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10-Q - FORM 10-Q - GALECTIN THERAPEUTICS INCd402747d10q.htm
XML - IDEA: XBRL DOCUMENT - GALECTIN THERAPEUTICS INCR33.htm
EX-31.2 - CERTIFICATION PURSUANT TO RULE 13A-14(A) - GALECTIN THERAPEUTICS INCd402747dex312.htm
EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - GALECTIN THERAPEUTICS INCd402747dex321.htm
EX-10.3 - EMPLOYMENT AGREEMENT - GALECTIN THERAPEUTICS INCd402747dex103.htm
EX-31.1 - CERTIFICATION PURSUANT TO RULE 13A-14(A) - GALECTIN THERAPEUTICS INCd402747dex311.htm
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EX-32.2 - CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 - GALECTIN THERAPEUTICS INCd402747dex322.htm
v2.4.0.6
Stock-Based Compensation
9 Months Ended
Sep. 30, 2012
Stock-Based Compensation
4. Stock-Based Compensation

Following is the stock-based compensation expense related to common stock options, common stock, restricted common stock and common stock warrants:

 

     Three Months
Ended
September 30,
     Nine Months
Ended
September 30,
 
     2012      2011      2012      2011  
     (in thousands)  

Research and development

   $ 248       $ 270       $ 756       $ 1,407   

General and administrative

     571         379         1,414         1,281   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation expense

   $ 819       $ 649       $ 2,170       $ 2,688   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan grants to Company executives, from December 31, 2011 through September 30, 2012:

 

     Shares     Weighted
Average
Exercise
Price
 

Outstanding, December 31, 2011

     3,091,474      $ 6.83   

Granted

     730,000        2.16   

Exercised

     (51,830     2.31   

Options forfeited/cancelled

     (228,014     7.65   
  

 

 

   

Outstanding, September 30, 2012

     3,541,630      $ 5.88   
  

 

 

   

As of September 30, 2012, there was $6,125,000 of unrecognized compensation related to 1,514,863 unvested options, which is expected to be recognized over a weighted–average period of approximately 3.7 years. The weighted-average grant date fair value for options granted during the three and nine months ended September 30, 2012 was $1.89 and $1.78, respectively. The weighted-average grant date fair value for options granted during the three and nine months ended September 30, 2011 was $1.00 and $1.02, respectively.

Of the options granted during the nine months ended September 30, 2011, 166,668 vest only upon the achievement of certain market conditions (83,334 and 83,334 upon the Company achieving a market capitalization of $5 billion and $10 billion, respectively). These market condition stock option awards were valued at $1,006,000 using a Monte Carlo model and will be recognized over a weighted average period of 5.5 years. Assumptions used to value these options included the following: annualized volatility of 110%, annualized drift/risk-free interest rate of 3.5% and a forecast horizon/life of 10 years.

The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:

 

     Nine Months Ended
September 30,
    Cumulative
Period from
Inception
(July 10,
2000) to
September 30,
 
     2012     2011     2012  

Risk-free interest rate

     0.84     1.91     1.87

Expected life of the options

     5.4 years        5.1 years        5.1 years   

Expected volatility of the underlying stock

     117     121     119

Expected dividend rate

     0     0     0

During the three and nine months ended September 30, 2012, the Company modified the terms of certain option grants for four employees to extend the exercisable period from ninety days post-employment to the remaining legal life of the option grant. During the nine months ended September 30, 2012, the Company modified certain cashless exercise terms for one employee. The modification of these options resulted in additional stock-based compensation expense of $172,000 and $271,000 during the three and nine month periods ended September 30, 2012, respectively. During the nine months ended September 30, 2011, the Company similarly modified the options of one employee to extend the exercisable period post-employment, resulting in additional stock-based compensation expense of $63,000.

In May 2012, the Company granted 7,000 shares of common stock to a consultant for payment of past services. These shares of common stock were valued at $16,000, based on the market value of the shares at the date of grant and are included in stock based compensation expense for the nine months ended September 30, 2012.

In August 2012, the Company granted 4,348 shares of common stock to a consultant for payment of services. These shares of common stock were valued at $10,000, based on the market value of the shares at the date of grant and are included in stock based compensation expense for the three and nine months ended September 30, 2012.