XML 52 R23.htm IDEA: XBRL DOCUMENT v3.22.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company recognized share-based compensation in its Condensed Consolidated Statements of Operations and Comprehensive Loss during 2022 and 2021 as follows:

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
Manufacture and supply$45 $71 $93 $153 
Research and development162 208 331 440 
Selling, general and administrative2,014 1,442 2,710 2,635 
Total share-based compensation expenses$2,221 $1,721 $3,134 $3,228 
Share-based compensation from:
Restricted stock units$39 $43 $39 $81 
Stock options2,180 1,667 3,093 3,136 
Employee stock purchase plan2 11 2 11 
Total share-based compensation expenses$2,221 $1,721 $3,134 $3,228 

Share-Based Compensation Equity Awards

The following tables provide information about the Company’s restricted stock unit and stock option activity during the six-month period ended June 30, 2022:
Restricted Stock Unit Awards (RSUs):Number of
Units		Weighted
Average
Grant Date Fair
Value
 (in thousands) 
Unvested as of December 31, 2021— $— 
Granted192 $2.38 
Vested— $— 
Forfeited(22)$2.24 
Unvested as of June 30, 2022170 $2.39 
Vested and expected to vest as of June 30, 2022154 $2.39 
Stock Option Awards:Number of
Options		Weighted Average
Exercise Price
 (in thousands)
Outstanding as of December 31, 20214,146 $7.28 
Granted1,250 $2.37 
Exercised, Forfeited, Expired(112)$5.96 
Outstanding as of June 30, 20225,284 $6.14 
Vested and expected to vest as of June 30, 20225,155 $6.22 
Exercisable as of June 30, 20223,461 $7.65 

As of June 30, 2022, $334 of unrecognized compensation expense related to unvested restricted stock units is expected to be recognized over a weighted average period of 2.71 years from the date of grant.

The fair values of stock options granted during the six months ended June 30, 2022 were estimated using the Black-Scholes pricing model based on the following assumptions:

Expected dividend yield—%
Expected volatility
100%
Expected term (years)5.5-6.1
Risk-free interest rate2.0 %-3.2%

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2022 was $1.88. During the six-month period ended June 30, 2022, stock options were granted with an exercise price ranging from $0.71 to $2.55 and accordingly, given the Company’s share price of $0.64 at June 30, 2022, the intrinsic value provided by certain shares granted during this period was de minimus.

As of June 30, 2022, $2,866 of unrecognized compensation expense related to non-vested stock options is expected to be recognized over a weighted average period of 1.88 years from the date of grant.

Employee Stock Purchase Plan

The Company's Employee Stock Purchase Plan ("ESPP"), as amended and restated effective as of January 1, 2019, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to purchase the Company’s common stock at the lower of 85% of the fair value of shares on either the first or last day of the offering period. During the six months ended June 30, 2022 and 2021, respectively, 23,884 and 19,270 shares were purchased and issued through the ESPP at total discounts of $2 and $11.