have an exercise price of US$1.65 and will be exercisable beginning six months from issuance and will expire five years from the date of initial exercisability.