General form of registration statement for all companies including face-amount certificate companies

Share-Based Payment and Related Stock Option Plan (Tables)

v3.21.2
Share-Based Payment and Related Stock Option Plan (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]    
Summary of Share-based Payments to be a Level 3 Fair Value Measurement
The Company has determined its share-based payments to be a Level 3 fair value measurement and has used the Black-Scholes option pricing model to calculate its fair value using the following assumptions:
 
    
September 30, 2020
 
Risk-free interest rate
     
1.58 - 2.47%
 
Expected term (life) of options (in years)
     
2-4
 
Expected dividends
      0%
 
Expected volatility
     
67.9 - 86.3%
 
The Company has determined its share-based payments to be a Level 3 fair value measurement and has used the Black-Scholes option pricing model to calculate its fair value using the following assumptions:
 
    
December 31,
2020
    
December 31,
2019
  
Risk-free interest rate
      1.58 %      1.58 – 2.47 % 
Expected term (life) of options (in years)
      2       2 – 4  
Expected dividends
      0 %      0 % 
Expected volatility
      86.3 %      67.9 – 86.3 % 
Summary of Company's Stock Options
The following is a summary of the Company’s stock options as of September 30, 2021
 
and September
 
30, 2020 and the stock option activity from December 31, 2020 through September 30, 2021 and December 31, 2019 thro
u
gh September 30, 2020:
 
     
                     
      
                     
      
                     
      
                     
  
 
  
Number
of Options
 
  
Weighted
Average
Grant
Date Fair
Value
per
Option
(Amount)
 
  
Weighted
Average
Exercise
Price
(Amount)
 
  
Weighted
Average
Remaining
Contractual
Term
(Years)
 
                                                                                                                 
Balance, December 31, 2020
   
 
432,500
 
   
$
15.45
 
   
$
141.53
 
   
 
7.7
 
Granted
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
Exercised
 
 
—
 
 
 
—
 
 
 
—
 
 
 
 
—
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Forfeited
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Expired
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Cancelled
   
 
(432,500
 )   
 
(15.45
 )   
 
(141.53
 )   
 
(7.7
) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance, September 30, 2021
   
 
—  
 
   
$
—  
 
   
$
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
     
                     
      
                     
      
                     
      
                     
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Number
of Options
 
  
Weighted
Average
Grant
Date Fair
Value
per
Option
(Amount)
 
  
Weighted
Average
Exercise
Price
(Amount)
 
  
Weighted
Average
Remaining
Contractual
Term
(Years)
 
                                                                                                                 
Balance, December 31, 2019
 
 
399,151
 
 
$
15.82
 
 
$
141.53
 
 
 
8.4
 
Granted
   
 
64,065
 
   
 
13.50
 
   
 
141.53
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Exercised
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Forfeited
   
 
(30,716
 )   
 
15.80
 
   
 
141.53
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Expired
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance, September 30, 2020
   
 
432,500
 
   
$
15.45
 
   
$
141.53
 
   
 
7.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of the Company’s stock options as of December 31, 2020 and the st
o
ck option activity from January 1, 2019 through December 31, 2020:
 
 
  
Number of
Options
 
  
Weighted
Average Grant
Date Fair Value
per Option
(Amount)
 
  
Weighted
Average
Exercise Price
(Amount)
 
  
Weighted Average
Remaining
Contractual Term
(Years)
 
Balance, December 31, 2018
 
 
414,434
 
 
$
15.80
 
 
$
141.53
 
 
 
9.3
 
Granted
      52,083        15.91        141.53           
Exercised
      —          —          —             
Forfeited
      (67,366 )      15.80        141.53           
Expired
      —          —          —             
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance, December 31, 2019
   
 
399,151
 
   
 
15.82
 
   
 
141.53
 
   
 
8.4
 
Granted
      64,064        13.50        141.53           
Exercised
      —          —          —             
Forfeited
      (30,715 )      15.80        141.53           
Expired
      —          —          —             
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance, December 31, 2020
   
 
432,500
 
   
$
15.45
 
   
$
141.53
 
   
 
7.7
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Share-based Compensation Expense
The number of options, weighted average grant date fair value per option, and weighted average exercise price in the table above have been revised from those disclosed in the previously issued unaudited quarterly financial statements for the periods ended September 30, 2021 and 2020 to reflect the exchange ratio implied by the ultimate settlement of the Company’s stock options on the Closing Date. These adjustments had no effect on the Company’s consolidated balance sheets, and statements of operations, comprehensive loss, temporary equity and stockholders’ (deficit) equity, and cash flows for any period presented herein. The Company has concluded that this revision is not material to the unaudited quarterly financial statements for the periods ended September 30, 2021 and 2020.
The following is a summary of the Company’s share-based compensation expense during the respective three-month and nine-month reporting periods:
 
 
  
Three months ended
September 30,
 
  
Nine months ended
September 30,
 
(in ‘000)
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Total share-based compensation expense
    $  3,933      $  315      $  4,564      $  846  
The following is a summary of the Company’s share-based compensation expense as of December 31, 2020 and 2019:
 
(in ‘000)
   
December 31,
2020
     
December 31,
2019
  
Total share-based compensation expense
    $ 1,161      $ 1,682  
Unrecognized compensation cost
      3,416        3,793  
Remaining recognition period (in years)
      2.7        3.4  
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]  
The following is a summary of the Company’s exercisable stock options as of December 31, 2020 and 2019:
 
 
  
December 31, 2020
 
  
December 31, 2019
 
                 
Range of exercise prices
    $ 80.87 – $202.18      $ 80.87 – $202.18  
Number
      153,898        85,110  
Weighted average remaining contractual term (in years)
      7.3        8.3  
Weighted average exercise price
    $ 141.53      $ 141.53