Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation - Stock Options and Warrants

v2.4.0.6
Share-Based Compensation - Stock Options and Warrants
 9 Months Ended
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10.   Share-Based Compensation - Stock Options and Warrants


The following table summarizes the components of share-based compensation expense in the Condensed Statements of Operations:


    Three Months Ended
March 31, 		    Nine Months Ended
March 31, 		 
    2013     2012     2013     2012  
Research and development   $ 74,661     $ 58,475     $ 177,874     $ 81,662  
General and administrative     264,138       553,473       831,324       1,924,390  
Total   $ 338,799     $ 611,948     $ 1,009,198     $ 2,006,052  

Stock Options


On August 12, 2008, the Company adopted the iBioPharma 2008 Omnibus Equity Incentive Plan (the “Plan”) for employees, officers, directors and external service providers. Under the provisions of the Plan, the Company may grant options to purchase stock and/or make awards of restricted stock up to an aggregate amount of 10 million shares. As of March 31, 2013, there were approximately 3.2 million shares of common stock reserved for future issuance under the Plan.


The weighted-average exercise price of stock options granted during the nine months ended March 31, 2013 was $1.02 per share and the fair value was $0.90 per share. The Company uses historical data to estimate forfeiture rates.


The weighted-average exercise price of stock options outstanding as of March 31, 2013 was $1.45 per share. The following table summarizes the change in stock options outstanding during the nine months ended March 31, 2013:


    Stock
Options 		 
Outstanding as of June 30, 2012     5,510,000  
Granted     1,330,000  
Forfeited     (80,000 )
Outstanding as of March 31, 2013     6,760,000  
         
Vested and expected to vest as of March 31, 2013     6,731,870  
         
Exercisable as of March 31, 2013     4,029,933  

As of March 31, 2013, there was approximately $2.2 million of total unrecognized compensation cost related to nonvested stock options that the Company expects to recognize over a weighted-average period of 2.7 years.


Warrants


The Company issued 100,000 fully vested warrants with a grant date fair value of approximately $33,000 to a consultant for investor relations services in July 2012. The warrants have an exercise price of $1.00 per share and expire two years from the date of issuance.


The weighted-average exercise price of warrants outstanding as of March 31, 2013 was $1.39 per share. The following table summarizes the change in warrants outstanding during the nine months ended March 31, 2013:


    Warrants  
Outstanding as of June 30, 2012     20,940,796  
Granted     100,000  
Outstanding as of March 31, 2013     21,040,796  
         
Exercisable as of March 31, 2013     21,040,796