XML 22 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
Share-based Compensation Plans
9 Months Ended
Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-based Compensation Plans

(6) Share-based Compensation Plans

The Company primarily uses the Black-Scholes option pricing model to value options granted to employees and non-employees, as well as options granted to members of the Company’s Board of Directors. All stock option grants have 10-year terms and generally vest ratably over a 3 or 4-year period.

A summary of option activity for the nine-month period ended September 30, 2022 is presented below:

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2021

 

 

4,871,822

 

 

$

1.38

 

 

 

 

 

 

 

Granted

 

 

2,060,100

 

 

 

3.11

 

 

 

 

 

 

 

Exercised

 

 

(248,744

)

 

 

0.01

 

 

 

 

 

 

 

Forfeited

 

 

(194,567

)

 

 

2.09

 

 

 

 

 

 

 

Expired

 

 

(248,237

)

 

 

0.44

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

 

6,240,374

 

 

$

1.99

 

 

 

8.25

 

 

$

4,662,974

 

Vested or expected to vest at September 30, 2022

 

 

6,240,374

 

 

$

1.99

 

 

 

8.25

 

 

$

4,662,974

 

Exercisable at September 30, 2022

 

 

2,807,134

 

 

$

1.18

 

 

 

7.66

 

 

$

3,621,767

 

 

The weighted average grant-date fair values of options granted during the nine-month period ended September 30, 2022, was $2.15. During the nine-month period ended September 30, 2022, all options were granted with exercise prices equal to the market value of the underlying shares of common stock on the grant date.

As of September 30, 2022, there was $5.4 million of unrecognized share-based compensation expense related to these stock options which, if all milestones are achieved, will be recognized over a weighted average period of 2.7 years.

A summary of non-vested stock activity for the nine-month period ended September 30, 2022 is presented below:

 

 

 

Nonvested
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2021

 

 

723,580

 

 

$

2.91

 

Granted

 

 

185,794

 

 

 

3.28

 

Vested

 

 

(125,199

)

 

 

3.60

 

Forfeited

 

 

(27,830

)

 

 

0.01

 

Outstanding at September 30, 2022

 

 

756,345

 

 

$

3.00

 

 

As of September 30, 2022, there was $1.1 million of unrecognized share-based compensation expense related to these non-vested shares which will be recognized over a weighted average period of 0.9 years.

Stock based compensation expense also includes expense related to awards to employees of the Company from the Agenus 2019 Equity Incentive Plan. The impact on the Company’s results of operations from share-based compensation for the three and nine months ended September 30, 2022 and 2021, was as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Research and development

 

$

98,323

 

 

$

50,895

 

 

$

342,888

 

 

$

136,173

 

General and administrative

 

 

674,576

 

 

 

336,467

 

 

 

2,016,327

 

 

 

941,522

 

Total share-based compensation expense

 

$

772,899

 

 

$

387,362

 

 

$

2,359,215

 

 

$

1,077,695