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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
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:
|  | Three months ended |
|  | March 31, 2022 |  | March 31, 2021 |
Volatility |  | 130% |  | 90.3% |
Expected term in years |  | 5.50 - 6.25 |  |  | 6.25 |
Dividend rate |  | 0% |  | 0% |
Risk-free interest rate |  | 1.9 - 2.55% |  | 0.78% |
Share price |  | $0.41-$0.45 |  | $2.03 |
Fair value of option on grant date |  | $0.37 - $0.40 |  | $1.52 |
Summary of Stock Options Activity | The following table summarizes total share option activity for all Company plans:
|  | Equity Plans |  |  | Inducement Plan |  |  | Total |
Options outstanding December 31, 2021 |  |  | 14,229,810 |  |  |  | 1,800,000 |  |  |  | 16,029,810 |
Granted |  |  | 147,436 |  |  |  | 50,000 |  |  |  | 197,436 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |
Options outstanding March 31, 2022 |  |  | 14,377,246 |  |  |  | 1,850,000 |  |  |  | 16,227,246 |
The following table summarizes the number of options outstanding and the weighted-average exercise price as of March 31, 2022:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value (in thousands) |
Options outstanding December 31, 2021 |  |  | 16,029,810 |  |  | $ | 2.01 |  |  |  | 9.42 |  |  | $ | — |
Granted |  |  | 197,436 |  |  | $ | 0.43 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  |  |  |  |  |  |  |
Expired |  |  | — |  |  |  |  |  |  |  |  |  |
Options outstanding March 31, 2022 |  |  | 16,227,246 |  |  | $ | 1.99 |  |  |  | 9.19 |  |  | $ | — |
Exercisable at March 31, 2022 |  |  | 547,583 |  |  | $ | 7.10 |  |  |  | 6.49 |  |  | $ | — |
Summary of Restricted Share Units (RSUs) | The following table summarizes the number of RSUs granted covering an equal number of the Company’s ordinary shares for all of our plans:
|  | Equity Plans |  |  | Inducement Plan |  |  | Total |
RSUs outstanding December 31, 2021 |  |  | 1,285,328 |  |  |  | 500,000 |  |  |  | 1,785,328 |
Granted |  |  | 29,381 |  |  |  | — |  |  |  | 29,381 |
Shares vested |  |  | (578,136 | ) |  |  | — |  |  |  | (578,136 | )
Forfeited |  |  | — |  |  |  | — |  |  |  | — |
RSUs outstanding March 31, 2022 |  |  | 736,573 |  |  |  | 500,000 |  |  |  | 1,236,573 |
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 March 31, 2022:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
RSUs outstanding December 31, 2021 |  |  | 1,785,328 |  |  | $ | 1.28 |
Granted |  |  | 29,381 |  |  | $ | 0.45 |
Shares vested |  |  | (578,136 | ) |  | $ | 1.60 |
Forfeited |  |  | — |  |  |  |
RSUs outstanding March 31, 2022 |  |  | 1,236,573 |  |  | $ | 1.10 |
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 March 31, |
|  | 2022 |  |  | 2021 |
|  | (unaudited) |
Research and development expense |  | $ | 526 |  |  | $ | 9 |
General and administrative expense |  |  | 1,369 |  |  |  | 272 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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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