Quarterly report pursuant to Section 13 or 15(d)

Stock-based compensation

v2.4.0.8
Stock-based compensation
 3 Months Ended
Jun. 30, 2013
Equity [Abstract]  
Stock-based compensation
Stock-based compensation
 
Stock-Based Compensation
 
In 2006, the Company adopted the 2006 Stock Option and Incentive Plan (the “Plan”), under which the board of directors may grant incentive or non-qualified stock options and stock grants to key employees, directors, advisors and consultants of the Company. The Plan was most recently amended on November 10, 2011 to increase the reserved shares of common stock issuable under the Plan to 1,838,750 (the “Amended Plan”).
 
Stock options vest based upon the terms within the individual option grants, with an acceleration of the unvested portion of such options upon a change in control event, as defined in the Amended Plan. The options are not transferable except by will or domestic relations order. The option price per share under the Amended Plan cannot be less than the fair market value of the underlying shares on the date of the grant. The number of shares remaining available for future issuance under the Amended Plan as of June 30, 2013 was 97,683.
 
Stock option activity for the six months ended June 30, 2013 was as follows: 
Common Stock Options
Number of
Options
 
Exercise
Price
Per
Share
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
 
Aggregate
Intrinsic
Value
Outstanding, December 31, 2012
1,096,500

 
 $0.12-$3.20

 
$
1.96

 
4.66 years

 
$
1,356,400

Granted
37,500

 
3.20

 
3.20

 
—

 
—

Exercised
—

 
—

 
—

 
—

 
—

Canceled and forfeited
—

 
—

 
—

 
—

 
—

Expired
—

 
—

 
—

 
—

 
—

Outstanding, June 30, 2013
1,134,000

 
 $0.12-$3.20

 
$
2.00

 
4.19 years

 
$
1,356,400

Exercisable, June 30, 2013
812,313

 
 
 
$
1.72

 
 
 
$
1,201,075

Vested and expected to vest, June 30, 2013
1,134,000

 
 
 
$
2.00

 
 

 
$
1,356,400


 
Restricted stock activity for the six months ended June 30, 2013 as follows: 
 
Number of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value
Unvested, December 31, 2012
399,070

 
$
1.44

Granted
—

 
—

Vested
—

 
—

Forfeited
(37,500
)
 
2.60

Unvested, June 30, 2013
361,570

 
$
1.31


 
Stock Based Compensation - Ilios
 
In 2009, Ilios adopted the 2009 Stock Incentive Plan (the “2009 Plan”) under which the board of directors may grant incentive or non-qualified stock options and stock grants to key employees, directors, advisors and consultants of the company. The maximum number of shares allowable for issuance under the 2009 Plan is 2,000,000 shares of common stock. Stock options vest based upon the terms within the individual option grants, with an acceleration of the unvested portion of such options upon a change in control event, as defined in the Plan. The options are not transferable except by will or domestic relations order. The option price per share under the 2009 Plan cannot be less than the fair market value of the underlying shares on the date of the grant.
 
Stock option activity relating to Ilios for the six months ended June 30, 2013 was as follows: 
Common Stock Options
Number of
Options
 
Exercise
Price
Per
Share
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
 
Aggregate
Intrinsic
Value
Outstanding, December 31, 2012
575,000

 
$0.10-$0.50

 
$
0.29

 
7.44 years
 
$
120,000

Granted
—

 
—

 
—

 
 
 
 
Exercised
—

 
—

 
—

 
 
 
 
Canceled and forfeited
—

 
—

 
—

 
 
 
 
Expired
—

 
—

 
—

 
 
 
 
Outstanding, June 30, 2013
575,000

 
$0.10-$0.50

 
$
0.29

 
7.19 years
 
$
120,000

Exercisable, June 30, 2013
56,250

 
 

 
$
0.50

 
 
 
$
—

Vested and expected to vest, June 30, 2013
575,000

 
 

 
$
0.29

 
 
 
$
120,000


 
Restricted stock activity for the Ilios awards, for the six months ended June 30, 2013 was as follows: 
 
Number of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value
Unvested, December 31, 2012
510,000

 
$
0.26

Granted
—

 
—

Vested
—

 
—

Forfeited
(200,000
)
 
0.50

Unvested, June 30, 2013
310,000

 
$
0.10