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Common Shares

6 Months Ended

Jun. 30, 2023

Common Shares

Common Shares

6. Common Shares

​

Equity Financing

​

Vista is party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company has the right, but is not obligated, to sell and issue common shares in the capital of the Company (each a “Common Share”) through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”).

​

During the three and six months ended June 30, 2023, the Company realized net proceeds of $560 and $1,013, respectively, under the ATM Program. During the three and six months ended June 30, 2022, the Company realized net proceeds of $51 under the ATM Program. As of June 30, 2023, $8,702 remained available under the ATM Program.

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Warrants

​

Warrant activity is summarized in the following table.

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Weighted		​	Weighted	​
​	​	​	​	Average		​	Average	​
​	​	Warrants	​	Exercise Price		​	Remaining Life	​
​		Outstanding		Per Share			(Years)
As of December 31, 2021	​	7,408,101	​	$	1.25	​	2.5	​
As of December 31, 2022	​	7,408,101	​	$	1.25	​	1.5	​
As of June 30, 2023	​	7,408,101	​	$	1.25	​	1.0	​

​

Stock-Based Compensation

​

The Company’s stock-based compensation plans include: restricted share units (“RSUs”) issuable pursuant to the Company’s long-term equity incentive plan, deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”), and stock options (“Stock Options”) issuable under the Company’s stock option plan. Stock-based compensation may be issued to our directors, officers, employees and consultants. The maximum number of Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any particular time. Stock-based compensation may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting provisions as determined by the Board.

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Stock-based compensation expense was: 

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​

​

​

​

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Three Months Ended June 30,

​

Six Months Ended June 30,

​

​

2023

2022

2023

2022

RSUs

​

$

107

​

$

112

​

$

183

​

$

284

​

DSUs

​

​

141

​

​

—

​

​

244

​

​

272

​

​

​

$

248

​

$

112

​

$

427

​

$

556

​

​

As of June 30, 2023, unrecognized compensation expense for RSUs was $511, which is expected to be recognized over a weighted average period of 1.5 years.

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Restricted Share Units

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The following table summarizes RSU activity:

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​	​	​	​	​	​	​
​	​	​	​	Weighted Average		​
​	​	Number	​	Grant-Date Fair		​
​		of RSUs		Value Per RSU		​
Unvested - December 31, 2021	​	1,998,339		$	0.53
Granted	​	759,000	​	​	0.59	​
Cancelled/forfeited	​	(395,569)	​	​	0.51	​
Vested, net of shares withheld	​	(889,762)	​	​	0.49	​
Unvested - December 31, 2022	​	1,472,008		$	0.60
Granted	​	1,163,000	​	​	0.37	​
Cancelled/forfeited	​	(321,118)	​	​	0.58	​
Vested, net of shares withheld	​	(412,548)	​	​	0.60	​
Unvested - June 30, 2023	​	1,901,342	​	$	0.46	​

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During the six months ended June 30, 2023 and 2022, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $142 and $355, respectively, that resulted upon vesting of RSUs during the period. Common Shares withheld are considered cancelled/forfeited.

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Deferred Share Units

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The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately; however, the Company will issue one Common Share for each DSU only after the non-employee director ceases to be a director of the Company. During the six months ended June 30, 2023, the Board granted 420,000 DSUs and the Company recognized $244 in DSU expense. During the six months ended June 30, 2022, the Board granted 324,000 DSUs and the Company recognized $272 in DSU expense.

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The following table summarizes DSU activity:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	Weighted Average	​
​	​	Number of	​	​	Grant-Date Fair	​
​		DSUs		​	Value per DSU
Outstanding - December 31, 2021	​	930,000	​	$	0.68	​
Granted	​	324,000	​	​	0.84	​
Outstanding - December 31, 2022	​	1,254,000	​	$	0.72	​
Granted	​	420,000	​	​	0.58	​
Shares issued to participants	​	(485,000)	​	​	0.69	​
Outstanding - June 30, 2023	​	1,189,000	​	$	0.68	​

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Stock Options

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The following table summarizes option activity for vested awards:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted Average	​	​		​
​	​	​	​	Weighted Average		​	Remaining	​	Aggregate		​
​	​	Number of	​	Exercise Price		​	Contractual Term	​	Intrinsic		​
​		Options		Per Option			(Years)		Value
Outstanding - December 31, 2021	​	1,367,000		$	0.71	​	1.64	​	$	38	​
Outstanding - December 31, 2022	​	1,367,000		$	0.71	​	0.64	​	$	—	​
Expired	​	(700,000)	​	​	0.75	​	​	​	​	​	​
Outstanding - June 30, 2023	​	667,000	​	$	0.67	​	0.64	​	$	—	​
​	​	​	​	​	​	​	​	​	​	​	​
Exercisable - June 30, 2023	​	667,000	​	$	0.67	​	0.64	​	$	—	​

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