Print Page     Close Window     

SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 05/10/2018
Entire Document
 
 

 

11. Stock Option Plans

 

BioTime adopted the 2012 Equity Incentive Plan (the “2012 Plan”), under which a maximum of 16,000,000 BioTime common shares are available for the grant of stock options, restricted stock, restricted stock units and stock appreciation rights.

 

A summary of BioTime’s 2012 Plan activity and related information follows (in thousands, except per share amounts):

 

 

  

Shares

Available

for Grant

  

Number of

Options

Outstanding

  

Number

of RSUs

Outstanding

  

Weighted

Average Exercise

Price of Options

 
December 31, 2017 (1)   2,485    8,043    62   $3.38 
Options granted   (1,239)   1,239    -    2.58 
Options exercised   -    -    -    - 
Options forfeited/cancelled   56    (66)   -    3.88 
Restricted stock units vested   -    -    (6)   - 
March 31, 2018 (1)   1,302    9,216    56    3.27 
Options exercisable at March 31, 2018        4,615        $3.54 

 

  (1) On October 13, 2017, BioTime’s Board of Directors (the “Board”) determined to temporarily set a 5.0 million total share limit on shares available for the grant of share-based awards pursuant to the 2012 Plan. As of December 31, 2017, the total 2.5 million shares available for grant was net of this 5.0 million share restriction. On May 4, 2018, the Board removed this restriction, thereby increasing shares available for the grant of share-based awards pursuant to the 2012 Plan to 6.3 million shares as of that date.

 

Stock-Based Compensation Expense

 

The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table:

 

  

Three Months Ended March 31,

(unaudited)

 
   2018   2017 
Expected life (in years)   5.87    6.08 
Risk-free interest rates   2.63%   2.07%
Volatility   56.09%   59.83%
Dividend yield   -%   -%

 

Operating expenses include stock-based compensation expense as follows (in thousands):

 

  

Three Months Ended March 31,

(unaudited)

 
   2018   2017 
Research and development  $193   $331 
General and administrative   791    695 
Total stock-based compensation expense  $984   $1,026 

 

19

© Copyright BioTime, Inc.