Quarterly report pursuant to Section 13 or 15(d)

Stock-based compensation

v2.4.0.8
Stock-based compensation
9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Stock-based compensation
Stock-based compensation
Stock-Based Compensation
In 2006, the Company adopted the 2006 Stock Option and Incentive Plan or 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 by the Board of Directors on January 24, 2014, and approved by written consent of majority of shareholders on June 30, 2014 to increase the reserved shares of common stock issuable under the Plan to 3,838,750, or 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 September 30, 2014 was 1,968,558.
Stock option activity for the nine months ended September 30, 2014 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, 2013
1,148,000

 
 $1.20-$4.50

 
$
2.13

 
5.80 years

 
$
2,721,100

Granted
118,325

 
$4.50-$5.39

 
4.69

 

 

Exercised
(5,000
)
 
1.20

 
1.20

 

 

Canceled and forfeited
(7,000
)
 
 $1.20-$4.50

 
3.32

 

 

Expired

 

 

 

 

Outstanding, September 30, 2014
1,254,325

 
 $1.20-$5.39

 
$
2.37

 
5.49 years

 
$
7,051,694

Exercisable, September 30, 2014
929,250

 
 
 
$
1.92

 
 
 
$
5,638,158

Vested and expected to vest, September 30, 2014
1,254,325

 
 
 
$
2.37

 
 

 
$
7,051,694


Restricted stock activity for the nine months ended September 30, 2014 as follows:
 
Number of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value
Unvested, December 31, 2013
361,570

 
$
1.31

Granted

 

Vested

 

Forfeited

 

Unvested, September 30, 2014
361,570

 
$
1.31


Stock-Based Compensation - Ilios
In 2009, Ilios adopted the 2009 Stock Incentive Plan, or 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. The 2009 Plan has 1,325,000 available for grant as of September 30, 2014. 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 nine months ended September 30, 2014 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, 2013
575,000

 
$0.10-$0.50

 
$
0.29

 
6.44 years
 
$
120,000

Granted
50,000

 
0.50

 
0.50

 
 
 
 
Exercised

 

 

 
 
 
 
Canceled and forfeited

 

 

 
 
 
 
Expired

 

 

 
 
 
 
Outstanding, September 30, 2014
625,000

 
$0.10-$0.50

 
$
0.31

 
6.25 years
 
$
120,000

Exercisable, September 30, 2014
181,250

 
 

 
$
0.50

 
 
 
$

Vested and expected to vest, September 30, 2014
625,000

 
 

 
$
0.31

 
 
 
$
120,000


Restricted stock activity for the Ilios awards, for the nine months ended September 30, 2014 was as follows:
 
Number of
Restricted
Stock
 
Weighted
Average
Grant Date
Fair Value
Unvested, December 31, 2013
310,000

 
$
0.10

Granted

 

Vested

 

Forfeited

 

Unvested, September 30, 2014
310,000

 
$
0.10