|3 Months Ended|
Sep. 30, 2018
|Disclosure of Compensation Related Costs, Share-based Payments [Abstract]|
|Disclosure of Compensation Related Costs, Share-based Payments [Text Block]||
The following table summarizes the components of share-based compensation expense in the condensed consolidated statements of operations (in thousands):
On August 12, 2008, the Company adopted the iBioPharma 2008 Omnibus Equity Incentive Plan (the “Plan”) for employees, officers, directors and external service providers. The original Plan provided that the Company may grant options to purchase stock and/or make awards of restricted stock up to an aggregate amount of 1 million shares. On December 18, 2013, the Plan was amended to increase the number of shares reserved for awards under the Plan from 1 million to 1.5 million. As of June 30, 2018, there were approximately 136,000 shares of common stock reserved for future issuance under the Plan. Stock options granted under the Plan may be either incentive stock options (as defined by Section 422 of the Internal Revenue Code of 1986, as amended) or non-qualified stock options at the discretion of the Board of Directors. Vesting of service awards occurs ratably on the anniversary of the grant date over the service period, generally three or five years, as determined at the time of grant. Vesting of performance awards occurs when the performance criteria have been satisfied. The Company uses historical data to estimate forfeiture rates.
The 2008 Plan had a term of ten (10) years and, as a result, the 2008 Plan expired by its terms on August 12, 2018. As such, the Company is in the process of reviewing its options for the adoption of a new equity incentive plan the purpose of which is to promote the success and enhance the value of the Company by linking the personal interests of the participants to those of the Company’s shareholders, and by providing participants with an incentive for outstanding performance.
No stock options were issued during Fiscal 2019.
The following table summarizes all stock option activity during Fiscal 2019:
The following table summarizes information about options outstanding and exercisable at September 30, 2018:
The total fair value of stock options that vested during Fiscal 2019 and Fiscal 2018 was approximately $571,000 and $773,000, respectively. As of September 30, 2018, there was approximately $304,000 of total unrecognized compensation cost related to non-vested stock options that the Company expects to recognize over a weighted-average period of 1.4 years.
The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $0.85 as of September 30, 2018 and $0.90 as of July 1, 2018, which would have been received by the option holders had all option holders exercised their options as of that date.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef