Annual report pursuant to Section 13 and 15(d)

Share-based Compensation (Tables)

v3.22.1
Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Compensation [Abstract]  
Share-Based Compensation Expense
Share-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying statements of comprehensive loss for the periods indicated below (in thousands):
 
   
December 31,
  
   
2021
    
2020
  
General and administrative
  
$
1,116
    
$
675
  
Research and development
    
798
      
831
  
Total share-based compensation
  
$
1,914
    
$
1,506
  
Stock Option Plan Activity The following table summarizes the Company’s stock option plan activity:


 
Number of
Options
    
Weighted
Average
Exercise
Price
    
Weighted Average
Remaining
Contractual
Term (years)
    
Aggregate
Intrinsic
Value(1)
(in thousands)
  
                         
Outstanding at December 31, 2019
    
1,037,705
    
$
1.06
      
9.20
    
$
1,374
  
Granted
    
830,167
    
$
3.50
      
—
      
—
  
Exercised
    
(40,672
)
  
$
—
      
—
      
—
  
Forfeited/Cancelled
    
(43,002
)
  
$
—
      
—
      
—
  
Outstanding at December 31, 2020
    
1,784,198
    
$
2.17
      
8.87
    
$
7,744
  
Granted
    
420,300
    
$
5.72
      
—
      
—
  
Exercised
    
(73,442
)
  
$
—
      
—
      
—
  
Forfeited/Cancelled
    
(34,220
)
  
$
—
      
—
      
—
  
Outstanding at December 31, 2021
    
2,096,836
    
$
2.97
      
8.20
    
$
2,795
  
Vested and exercisable at December 31, 2021
    
1,281,263
    
$
1.88
      
7.63
    
$
2,370
  

(1)
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of December 31, 2021 and 2020 of $3.73 and $6.49 per share (as adjusted for the Exchange Ratio), respectively.
Weighted Average Assumptions Used in Black-Scholes Option-pricing Model
The weighted‑average assumptions used in the Black‑Scholes option‑pricing model are as follows during the years ended December 31, 2021 and 2020:
 
   
2021
    
2020
  
             
Expected stock price volatility
    
98.1
%
    
86.8
%
Expected life of options (years)
    
5.8
      
7.2
  
Expected dividend yield
    
0
%
    
0
%
Risk free interest rate
    
0.9
%
    
0.6
%
Restricted Stock Awards Activity
A summary of RSA activity is as follows for the years ended December 31, 2021 and 2020:
 
   
Number of
Shares
  
Non-vested at December 31, 2019
    
—
  
Granted
    
40,000
  
Vested
    
—
  
Non-vested at December 31, 2020
    
40,000
  
Granted
    
—
  
Vested
    
(40,000
)
Non-vested at December 31, 2021
    
—