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10-Q - FORM 10-Q - GALECTIN THERAPEUTICS INCd402747d10q.htm
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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
Common Stock Warrants
9 Months Ended
Sep. 30, 2012
Common Stock Warrants
5. Common Stock Warrants

The following table summarizes the common stock warrant activity from December 31, 2011 through September 30, 2012:

 

     Shares     Weighted
Average
Exercise
Price
 

Outstanding, December 31, 2011

     6,673,405      $ 3.95   

Granted

     1,379,739        5.63   

Exercised

     (12,177     3.18   

Forfeited/cancelled

     (616,726     10.62   
  

 

 

   

Outstanding, September 30, 2012

     7,424,241      $ 3.71   
  

 

 

   

Consultant Warrants

In April 2009, the Company entered into agreements with consultants that provided for the grant of warrants for the purchase of 33,333 shares of common stock at an exercise price of $3.00 per share which will vest upon the achievement of certain milestones. At September 30, 2012, these warrants are no longer expected to vest. The Company recognized a reversal of previously recognized expense related to these warrants of $10,000 and $98,000 for the three and nine months ended September 30, 2012, respectively, and a reversal of expense of $36,000 and $16,000 for the three and nine months ended September 30, 2011, respectively.

In May 2010, the Company entered into an agreement with a consultant that provided for the grant of warrants for the purchase of 12,000 shares of common stock at an exercise price of $15.00 per share, of which 7,500 vested and 4,500 were forfeited in 2011. The following assumptions were used to value the warrants for the nine months ended September 30, 2011: an expected life of 2.99 to 3.32 years, volatility of 128% to 130%, risk free interest rate of 0.79% to 1.29% and zero dividends. The company recognized an expense of $12,000 related to these warrants during the nine months ended September 30, 2011.

In August 2010, the Company entered into an agreement with a consultant, who was also a board member, which provided for the grant of warrants for 100,000 shares of common stock at an exercise price of $4.26 per share. Of the 100,000 warrants, 25,000 vested immediately on signing of the agreement, 25,000 were to vest at the end of one year and the remaining 50,000 warrants were to vest based on the achievement of certain milestones. The following assumptions were used to value the warrants on March 7, 2011 at the date the consultant effectively became an employee of the Company: an expected life of 4.28 years, volatility of 135%, risk free interest rate of 1.705% and zero dividends. Pursuant to an employment agreement entered into in May 2011, all remaining unvested warrants were immediately vested. The Company recognized the total remaining expense of $340,000 related to these warrants during the nine months ended September 30, 2011.