Shareholders' Equity and Share Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity and Share Based Compensation

11. SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Share-based compensation expense for the three and six months ended June 30, 2023 was $656 and $2,388, respectively, and $1,114 and $2,078 for the three and six months ended June 30, 2022, respectively.

Stock option activity for the six months ended June 30, 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		2,671,896		$	0.99		9.17	$	125
Exercised		(100,000	)	$	0.83			$	71
Forfeited		(72,500	)	$	8.07
Outstanding at June 30, 2023		6,588,814		$	3.88		8.98	$	35
Exercisable at June 30, 2023		3,227,929		$	6.13		5.50	$	0

Performance-based shares activity for the six months ended June 30, 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 June 30, 2023		30,000	$	8.31
Exercisable at June 30, 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.