SEC Filings

S-1/A
AVEXIS, INC. filed this Form S-1/A on 02/01/2016
Entire Document
 

Table of Contents


AveXis, Inc.

Notes to Consolidated Financial Statements (Continued)

12. Stock-based Compensation (Continued)

          The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards under the Plan in the consolidated statements of operations and comprehensive loss as follows:

 
  Year Ended
December 31,
  Nine Months Ended
September 30,
 
 
 
2013
 
2014
 
2014
 
2015
 
 
   
   
  (unaudited)
 

Research and development

  $   $ 179,641   $ 151,107   $ 411,257  

General and administrative

        236,983     218,073     2,308,445  

  $   $ 416,624   $ 369,180   $ 2,719,702  

          There were no options granted or outstanding prior to the year ended December 31, 2014. No stock-based compensation expense was recorded for the year ended December 31, 2013.

Stock Options Granted to Employees

          For the year ended December 31, 2014 and the nine months ended September 30, 2015 (unaudited), the Company recorded $416,624 and $2,719,702, respectively, of stock-based compensation expense related to employee stock options. The weighted-average grant date fair value of options granted during the year ended December 31, 2014 and the nine months ended September 30, 2015 (unaudited) was $1.47 and $11.80, respectively, on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 
 
Year ended
December 31,
2014
 
Nine Months
Ended September 30,
2015
 
 
   
  (unaudited)
 

Expected volatility

    86.94 %   80.80 %

Risk-free interest rate

    1.16 %   1.89 %

Expected term (in years)

    4.19     6.08  

Expected dividend yield

    0.00 %   0.00 %

          Valuation of Common Stock.    The Company estimates the fair value of common stock underlying stock option awards at the grant date of the award. Valuation estimates are prepared by management in accordance with the framework of the AICPA Practice Guide, with the assistance of independent third party valuations, and are approved by the Company's Board of Directors.

          The Company's valuations of its common stock as of October 9, 2013, January 28, 2014, March 7, 2014, March 31, 2014, June 30, 2014, August 11, 2014, September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 (unaudited), and September 30, 2015 (unaudited) were based on a number of objective and subjective factors, including external market conditions affecting the Company's industry sector, the prices at which the Company sold shares of its common stock, and the likelihood of achieving a liquidity event such as an initial public offering.

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