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)

9 Months Ended

Sep. 30, 2021

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:


	Nine Months Ended September 30,
	2021		2020
Estimated fair values of stock options granted	$	3.93	$	3.32
Assumptions:
Risk-free interest rate	0.6%-1.1%		0.3%-1.7%
Expected volatility	80.1%-82.0%		77.4%-81.2%
Expected term (in years)	5.5-6.5		6.0-10.0

The Company

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, 2020		2,347,663	$	10.15		4,621,173		$	10.30
Granted						656,959			5.70
Exercised						(61,372	)		3.70
Forfeited or expired						(602,892	)		10.84
Balance as of September 30, 2021		2,685,450	$	10.18		4,613,868		$	9.66

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 September 30,				Nine Months Ended September 30,
In Thousands	2021		2020		2021		2020
Net cash proceeds	$	—	$	211	$	227	$	211
Intrinsic value of options exercised	$	—	$	179	$	344	$	179

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 at December 31, 2020		547,807		$	9.49
Granted		346,981			4.99
Vested		(165,137	)		7.40
Forfeited		(153,631	)		11.85
Unvested balance at September 30, 2021		576,020		$	6.75

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 September 30,				Nine Months Ended September 30,
In Thousands	2021		2020		2021		2020
Grant-date fair value	$	581	$	1,079	$	1,223	$	2,270

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 September 30,					Nine Months Ended September 30,
In Thousands	2021			2020		2021			2020
Deemed dividends from grants to Cellectis employees	$	(84	)	$	581	$	(55	)	$	1,003

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 in 2021, and the assumptions used for the Monte Carlo simulation pricing model were as follows:


	Three Months Ended September 30,
	2021
Estimated fair values of performance stock units granted:
At least $12 per share	$2.16
At least $15 per share	$1.89
At least $20 per share	$1.55
Assumptions:
Risk-free interest rate	0.4%
Expected volatility	90.0%
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 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
In Thousands	2021		2020		2021		2020
Stock-based compensation expense	$	698	$	187	$	1,103	$	2,439

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 September 30,				Nine Months Ended September 30,
In Thousands	2021		2020		2021			2020
Stock-based compensation expense	$	416	$	269	$	(105	)	$	865

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 performance stock units is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
In Thousands	2021		2020		2021			2020
Stock-based compensation expense	$	122	$	114	$	(133	)	$	334