SEC Filings

10-K
AVEXIS, INC. filed this Form 10-K on 02/28/2018
Entire Document
 

fair value of non‑employee stock‑based awards is estimated on the date of grant, and subsequently revalued at each reporting period until the award vests or a measurement date has occurred using the Black‑Scholes option‑pricing model.

The following summarizes the assumptions we used to estimate the fair value of stock options that we granted to employees for the period indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

Year Ended

 

Year Ended

 

 

 

 

December 31, 

 

December 31, 

 

December 31, 

 

 

 

 

2017

    

2016

 

2015

 

Expected volatility

 

 

86.34

%  

91.84

%

90.00

%

Risk-free interest rate

 

 

1.94

%  

1.45

%

1.57

%

Expected term (in years)

 

 

6.08

 

6.08

 

6.08

 

Expected dividend yield

 

 

 —

%  

 —

%

 —

%

 

In addition to stock options and stock warrants, we have also incurred stock‑based compensation expense in connection with other equity transactions involving employees and directors.

In January 2014, we issued 2,334,391 shares of restricted common stock to Dr. Brian Kaspar, a director of the company, pursuant to a consulting agreement for scientific advisory services to be performed by Dr. Kaspar. Of these shares, 583,597 shares were vested at the time of grant. The remaining shares vested in full on January 1, 2016, upon the effectiveness of Dr. Kaspar’s employment agreement. The non‑vested shares under the award were revalued each period until they vested. The award had a grant date fair value of $3.5 million. We recorded compensation expense of $19.3 million for the year ended December 31, 2015 related to this award. As a result of the vesting in full of the 1,750,794 unvested shares in January 2016, we recorded $10.4 million in research and development expense for the year ended December 31, 2016.

The table below summarizes the stock‑based compensation expense recognized in our statements of operations by type (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 31, 

 

 

    

2017

    

2016

 

2015

Restricted stock grant to consultant

 

 

$

 —

 

$

10,371

 

$

19,322

Warrants issued to consultant

 

 

 

 —

 

 

 —

 

 

359

Employee restricted stock units

 

 

 

659

 

 

759

 

 

 —

Employee stock-option grants

 

 

 

30,885

 

 

15,656

 

 

5,250

 

 

 

$

31,544

 

$

26,786

 

$

24,931

 

The table below summarizes the stock‑based compensation expense recognized in our statements of operations by classification (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 31, 

 

 

    

2017

    

2016

    

2015

Research and development

 

 

$

15,951

 

$

17,052

 

$

20,975

General and administrative

 

 

 

15,593

 

 

9,734

 

 

3,956

 

 

 

$

31,544

 

$

26,786

 

$

24,931

 

104


 


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