Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Stock-Based Compensation Plans

The Company's 2018 Equity Incentive Plan, 2020 Equity Incentive Plan and Earnout Plan are described in the Company's 2022 Form 10-K.

In connection with the Reverse Share Split, at the Effective Time, the maximum number of Shares issuable under each of the Company’s 2020 Incentive Award Plan, as amended (the “Incentive Award Plan”), and the Company’s 2020 Earnout Award Plan (the “Earnout Plan” and together, the “Plans”) has been equitably adjusted to reflect the Reverse Share Split.
The number of Shares underlying each award of restricted share units (whether vesting based on time or performance) issued under the Plans that were outstanding as of immediately prior to the Reverse Share Split has been ratably adjusted to reflect the Reverse Share Split.

Each award of restricted share units issued under the Earnout Award Plan that vested based on the achievement by the Company of certain threshold Share prices, outstanding as of immediately prior to the Reverse Share Split, has had its Share price targets ratably adjusted to reflect the Reverse Share Split.

The number of Shares underlying stock option awards issued under the Incentive Award Plan that were outstanding and unexercised as of immediately prior to the Reverse Share Split and the exercise price of such stock options has been ratably adjusted to reflect the Reverse Share Split.

Share-Based Compensation Expense

The following table summarizes the Company's share-based compensation expense for each of its awards, included in the Consolidated Statements of Operations for the three and nine months ended September 30, 2023.

Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Share-based compensation award type:
Stock Options $ $ 66  $ 820  $ 336 
RSUs 45  892  134  2,270 
Total Shared Based Compensation Expense $ 52  $ 958  $ 954  $ 2,606 

The Company recognized share-based compensation expense in general and administrative expense.

Stock Options

The following table is a summary of options activity for the Company’s equity incentive plans for the nine months ended September 30, 2023:
Stock Options
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
Balance as at December 31, 2022 13,619  $ 233.46  2.56 $  
Forfeited (479) $ 336.36  —  — 
Expired (4,222) $ 320.87  —  — 
Balance as of September 30, 2023 8,918  $ 157.03  1.52 $  
Vested and expected to vest as of September 30, 2023 8,576  $ 151.33  1.56 $  
Vested and exercisable as of September 30, 2023 7,731  $ 123.73  1.04 $  

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common shares for all stock options that had exercise prices lower than the fair value of the Company’s common shares.

The share-based compensation expense related to unvested stock options awards not yet recognized as of September 30, 2023 and December 31, 2022, was $166 and $392, respectively, which is expected to be recognized over a weighted average period
of 0.95 and 1.0 years respectively.


Restricted Share Units
Time-based Restricted Share Units
The fair value for time-based RSUs is based on the closing price of the Company’s common shares on the grant date.

The following table summarizes the changes in the Company’s time-based restricted share unit activity during the nine months ended September 30, 2023:

Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2022 45,566  $ 105.05 
Granted 45,251  7.49 
Vested (18,108) 88.96 
Canceled/forfeited (5,602) 43.38 
Non-vested as of September 30, 2023
67,107  $ 48.75 

Market-based Restricted Share Units

The Company has previously granted RSUs with both a market condition and a service condition (market-based RSUs) to the Company’s employees. No such market-based RSUs were granted during the nine months ended September 30, 2023. The market-based condition for these awards requires that (i) the Company’s common shares maintain a closing price equal to or greater than $12.50 for any 20 trading days within any consecutive 30 trading day period on or before December 18, 2022 (which condition was met on March 16, 2021) or (ii) the Company's common shares maintain a closing price equal to or greater than $15.00 for any 20 trading days within any consecutive 30 trading day period on or before December 18, 2024. Provided that the market-based condition is satisfied, and the respective employee remains employed by the Company, the market-based restricted share units will vest in four equal annual installments on the applicable vesting date.

The following table summarizes the changes in the Company’s market-based restricted share unit activity during the nine months ended September 30, 2023:
Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2022 17,632  $ 384.03 
Granted —  — 
Vested (15) 274.52 
Expired (71) 272.58 
Forfeited (3,874) 393.29 
Non-vested as of September 30, 2023 13,672  $ 382.11