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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Stock-Based Compensation [Abstract]

Schedule of Stock Based Compensation Expense

Stock based compensation has been reported within expense line items on the consolidated statement of operations for the three months ended March 31, 2020 and 2021 as shown in the following table (in $000s):

		Three Months Ended
		March 31,
		2020			2021
Research and development		$	35		$	81
General and administrative			56			174
Stock-based compensation costs before income taxes		$	91		$	255

Schedule of Fair Value of the Stock Options Granted

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model as prescribed by ASC 718 using the following assumptions:

		Three Months Ended
		March 31, 2021
Expected term (years)		5 – 6
Risk free interest rate		0.420% – 0.585%
Volatility		99 – 102%
Expected dividend yield over expected term		0.00%
Resulting weighted average grant date fair value		$6.45

Schedule of Share Option Activity

A summary of the share option activity and related information is as follows:

							Weighted
				Weighted			Average
		Number of		Average			Remaining		Aggregate
		Options		Exercise			Contractual		Intrinsic
		Outstanding		Price Per Share			Term (Years)		Value ($000)
Options outstanding at December 31, 2020		602,683		$	11.01		9.39		$	1,861
Granted		73,669		$	6.45		—			—
Exercised		—			—		—			—
Cancelled/forfeited		—		$	—		—			—
Options outstanding at March 31, 2021		676,352		$	10.51		9.22		$	1,553
Unvested at March 31, 2021		564,622		$	4.78		9.60		$	1,458
Vested and exercisable at March 31, 2021		111,730		$	39.47		7.30		$	95

Schedule of Restricted Stock Units Activity

				Weighted
				Average
		Restricted		Grant Date
		Stock Units		Value Per Share
Restricted Stock Units outstanding at March 31, 2021		16,524		$	11.30
Unvested at March 31, 2021		16,524		$	11.30
Vested and exercisable at March 31, 2021		—		$	—

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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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.

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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.

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