Calyxt, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model

The estimated fair values of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows:


	Three Months Ended March 31,
	2023		2022
Estimated fair values of stock options granted	$	—	$	9.71
Assumptions:
Risk-free interest rate		—		1.9% - 2.4	%
Expected volatility		—		89.7% - 91.8	%
Expected term (in years)		—		5.75 - 6.89

Summary of Stock Option Activity

Information on stock option activity is as follows:


	Options Exercisable		Weighted- Average Exercise Price Per Share		Options Outstanding			Weighted- Average Exercise Price Per Share
Balance as of December 31, 2022		339,707	$	99.35		584,171		$	73.51
Granted						—			—
Exercised						—			—
Forfeited or expired						(21,206	)		38.12

Balance as of March 31, 2023		381,873	$	92.18		562,965		$	74.85

Schedule of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised

Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows:


	Three Months Ended March 31,
In Thousands	2023		2022
Net cash proceeds	$	—	$	—

Intrinsic value of options exercised	$	—	$	—

Summary of Activity of Restricted Stock Units

Information on restricted stock unit activity is as follows:


	Number of Restricted Stock Units Outstanding			Weighted- Average Grant Date Fair Value
Unvested balance as of December 31, 2022		122,914		$	19.90
Granted		348,759			4.34
Vested		(68,831	)		15.33
Forfeited		(9,442	)		17.24

Unvested balance as of March 31, 2023		393,400		$	6.97

Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested

The total grant-date fair value of restricted stock unit awards that vested is as follows:


	Three Months Ended March 31,
In Thousands	2023		2022
Grant-date fair value	$	1,055	$	617

Summary of Stock-Based Compensation Granted As Deemed Dividends

The Company accounts for stock-based compensation awards granted to employees of Cellectis as deemed dividends. The Company recorded deemed dividends as follows:


	Three Months Ended March 31,
In Thousands	2023		2022
Deemed dividends from grants to Cellectis employees	$	—	$	37

Share-Based Payment Arrangement, Performance Shares, Outstanding Activity

PSU activity for the three months ended March 31, 2022, is as follows:


	Number of Performance Stock Units Outstanding
Unvested balance as of December 31, 2022		113,000
Granted		—
Vested		(17,670	)
Forfeited		(1,666	)

Unvested balance as of March 31, 2023		93,664

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock-based Compensation Expense

Stock-based compensation expense related to stock option awards is as follows:


	Three Months Ended March 31,
In Thousands	2023		2022
Stock-based compensation expense	$	354	$	180

Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock-based Compensation Expense

Stock-based compensation expense related to RSUs is as follows:


	Three Months Ended March 31,
In Thousands	2023		2022
Stock-based compensation expense	$	311	$	205

Performance Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock-based Compensation Expense

Stock-based compensation expense related to PSUs is as follows:


	Three Months Ended March 31,
In Thousands	2023		2022
Stock-based compensation expense	$	163	$	146