Note 9 - Stock-based Compensation |
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Share-based Payment Arrangement [Text Block] |
2016 Omnibus Incentive PlanThe Sun BioPharma, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”) was adopted by our Board of Directors in March 2016 and approved by our stockholders in May 2016. The 2016 Plan permits the granting of incentive and non-statutory stock options, restricted stock, stock appreciation rights, performance units, performance shares and other stock awards to eligible employees, directors and consultants. We grant options to purchase shares of common stock under the 2016 Plan at no less than the fair market value of the underlying common stock as of the date of grant. Options granted under the 2016 Plan have a maximum term of ten years. Under the 2016 Plan, a total of 1,500,000 shares of common stock were initially reserved for issuance. As of September 30, 2019, options to purchase 1,447,151 shares of common stock were outstanding under the 2016 Plan 52,849 shares remained available for future awards.2011 Stock Option PlanOur Board of Directors ceased making awards under the Sun BioPharma, Inc. 2011 Stock Option Plan (the “2011 Plan”) upon the receipt of stockholder approval for the 2016 Plan. Awards outstanding under the 2011 Plan remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the 2011 Plan have a maximum term of ten years and generally vest over zero to two years for employees. As of September 30, 2019, options to purchase 264,360 shares of common stock remained outstanding under the 2011 Plan.Stock -based Compensation Expense General and administrative (“G&A”) and research and development (“R&D”) expenses include non-cash stock-based compensation expense as a result of our issuance of stock options. The terms and vesting schedules for stock-based awards vary by type of grant and the employment status of the grantee. The awards granted through September 30, 2019 vest based upon time-based and performance conditions. There was approximately $0.6 million unamortized stock-based compensation expense related to options granted to employees and non-employees as of September 30, 2019 which will be amortized over the next eleven quarters.Stock-based compensation expense for each of the periods presented is as follows (in thousands):
A summary of stock option activity for the nine months ended September 30, 2019 is as follows:
Information about stock options outstanding, vested and expected to vest as of September 30, 2019, is as follows:
Key assumptions The estimated grant-date fair values of the stock options were calculated using the Black-Scholes valuation model, based on the following assumptions for the three months ended September 30, 2019:
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