Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.19.3.a.u2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
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:

 

 

2019

 

 

2018

 

 

2017

 

Estimated fair values of stock options granted

 

$

10.18

 

 

$

9.09

 

 

$

2.42

 

Assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

1.7% - 2.5%

 

 

2.2% - 3.0%

 

 

1.3% - 2.4%

 

Expected volatility

 

52.6% - 78.9%

 

 

40.9% - 57.2%

 

 

27.4% - 45.1%

 

Expected term (in years)

 

6.8 - 10

 

 

5.6 - 10

 

 

1.2 - 10

 

 

Summary of Stock Option Activity

Information on stock option activity follows:

 

 

Options

Exercisable

 

 

Weighted-

Average

Exercise

Price Per

Share

 

 

Options

Outstanding

 

 

Weighted-

Average

Exercise

Price Per

Share

 

Balance as of December 31, 2018

 

 

1,278,038

 

 

$

7.45

 

 

 

3,201,887

 

 

$

10.67

 

Granted

 

 

 

 

 

 

 

 

 

 

1,590,000

 

 

 

13.80

 

Exercised

 

 

 

 

 

 

 

 

 

 

(95,327

)

 

 

3.61

 

Forfeited or expired

 

 

 

 

 

 

 

 

 

 

(227,696

)

 

 

14.68

 

Other activity

 

 

 

 

 

 

 

 

 

 

12,495

 

 

 

13.29

 

Balance as of December 31, 2019

 

 

1,789,567

 

 

$

8.73

 

 

 

4,481,359

 

 

$

11.73

 

 

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:

 

 

Year ended December 31,

 

In Thousands

 

2019

 

 

2018

 

 

2017

 

Net cash proceeds

 

$

344

 

 

$

2,622

 

 

$

265

 

Intrinsic value of options exercised

 

$

905

 

 

$

7,569

 

 

$

1,347

 

 

Summary of Activity of Restricted Stock Units

Information on restricted stock unit activity follows:

 

 

Number of

Restricted Stock

Units Outstanding

 

 

Weighted-

Average

Grant Date Fair

Value

 

Unvested balance at December 31, 2018

 

 

1,051,414

 

 

$

10.15

 

Granted

 

 

100,000

 

 

 

12.48

 

Vested

 

 

(324,043

)

 

 

9.69

 

Cancelled

 

 

(13,845

)

 

 

12.72

 

Unvested balance at December 31, 2019

 

 

813,526

 

 

 

10.31

 

 

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 was as follows:

 

 

Year ended December 31,

 

In Thousands

 

2019

 

 

2018

 

 

2017

 

Grant-date fair value

 

$

3,141

 

 

$

2,691

 

 

$

314

 

Schedule of Weighted Average Grant Date Fair Value of Restricted Stock Units Issued

 

Information on the weighted average grant date fair value of restricted stock units issued was as follows:

 

 

 

Year ended December 31,

 

In Thousands

 

 

2019

 

 

2018

 

 

2017

 

Weighted average grant date fair value

 

 

$

12.48

 

 

 

16.76

 

 

$

8.00

 

 

Summary of Stock-Based Compensation Granted As Deemed Dividends

We treat stock-based compensation awards granted to employees of Cellectis as deemed dividends.  We recorded deemed dividends as follows.

 

 

Year ended December 31,

 

In Thousands

 

2019

 

 

2018

 

 

2017

 

Deemed dividends from grants to Cellectis employees

 

$

1,358

 

 

$

2,253

 

 

$

3,574

 

 

Summary of Fair Values of Performance Stock Units Granted and Assumptions used in Monte Carlo Simulation Pricing Model

The estimated fair values of performance stock units granted and the assumptions used for the Monte Carlo simulation pricing model were as follows:

 

 

Year ended

December 31, 2019

 

Estimated fair values of performance stock units granted

 

$

7.06

 

Assumptions:

 

 

 

 

Risk-free interest rate

 

 

1.71

%

Expected volatility

 

 

75.0

%

Expected term (in years)

 

3.0

 

 

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 was as follows

 

 

Year ended December 31,

 

In Thousands

 

2019

 

 

2018

 

 

2017

 

Stock-based compensation expenses

 

$

6,035

 

 

$

3,609

 

 

$

9,291

 

 

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 restricted stock units was as follows:

 

 

Year ended December 31,

 

In Thousands

 

2019

 

 

2018

 

 

2017

 

Stock-based compensation expenses

 

$

2,910

 

 

$

776

 

 

$

2,429