Stock-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Stock-based Compensation During nine months ended September 30, 2018, the Company issued options thereunder to certain directors, officers and consultants, most of which options were previously approved by the Board (collectively, the “Options”). The Options included 71,576,000 options for officers, 15,680,000 options to independent directors, and 1,500,000 to an individual consultant. The Options are subject to vesting requirements. 50% of the Options are vested on the grant date, and the remaining 50% of the Options are vesting monthly over a period of 24 months following the Board approvals of the Options, subject to acceleration upon the occurrence of certain achievement milestones as reported in an 8-K filed on June 1, 2018. A performance milestone was achieved and the Company accelerated vesting on 25% of these outstanding Options. As a result, the Company recorded an additional charge to stock-based compensation of $1.0 million during the nine months ended September 30, 2018. Modification of Stock Options In January 2018, the Board also approved extension of the term of options that were granted to Dr. Alton Boyton and Dr. Marnix Bosch on June 13, 2017, from 5 years to 10 years to conform to the term of other employee options. The Company accounted for the modification as a Type I (probable-to-probable) modification and the incremental cost was approximately $0.3 million. The following table summarizes stock option activities for the Company’s option plans for the nine months ended September 30, 2018 (amount in thousands, except per share number):
The following weighted average assumptions were used to compute the fair value of stock options granted during the nine months ended September 30, 2018:
The following table summarizes stock-based compensation expense related to stock options for the three and nine months ended September 30, 2018 and 2017 (in thousands):
The weighted average grant date fair value was approximately $16.3 million, including the incremental fair value of $0.3 million resulting from the modification of Dr. Alton Boyton’s and Dr. Marnix Bosch’s options, which is being recognized over the new vesting period of 1.5 years. The total unrecognized compensation cost was approximately $2.4 million as of September 30, 2018 and will be recognized over the next 2.0 years. |