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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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:
|  | Nine months ended
|  | September 30, 2021 |  | September 30, 2020
Volatility |  | 120 - 130% |  | 90.3% - 99.5%
Expected term in years |  | 5.5 - 6.25 |  | 5.5 - 6.25
Dividend rate |  | 0% |  | 0%
Risk-free interest rate |  | 0.90% - 1.32% |  | 0.18% - 0.78%
Share price |  | $0.56 - $2.01 |  | $1.68 - $2.03
Fair value of option on grant date |  | $0.50 - $1.75 |  | $1.27 - $1.52
Summary of Number of Options Outstanding and Weighted-average Exercise Price | The following table summarizes the number of options outstanding and the weighted-average exercise price as of September 30, 2021:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value (in thousands) |
Options outstanding December 31, 2020 |  |  | 953,377 |  |  | $ | 7.36 |  |  |  | 5.41 |  |  | $ | — |
Granted |  |  | 13,621,412 |  |  |  | 1.98 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Expired |  |  | (303,392 | ) |  | $ | 8.54 |  |  |  |  |  |  |  |  |
Options outstanding September 30, 2021 |  |  | 14,271,397 |  |  | $ | 2.20 |  |  |  | 9.59 |  |  | $ | — |
Exercisable at September 30, 2021 (unaudited) |  |  | 538,830 |  |  | $ | 6.65 |  |  |  | 6.46 |  |  | $ | — |
Summary of Number of RSUs Outstanding and Weighted-average Grant Date Fair Value of RSUs | The table below shows the number of RSUs outstanding covering an equal number of the Company’s ordinary shares and the weighted-average grant date fair value of the RSUs outstanding as of September 30, 2021:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
RSUs outstanding December 31, 2020 |  |  | — |  |  |  |  |
Granted |  |  | 1,345,328 |  |  | $ | 1.60 |
Shares vested |  |  | (60,000 | ) |  | $ | 1.60 |
Forfeited |  |  | — |  |  |  |  |
RSUs outstanding September 30, 2021 |  |  | 1,285,328 |  |  | $ | 1.60 |
Summary of Share-based Compensation Expense | The Company’s share-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (unaudited) |  |  | (unaudited) |
Research and development expense |  | $ | 570 |  |  | $ | 292 |  |  | $ | 748 |  |  | $ | 872 |
General and administrative expense |  |  | 942 |  |  |  | 558 |  |  |  | 1,604 |  |  |  | 1,761 |
Performance RSUs |
Summary of Number of RSUs Outstanding and Weighted-average Grant Date Fair Value of RSUs | The table below shows the number of Performance RSUs outstanding covering an equal number of the Company’s ordinary shares and the weighted-average grant date fair value of the Performance RSUs outstanding as of September 30, 2021:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Performance RSUs outstanding December 31, 2020 |  |  | 983,000 |  |  | $ | 2.20 |
Granted |  |  | — |  |  |  |  |
Shares vested |  |  | (629,500 | ) |  | $ | 2.01 |
Expired |  |  | (327,500 | ) |  | $ | 2.00 |
Performance RSUs outstanding September 30, 2021 |  |  | 26,000 |  |  |  |  |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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