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Share-Based Payments | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Share-Based Payments | Note 6: Share-Based Payments The Board of Directors has been authorized by the General Meeting of the Shareholders to grant restricted stock units (“RSU”), stock options (“SO”), employee warrants ( Bons de Souscription de Parts de Créateur d’Entreprise or “BSPCE”) and non-employee warrants ( Bons de Souscription d’Actions or “BSA”). During the nine months ended September 30, 2021, the Company granted 75,600 stock options and 44,900 restricted stock units to employees. There have been no changes in the vesting conditions and method of valuation of the SO and RSU from that disclosed in Note 14 to the consolidated financial statements included in the Annual Report.
Stock option fair value assumptions during the nine months ended September 30, 2021 |
Weighted average share price at grant date in € |  |  | 9.3 |
Weighted average expected volatility |  |  | 90.9% |
Weighted average risk-free interest rate |  |  | (0.36)% |
Weighted average expected term (in years) |  |  | 6 |
Dividend yield |  |  | — |
Weighted average fair value of stock options in € |  |  | 6.9 |
During the nine months ended September 30, 2021, pursuant to the authorization granted by the General Meeting of the Shareholders held on May 19, 2021, the Company offered the directors the opportunity to subscribe for warrants to purchase ordinary shares on May 19, 2021, and on June 3, 2021, the directors subscribed for warrants to purchase an aggregate of 39,185 ordinary shares. These warrants have a contractual life of 4 years from their date of issuance and are not subject to a performance condition. Unless otherwise decided by the Board of Directors, these warrants may be exercised at any time prior to their expiration, provided that the beneficiary still holds a seat on the Board of Directors at the time of exercise, and subject to applicable French laws and regulations applicable to companies whose securities are listed on a regulated stock market. The fair value of the warrants has been estimated unsing the Cox-Ross Rubinstein binomial option pricing model.
Warrant fair value assumptions during the nine months ended September 30, 2021 |
Weighted average share price at grant date in € |  |  | 10.75 |
Weighted average expected volatility |  |  | 90.0% |
Weighted average risk-free interest rate |  |  | (0.53)% |
Weighted average expected term (in years) |  |  | 3.21 |
Dividend yield |  |  | — |
Weighted average fair value of warrants in € |  |  | — |
The changes in number of BSA/BSPCE/SO/RSU are as follows:
|  | Number of outstanding |
|  | BSA |  |  | BSPCE |  |  | SO |  |  | RSU |
Balance as of December 31, 2020 |  |  | 218,008 |  |  |  | 5,500 |  |  |  | 2,610,510 |  |  |  | 1,118,745 |
Granted during the period |  |  | 39,185 |  |  |  | — |  |  |  | 75,600 |  |  |  | 44,900 |
Forfeited during the period |  |  | — |  |  |  | — |  |  |  | (100,400 | ) |  |  | (59,500 | )
Exercised/released during the period |  |  | — |  |  |  | (5,500 | ) |  |  | — |  |  |  | — |
Expired during the period |  |  | (500 | ) |  |  | — |  |  |  | — |  |  |  | — |
Balance as of September 30, 2021 |  |  | 256,693 |  |  |  | — |  |  |  | 2,585,710 |  |  |  | 1,104,145 |
Share-based payments expenses reflected in the condensed consolidated statements of operations is as follows:
|  |  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  |  |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Research & development |  |  | SO |  |  |  | (273 | ) |  |  | (6 | ) |  |  | (952 | ) |  |  | 1,144 |
|  |  | RSU |  |  |  | (660 | ) |  |  | (102 | ) |  |  | (795 | ) |  |  | (628 | )
Sales & marketing |  |  | SO |  |  |  | (60 | ) |  |  | 186 |  |  |  | (172 | ) |  |  | 2,063 |
|  |  | RSU |  |  |  | (27 | ) |  |  | (4 | ) |  |  | (75 | ) |  |  | (12 | )
General & administrative |  |  | SO |  |  |  | (439 | ) |  |  | 25 |  |  |  | (1,791 | ) |  |  | 609 |
|  |  | RSU |  |  |  | (92 | ) |  |  | (24 | ) |  |  | (293 | ) |  |  | (211 | )
Total share-based compensation (expense) |  |  |  |  |  |  | (1,551 | ) |  |  | 74 |  |  |  | (4,078 | ) |  |  | 2,965 |

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