Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

The following table summarizes share option activity:


	Number of Share Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Months)
Outstanding — March 31, 2021		1,810,785		$	7.69		68
Granted		1,907,605			3.22		120
Exercised		(4,837	)		1.44		—
Forfeited		(863,005	)		7.13		—
Outstanding — March 31, 2022		2,850,548		$	4.88		90
Exercisable — March 31, 2022		1,128,881		$	7.46		57

Summary of Share Option Granted, Exercise Price, Fair Value, Intrinsic Value

The following table summarizes the options granted in the year ended March 31, 2022 with their exercise prices, the fair value of ordinary shares as of the applicable grant date, and the intrinsic value, if any:


Grant Date	Number of Options Granted		Exercise Price		Ordinary Shares Fair Value Per Share at Grant Date		Per Share Intrinsic Value of Options
April 1, 2021 (1)		857,015	$	3.68	$	3.68	$	2.41
June 10, 2021		133,386		4.37		4.37		2.85
August 1, 2021		118,734		3.41		3.41		2.21
August 3, 2021		4,556		3.38		3.38		2.20
September 1, 2021		36,813		3.07		3.07		2.01
October, 4, 2021		147,134		2.72		2.72		1.79
October 5, 2021		235,477		2.91		2.91		1.91
October 31, 2021		144,240		2.53		2.53		1.66
November 19, 2021		123,267		2.08		2.08		1.37
February 1, 2022		106,983		1.62		1.62		1.54

(1)

On April 1, 2021, in connection with the appointment of Manuel O. Méndez as Chief Executive Officer, we granted Mr. Méndez 857,015 options to purchase ordinary shares at an exercise price of $3.68 per share. These grants, which were issued outside of our 2014 Stock Incentive Plan, were approved by our Board of Directors and the Remuneration Committee of our Board pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to Mr. Méndez joining our Company. The options vest in three equal installments on each first, second and third anniversary of the grant date. The options have a term of ten years and will be forfeited if not exercised before the expiration of their term. In addition, in the event Mr. Méndez’s service is terminated, any options not vested shall be forfeited upon termination. During the quarter ended December 31, 2021, 138,227 of the stock options originally granted to Mr. Méndez were cancelled and cash settled in connection with an amendment to his employment agreement with the Company and shown as forfeited in the share option activity table.

Summary of Weighted-Average Assumptions to Share Options Issued

A summary of the weighted-average assumptions applicable to the share options is as follows:


	Year-ended March 31,
	2022			2021
Risk-free interest rate		1.61	%		0.77	%
Expected lives (years)		6			6
Volatility		74.40	%		73.70	%
Dividend yield		—			—
Grant date fair value (per share)	$	3.22		$	5.38
Number granted		1,907,605			258,026

Summary of RSUs

A summary of the RSUs in issue at March 31, 2022 is as follows:


	Number of RSUs Outstanding		Weighted Average Remaining Vesting Period (Months)	Period in which the target must be achieved
RSUs subject to time based vesting		2,267,648	13	N/A
RSUs subject to milestone and performance based vesting		1,249,910	N/A	N/A