Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
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,
 
 
  
2022
 
 
2021
 
Estimated fair values of stock options granted
  
$
0.97
 
  $ 5.85  
Assumptions:
                
Risk-free interest rate
  
 
1.9% - 2.4
   
0.6% - 1.1
Expected volatility
  
 
89.7% - 91.8
   
85.0% - 87.6
Expected term (in years)
    
5.75 -
 
6.89
      5.7 - 6.2  
    
 
 
   
 
 
 
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, 2021
     2,789,110      $ 10.23        4,658,405     $ 9.47  
Granted
                       1,346,000       1.27  
Exercised
                       —         —    
Forfeited or expired
                       (234,061     7.30  
    
 
 
    
 
 
    
 
 
   
 
 
 
Balance as of March 31, 2022
  
 
2,948,076
 
  
$
10.26
 
  
 
5,770,344
 
 
$
7.65
 
    
 
 
    
 
 
    
 
 
   
 
 
 
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
  
2022
 
  
2021
 
Net cash proceeds
   $ —       
$
208
 
    
 
 
    
 
 
 
Intrinsic value of options exercised
   $ —       
$
331
 
    
 
 
    
 
 
 
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, 2021
     571,303      $ 6.15  
Granted
     1,048,800        1.27  
Vested
     (87,472      7.06  
Forfeited
     (61,613      5.55  
    
 
 
    
 
 
 
Unvested balance as of March 31, 2022
  
 
1,471,018
 
  
$
2.64
 
    
 
 
    
 
 
 
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
  
2022
 
  
2021
 
Grant-date fair value
  
$
617
     $ 251
 
    
 
 
    
 
 
 
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
  
2022
 
  
2021
 
Deemed dividends from grants to Cellectis employees
  
$
37
     $ 79
 
    
 
 
    
 
 
 
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
  
2022
 
  
2021
 
Stock-based compensation expense
  
$
180
 
   $ (396
    
 
 
    
 
 
 
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 is as follows:

 
 
  
Three Months Ended March 31,
 
In Thousands
  
2022
 
  
2021
 
Stock-based compensation expense
  
$
205
    
$
(749 )
 
    
 
 
    
 
 
 
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
  
2022
 
  
2021
 
Stock-based compensation expense
  
$
146
 
   $ (305