Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.7.0.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

For the three-month periods ended March 31, 2017 and 2016, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was approximately $147,000 and $341,000, respectively. We have not recorded any income tax benefit related to stock-based compensation in either of the three-month periods ended March 31, 2017 and 2016.

 

In September 2016, the Board of Directors approved the 2016 Stock Incentive Plan (the “2016 Plan”), authorizing a total of 10 million shares. The 2016 Plan has not yet been approved by Navidea’s stockholders. In connection with Dr. Goldberg’s appointment as Chief Executive Officer of the Company in September 2016, the Board of Directors awarded options to purchase 5,000,000 shares of our common stock to Dr. Goldberg, subject to stockholder approval of the 2016 Plan. If approved, these stock options will vest 100% when the average closing price of the Company’s common stock over a period of five consecutive trading days equals or exceeds $2.50 per share, and expire on the tenth anniversary of the date of grant.

 

A summary of the status of our stock options as of March 31, 2017, and changes during the three-month period then ended, is presented below:

 

    Three Months Ended March 31, 2017  
   

Number of

Options

   

Weighted

Average

Exercise

Price

 

Weighted

Average

Remaining

Contractual

Life

 

Aggregate

Intrinsic

Value

       
Outstanding at beginning of period     3,380,615     $ 2.00                
Granted                          
Exercised                          
Canceled and Forfeited     (108,150 )     1.48                
Expired                          
Outstanding at end of period     3,272,465     $ 2.01   6.2 years   $ 10,922        
Exercisable at end of period     3,002,405     $ 2.04   6.1 years   $ 10,922        

 

 

A summary of the status of our unvested restricted stock as of March 31, 2017, and changes during the three-month period then ended, is presented below:

 

   

Three Months Ended

March 31, 2017

 
   

Number of

Shares

   

Weighted

Average

Grant-Date

Fair Value

 
Unvested at beginning of period     207,000     $ 1.17  
Granted            
Vested            
Forfeited            
Unvested at end of period     207,000     $ 1.17  

 

 

As of March 31, 2017, there was approximately $101,000 of total unrecognized compensation expense related to unvested stock-based awards, which we expect to recognize over the remaining weighted average vesting term of 1.4 years.