Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v3.5.0.2
Share-Based Compensation
 3 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
11.  Share-Based Compensation
 
The following table summarizes the components of share-based compensation expense in the condensed consolidated statements of operations (in thousands):
 
 
 
Three Months Ended
 
 
 
September 30,
 
 
 
2016
 
2015
 
Research and development
 
$
6
 
$
5
 
General and administrative
 
 
259
 
 
324
 
Total
 
$
265
 
$
329
 
 
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. The Plan, as amended on December 18, 2013, provided that the Company may grant options to purchase stock and/or make awards of restricted stock up to an aggregate amount of 15 million shares. As of September 30, 2016, there were approximately 2.7 million 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.
 
No stock options were issued during Fiscal 2017.
 
The following table summarizes all stock option activity during Fiscal 2017:
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
Weighted-
 
average
 
 
 
 
 
 
 
average
 
Remaining
 
Aggregate
 
 
 
Stock
 
Exercise
 
Contractual
 
Intrinsic Value
 
 
 
Options
 
Price
 
Term (in years)
 
(in thousands)
 
Outstanding as of July 1, 2016
 
 
12,273,334
 
$
1.31
 
 
6.4
 
$
993
 
Granted
 
 
-
 
 
 
 
 
 
 
 
 
 
Outstanding as of September 30, 2016
 
 
12,273,334
 
$
1.31
 
 
6.1
 
$
433
 
Vested and, as of September 30, 2016, expected to vest
 
 
12,233,897
 
$
1.31
 
 
6.1
 
$
433
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable as of September 30, 2016
 
 
9,361,697
 
$
1.31
 
 
5.5
 
$
405
 
 
As of September 30, 2016, there was approximately $1.4 million of total unrecognized compensation cost related to non-vested stock options that the Company expects to recognize over a weighted-average period of 1.68 years.