Stock Option Plans (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of Stock Based Compensation Expense |
The following table summarizes consolidated
stock-based compensation expense, including equity awards by privately-held consolidated subsidiaries, related to stock options
and other equity awards for the years ended December 31, 2017, 2016, and 2015, which was allocated as follows (in thousands):
| |
|
Year Ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Research and development |
|
$ |
932 |
|
|
$ |
2,608 |
|
|
$ |
3,267 |
|
| General and administrative |
|
|
3,000 |
|
|
|
5,343 |
|
|
|
7,783 |
|
| Total stock-based compensation expense |
|
$ |
3,932 |
|
|
$ |
7,951 |
|
|
$ |
11,050 |
|
|
| Schedule of Weighted Average Assumptions to Calculate Fair Value of Stock Options |
The weighted-average estimated fair value of
stock options granted under BioTime’s 2002 Plan and 2012 Plan during the years ended December 31, 2017, 2016 and 2015 was
$1.65, $1.69 and $2.13 per share respectively, using the Black-Scholes-Merton option pricing model with the following weighted-average
assumptions:
| |
|
Year Ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Expected life (in years) |
|
|
5.55 |
|
|
|
5.83 |
|
|
|
5.62 |
|
| Risk-free interest rates |
|
|
1.83% |
|
|
|
1.45% |
|
|
|
1.70% |
|
| Volatility |
|
|
58.76% |
|
|
|
61.24% |
|
|
|
65.82% |
|
| Dividend yield |
|
|
-% |
|
|
|
-% |
|
|
|
-% |
|
|
| Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity |
A summary of all equity award activity under
BioTime’s 2002 Plan and 2012 Plan for the years ended December 31, 2017, 2016 and 2015 is as follows (in thousands except
weighted average exercise price):
| |
|
Shares
Available
for Grant |
|
|
Number of
Options
Outstanding |
|
|
Number of
RSUs
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
| January 1, 2015 |
|
|
668 |
|
|
|
3,974 |
|
|
|
- |
|
|
$ |
4.04 |
|
| Increase in option pool |
|
|
6,000 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
| Granted under 2012 Plan |
|
|
(1,650) |
|
|
|
1,650 |
|
|
|
- |
|
|
|
3.72 |
|
| Exercised |
|
|
- |
|
|
|
(156) |
|
|
|
- |
|
|
|
4.00 |
|
| Forfeited/cancelled/expired under 2002 Plan |
|
|
- |
|
|
|
(35) |
|
|
|
- |
|
|
|
6.72 |
|
| Forfeited/cancelled/expired under 2012 Plan |
|
|
239 |
|
|
|
(239) |
|
|
|
- |
|
|
|
3.82 |
|
| December 31, 2015 |
|
|
5,257 |
|
|
|
5,194 |
|
|
|
- |
|
|
$ |
3.93 |
|
| Granted under 2012 Plan |
|
|
(2,315) |
|
|
|
2,315 |
|
|
|
- |
|
|
|
3.03 |
|
| RSUs |
|
|
(200) |
|
|
|
- |
|
|
|
100 |
|
|
|
- |
|
| Common stock issued to consultant in lieu of cash |
|
|
(28) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Common stock issued to employee for bonuses in lieu of cash |
|
|
(135) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited/cancelled/expired under 2002 Plan |
|
|
- |
|
|
|
(236) |
|
|
|
- |
|
|
|
5.17 |
|
| Forfeited/cancelled/expired under 2012 Plan |
|
|
315 |
|
|
|
(315) |
|
|
|
- |
|
|
|
3.77 |
|
| December 31, 2016 |
|
|
2,894 |
|
|
|
6,958 |
|
|
|
100 |
|
|
$ |
3.60 |
|
| Increase to option pool |
|
|
6,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Temporary restriction by Board on available pool (1) |
|
|
(5,000) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Granted under 2012 Plan |
|
|
(1,954) |
|
|
|
1,954 |
|
|
|
|
|
|
|
3.04 |
|
| Exercised |
|
|
- |
|
|
|
(9) |
|
|
|
|
|
|
|
2.66 |
|
| Forfeited/cancelled/expired under 2012 Plan |
|
|
545 |
|
|
|
(860) |
|
|
|
|
|
|
|
4.43 |
|
| RSU vesting |
|
|
- |
|
|
|
- |
|
|
|
(38) |
|
|
|
|
|
| December 31, 2017 |
|
|
2,485 |
|
|
|
8,043 |
|
|
|
62 |
|
|
$ |
3.38 |
|
| |
(1) |
On October 13, 2017, BioTime’s Board of Directors determined to temporarily set a limit on shares available for grants of share-based awards pursuant to the 2012 Plan. While that limit remains in place, BioTime will not grant share-based awards for more than a total of approximately 2.5 million of the common shares remaining available for awards under the 2012 Plan. |
|
| Schedule of Options Outstanding and Exercisable Range of Exercise Prices |
Additional information regarding options outstanding
under BioTime’s 2002 Plan and 2012 Plan as of December 31, 2017 is as follows (in thousands except exercise prices and weighted
average exercise price):
| |
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
|
Options Exercisable |
|
| |
Range of
Exercise
Prices |
|
|
|
Number
Outstanding |
|
|
|
Weighted Average
Remaining
Contractual Life
(years) |
|
|
|
Weighted Average
Exercise Price |
|
|
|
Number
Exercisable |
|
|
|
Weighted Average
Exercise Price |
|
| |
$2.52 - $3.96 |
|
|
|
6,883 |
|
|
|
7.23 |
|
|
$ |
3.24 |
|
|
|
3,190 |
|
|
$ |
3.35 |
|
| |
$4.02 - $4.95 |
|
|
|
1,150 |
|
|
|
3.17 |
|
|
$ |
4.22 |
|
|
|
1,048 |
|
|
$ |
4.22 |
|
| |
$5.02 - $8.58 |
|
|
|
10 |
|
|
|
0.20 |
|
|
$ |
32.62 |
|
|
|
10 |
|
|
$ |
7.47 |
|
| |
$2.52 - $8.58 |
|
|
|
8,043 |
|
|
|
6.64 |
|
|
$ |
3.38 |
|
|
|
4,248 |
|
|
$ |
3.57 |
|
|