SEC Filings

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

years following the date of grant. Options typically vest over a period of four years, but vesting provisions can vary by award based on the discretion of the Board of Directors. Options to purchase common stock carry an exercise price equal to the estimated fair value of the Company’s common stock on the date of grant. Options to purchase shares of the Company’s common stock may be exercised by payment of the exercise price in cash, by the delivery of previously acquired shares of common stock having a fair value equal to the exercise price payable or the withholding of common shares equal to the fair value of the aggregate exercise price. Upon the termination of service of a holder of stock options awarded under the Plans, all unvested options are immediately forfeited and vested options may be exercised within three months of termination.

Shares of common stock underlying awards previously issued under the 2016 Plan which are reacquired by the Company, withheld by the Company in payment of the purchase price, exercise price, or withholding taxes, expired, cancelled due to forfeiture, or otherwise terminated other than by exercise, are added to the number of shares of common stock available for issuance under the 2016 Plan. Shares available for issuance under the 2016 Plan may be authorized but unissued shares of the Company’s common stock or common stock reacquired by the Company and held in treasury. The 2016 Plan expires ten years from the date it was approved by the Board of Directors.

The following table summarizes stock option activity (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted Average

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

Number of

 

Exercise

 

Contractual

 

Intrinsic

 

    

Shares

    

Price

    

Life (Years)

    

Value (a)

Outstanding at December 31, 2016

 

2,577

 

$

22.01

 

8.79

 

$

66,466

Granted

 

1,103

 

$

78.59

 

 

 

 

 

Exercised

 

(268)

 

$

14.93

 

 

 

 

 

Cancelled or forfeited

 

(245)

 

$

36.02

 

 

 

 

 

Outstanding at December 31, 2017

 

3,167

 

$

41.30

 

8.35

 

$

219,656

Exercisable at December 31, 2017

 

1,158

 

$

20.96

 

7.70

 

$

103,843

Exercisable and expected to vest at December 31, 2017

 

3,167

 

$

41.30

 

8.35

 

$

219,656


(a)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in-the-money at December 31, 2016 and 2017.

As of December 31, 2017, 2,204,082 shares of common stock, were available for future grants under the 2016 Plan. The total intrinsic value of options exercised during the year ended December 31, 2017, 2016 and 2015 was $19.0 million, $3.4 million and $3.6 million, respectively.

As of December 31, 2017, there was $46.5 million of unrecognized stock-based compensation expense related to employees’ awards that is expected to be recognized over a weighted-average period of 1.3 years.

The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards under the Plans in the consolidated statements of operations and comprehensive loss as follow (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

Year ended

 

Year ended

 

 

 

December 31, 

 

December 31, 

 

December 31, 

 

 

    

2017

    

2016

    

2015

Research and development

 

 

$

15,383

 

$

5,988

 

$

1,294

General and administrative

 

 

 

15,502

 

 

9,668

 

 

3,956

 

 

 

$

30,885

 

$

15,656

 

$

5,250

 

130


 


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