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Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Share-based Compensation Expense

Share-based compensation expense was as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Share-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

   Stock options

 

$

1,758

 

 

$

1,879

 

 

$

3,696

 

 

$

3,529

 

   RSUs

 

 

337

 

 

 

 

 

 

337

 

 

 

 

   Issuance of ordinary shares for
      services (see Note 9)

 

 

791

 

 

 

 

 

 

791

 

 

 

 

 

$

2,886

 

 

$

1,879

 

 

$

4,824

 

 

$

3,529

 

Share-based compensation expense in
   operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

      Research and development

 

$

1,608

 

 

$

1,172

 

 

$

2,718

 

 

$

2,222

 

      General and administrative

 

 

1,278

 

 

 

707

 

 

 

2,106

 

 

 

1,307

 

 

$

2,886

 

 

$

1,879

 

 

$

4,824

 

 

$

3,529

 

Summary of Option Activity Excluding Options Granted and Canceled as Part of Option Repricing

The following table summarizes option activity for the periods presented, excluding options granted and canceled as part of the option repricing discussed below:

 

 

 

Total
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

 

Weighted-
Average
Remaining
Contractual
Life
(in years)

Outstanding at December 31, 2022

 

 

39,116,174

 

 

$

1.11

 

 

$

1,088

 

 

5.4

   Granted

 

 

16,663,805

 

 

$

1.04

 

 

 

 

 

 

   Exercised

 

 

(7,558,033

)

 

$

1.06

 

 

 

 

 

 

   Forfeited/expired

 

 

(2,919,504

)

 

$

1.32

 

 

 

 

 

 

Outstanding at June 30, 2023

 

 

45,302,442

 

 

$

0.71

 

 

$

74,829

 

 

7.4

Vested and exercisable at
   June 30, 2023

 

 

17,698,142

 

 

$

0.72

 

 

$

29,001

 

 

4.4

Summary Of Share Based Payment Award Stock Options Valuation Assumptions

The weighted-average assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of option grants were as follows:

 

 

 

For the Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

Expected term (in years)

 

 

6.0

 

 

 

5.9

 

Risk-free interest rate

 

 

3.8

%

 

 

2.2

%

Expected volatility

 

 

86.7

%

 

 

79.9

%

Dividend yield

 

 

 

 

 

 

Weighted-average grant date fair value

 

$

0.81

 

 

$

0.43

 

Summary of RSU Activity

The following table summarizes RSU activity for the periods presented:

 

 

 

Number of
Units

 

 

Weighted-
Average
Grant Date
Fair Value

 

Non-vested balance at December 31, 2022

 

 

 

 

$

 

   Granted

 

 

4,090,000

 

 

$

1.35

 

Non-vested balance at June 30, 2023

 

 

4,090,000

 

 

$

1.35