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Equity (Tables)
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted

Stock-Based Compensation Expense

Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows:

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

80

 

 

$

138

 

 

$

491

 

 

$

422

 

General and administrative

 

 

239

 

 

 

205

 

 

 

973

 

 

 

635

 

Total stock-based compensation expense

 

$

319

 

 

$

343

 

 

$

1,464

 

 

$

1,057

 

Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model

Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Expected dividend yield

 

0.00%

 

 

0.00%

 

 

0.00%

 

 

0.00%

 

Expected volatility

 

97.59%

 

 

91.44%

 

 

99.30%

 

 

87.77%

 

Risk-free interest rate

 

0.96%

 

 

2.46%

 

 

2.73%

 

 

1.97%

 

Expected average life of options

 

6 years

 

 

8 years

 

 

5 years

 

 

8 years

 

Summary of Stock Option Activity

The following is a summary of option activity for the nine months ended September 30, 2021:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

 

 

Weighted-

Average

Remaining Term

 

 

Aggregate

Intrinsic

Value

 

Balance at December 31, 2020

 

 

212,581

 

 

$

8.32

 

 

 

8.78

 

 

$

5,906,007

 

Granted

 

 

218,061

 

 

 

31.44

 

 

 

 

 

 

 

Exercised

 

 

(23,698

)

 

 

8.44

 

 

 

 

 

 

398,882

 

Forfeited

 

 

(57,245

)

 

 

29.21

 

 

 

 

 

 

 

Outstanding at September 30, 2021

 

 

349,699

 

 

$

19.60

 

 

 

8.84

 

 

$

1,258,263

 

Exercisable at September 30, 2021

 

 

120,133

 

 

$

8.45

 

 

 

8.10

 

 

$

845,986

 

Summary of RSU Activity

The following is a summary of RSU activity for the nine months ended September 30, 2021:

 

 

 

Number of

Units

 

 

Weighted

Average Fair

Value per Unit

 

Balance at December 31, 2020

 

 

9,000

 

 

$

41.00

 

Granted

 

 

80,304

 

 

 

30.49

 

Forfeited

 

 

(25,353

)

 

 

33.04

 

Outstanding at September 30, 2021

 

 

63,951

 

 

$

34.59

 

Expected to Vest

 

 

63,951

 

 

$

34.59