The Company records share-based compensation expense in respect of options and restricted share units ("RSUs") issued under its share incentive plans. Share-based compensation expense amounted to $1,634 and $1,823 in the quarters ended June 30, 2022 and June 30, 2021, respectively.

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, 2022		2,850,548		$	4.88		90
Granted		572,122			1.41		120
Exercised		—			—		—
Forfeited		(394,436	)		7.58		—
Outstanding — June 30, 2022		3,028,234		$	3.87		95
Exercisable — June 30, 2022		989,250		$	6.45		61

The closing price of the Company’s ordinary shares on the Nasdaq Global Market at June 30, 2022 was $0.24.

The following table summarizes the options granted in the three month period ended June 30, 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, 2022		504,882	$	1.20	$	1.20	$	0.79
May 1, 2022		67,240		0.58		0.58		0.39

The fair value of each grant of share options was determined by the Company using the Black Scholes option pricing model. The total fair value of option awards in the three months ended June 30, 2022 and June 30, 2021 amounted to $0.4 and $2.4 million, respectively.

Assumptions used in the option pricing models are discussed below. Each of these inputs is subjective and generally requires significant judgment to determine.

Expected volatility. The expected volatility was based on the historical share price volatility of the Company’s shares over a period equal to the expected terms of the options.

Fair value of ordinary shares. The fair value of ordinary shares is based on the share price of the Company’s shares on the Nasdaq Global Market immediately prior to the grant of the options concerned.

Risk-Free Interest Rate. The risk-free interest rate is based on the 10-year U.S. Treasury rate at time of grant.

Expected term. The expected term is determined after giving consideration to the contractual terms of the share-based awards, graded vesting schedules ranging from one to three years and expectations of future employee behavior as influenced by changes to the terms of its share-based awards.

Expected dividend. According to the terms of the awards, the exercise price of the options is adjusted to take into account any dividends paid. As a result, dividends are not required as an input to the model, as these reductions in the share price are offset by a corresponding reduction in exercise price.

A summary of the weighted-average assumptions applicable to the share options issued during the three month period ended June 30, 2022 is as follows:


Risk-free interest rate		2.46	%
Expected lives (years)		6
Volatility		73.96	%
Dividend yield		—
Grant date fair value (per share)	$	1.13
Number granted		572,122

A summary of the RSUs in issue at June 30, 2022 is as follows:


	Number of RSUs Outstanding
RSUs subject to time based vesting		2,265,195
RSUs subject to milestone and performance based vesting		2,173,500

At June 30, 2022, 2,265,195 RSUs were subject to time-based vesting and the weighted average remaining vesting period was 15 months. In addition, 24,552 RSUs were subject to vesting based on the achievement of various business milestones related mainly to the development, approval and marketing of MosaiQ. 2,148,948 RSUs were subject to vesting based on the achievement of financial objectives in the year 2024 and 2025 assuming a 100% payout of applicable targets. If the maximum payout ratio of these awards were to be achieved of 150%, 3,223,422 shares would be awarded.