Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
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