Warrants

9 Months Ended

Sep. 30, 2020

Shareholders’ Equity

Under the Memorandum of Association and Articles of Association, or Articles, in effect as of September 30, 2020 and December 31, 2019, the Company had authorized an unlimited number of common shares with no par value.

As of September 30, 2020 and December 31, 2019, 23,827,680 and 21,057,040 common shares, respectively, were issued and 23,419,610 and 20,648,970 common shares, respectively, were outstanding.

During the nine months ended September 30, 2020, the Company granted stock options to employees and contractors (see Note 10).

The Company had reserved common shares for future issuances as follows:



	September 30, 2020	December 31, 2019


Warrants to purchase shares	5,500	5,500
Options to purchase shares	2,007,189	1,837,576
Remaining shares available under the 2018 Equity Incentive Plan	1,747,383	1,312,648
Shares issuable on vesting of restricted stock awards	91,368	128,682
Remaining shares available under the 2018 ESPP	474,000	287,000
Total	4,325,440	3,571,406

Warrants

In March 2017, the Company issued warrants for the purchase of 145,000 Class B ordinary shares to parties related to Rockport Ventures, with a fixed exercise price of $3.80 per share.

During the nine months ended September 30, 2020, no warrants were exercised. As of each of September 30, 2020 and December 31, 2019, 5,500 warrants to purchase the Company’s common shares were outstanding and exercisable:

Warrant Holder

Issue Date

In Connection With

Warrant to Purchase

Exercise Price

Expiration Date

Rockport

3/3/2017

Loan agreement

Common

5,500

$3.80

8/28/2022