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SEC Filings

10-K/A
BIOTIME INC filed this Form 10-K/A on 04/02/2018
Entire Document
 
 

 

The number of shares of common stock covered by the Plan, and the number of shares of common stock and the exercise price per share of each outstanding option, shall be proportionately adjusted for any increase or decrease in the number of issued and outstanding shares of common stock resulting from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of issued and outstanding shares of common stock effected without receipt of consideration by OncoCyte.

 

Options Granted

 

As of December 31, 2017, 1,384,198 shares were available for future grants under the Plan.

 

A summary of OncoCyte stock option activity under the Plan and related information follows (in thousands except weighted average exercise price):

 

Options 

Shares

Available

for Grant

  

Number of

Options

Outstanding

  

Weighted

Average

Exercise Price

 
Total at January 1, 2016   1,757    2,240   $2.03 
Options granted   (962)   962    3.58 
Options exercised   -    (100)   2.19 
Options forfeited, cancelled or expired   85    (85)   2.00 
Total at December 31, 2016   880    3,017    2.52 
Increase in pool   1,200    -      
Options granted   (896)   896    5.17 
Options exercised   -    (323)   1.89 
Options forfeited, cancelled or expired   200    (200)   3.11 
Total at December 31, 2017   1,384    3,390   $3.25 
Exercisable at December 31, 2017        1,835   $2.48 

 

At December 31, 2017 and 2016, OncoCyte had approximately $1.6 million and $2.7 million, respectively, of total unrecognized compensation expense related to the Plan that will be recognized over a weighted-average period of approximately 2.5 and 2.4 years, respectively.

 

OncoCyte recorded stock-based compensation expense in the following categories on the accompanying statements of operations for the years ended December 31, 2017, 2016 and 2015 (in thousands):

 

   Year Ended December 31, 
   2017   2016   2015 
Research and development  $668   $312   $456 
General and administrative   841    610    1,359 
Sales and marketing   121    -    - 
Total stock-based compensation expense  $1,630   $922   $1,815 

 

The assumptions that were used to calculate the grant date fair value of OncoCyte’s employee and non-employee stock option grants for the years ended December 31, 2017, 2016 and 2015 were as follows.

 

   Year Ended December 31, 
   2017   2016   2015 
Expected life (in years)   6.15    6.21    6.83 
Risk-free interest rates   2.03%   1.46%   1.87%
Volatility   66.01%   64.64%   74.15%
Dividend yield   -%   -%   -%

 

With the adoption of ASU 2016-09, effectively January 1, 2017, forfeitures are accounted for as they occur instead of based on the number of awards that were expected to vest.

 

The determination of stock-based compensation is inherently uncertain and subjective and involves the application of valuation models and assumptions requiring the use of judgment. If OncoCyte had made different assumptions, its stock-based compensation expense, and net loss for years ended December 31, 2017, 2016 and 2015, may have been significantly different.

 

   

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