MNOV » Topics » Stock Options

This excerpt taken from the MNOV 10-Q filed May 15, 2009.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provides for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% of the total combined voting power of all classes of our outstanding stock (a “10% owner”)). Stock options may be either incentive stock options or non-qualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a non-qualified stock option may not be less than 85% of the fair market value of our common stock on the date the stock option is granted.

We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, the stock options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

 

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A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the three months ended March 31, 2009 is as follows:

 

     Stock
Options
    Weighted Average
Exercise Price

Balance at December 31, 2008

   2,579,511     $ 10.59

Granted

   403,373     $ 2.20

Exercised

   —       $ —  

Cancelled

   (116,624 )   $ 10.64
        

Balance at March 31, 2009

   2,866,260     $ 9.41
        

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2009 was $0. The aggregate intrinsic value of stock options outstanding at March 31, 2009 and exercisable at March 31, 2009 was approximately $315,000 and approximately $12,000, respectively. Of the total stock options outstanding as of March 31, 2009, options to purchase 1,554,359 shares of common stock are exercisable, with a weighted average exercise price of $11.91 per share and a weighted average contractual life of 7.2 years.

This excerpt taken from the MNOV DEF 14A filed Apr 29, 2009.

Stock Options

The Compensation Committee believes that total executive compensation should include a mix of short-term and long-term incentives. Stock options granted in fiscal year 2008 vest monthly over a 48-month period commencing on the date of grant. In general, vested stock options may be exercised within ten years from the date the stock options were granted.

Upon a participant’s termination of employment with MediciNova, stock option awards remain exercisable only in accordance with the following provisions:

 

   

Upon termination by reason of death or disability, any vested stock options remain exercisable for twelve months after the date of termination; and

 

   

Upon termination for any reason other than death or disability, any vested stock options remain exercisable for three months after the date of termination.

The Compensation Committee awarded stock options to our executive officers in January 2008 in the following amounts: Dr. Iwaki: an option to purchase 130,000 shares of Common Stock; Mr. Asako: an option to purchase 74,000 shares of Common Stock; Dr. Gammans: an option to purchase 96,000 shares of Common Stock; and Mr. Okajima: an option to purchase 48,000 shares of Common Stock. Dr. Kalafer was awarded options to purchase 70,300 shares of Common Stock in 2008, consisting of a stock option for 55,300 shares granted in January 2008 and a stock option for 15,000 shares granted in connection with his appointment as our Chief Medical Officer in July 2008. The total value of stock options granted to each executive officer was based on our Chief Executive Officer’s recommendations and the Compensation Committee’s own assessment of each individual’s performance and experience. None of our executive officers exercised any stock options in 2008.

These excerpts taken from the MNOV 10-K filed Mar 31, 2009.

Stock Options

 

We grant options to our employees, directors and consultants under the 2004 Plan, the successor to the 2000 Plan.

 

2000 General Stock Incentive Plan

 

In September 2000, we adopted the 2000 Plan under which incentive stock options could be granted to our employees and nonstatutory stock options and other stock-based awards could be granted to employees, directors and consultants. Stock options have been granted with an exercise price of $10.00 per share and vest 25% after

 

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MEDICINOVA, INC.

(a development stage company)

 

Notes to Consolidated Financial Statements

 

the first year of service from the grant date, with the remaining shares vesting in equal monthly installments over the subsequent 36 months of service. An employee may exercise stock options prior to vesting in which case we have the right to repurchase the unvested shares at the original exercise price if the employee is terminated before vesting in all shares occurs.

 

Following the vesting period, options are exercisable until the earlier of 90 days after the employee’s termination with us or the ten-year anniversary of the initial grant, subject to adjustment under certain conditions. We have the right to purchase all of those shares that the employees have or will acquire under these stock options. The purchase price for any vested shares repurchased will be the greater of the fair market value of such shares on the date of purchase or the aggregate exercise price for such shares.

 

At December 31, 2008, stock options to purchase a total of 85,500 shares of common stock were outstanding under the 2000 Plan at a weighted average exercise price of $10.00 per share. No additional stock options have been or will be issued under the 2000 Plan subsequent to our IPO. However, stock options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

 

2004 Stock Incentive Plan

 

In connection with our IPO, we adopted the 2004 Plan, which serves as the successor program to the 2000 Plan. The 2004 Plan became effective upon the completion of our IPO in February 2005 and was amended and restated in February 2007.

 

The 2004 Plan is administered by the compensation committee of our board of directors and provides for the grant of (i) options to purchase shares of common stock; (ii) restricted stock; (iii) stock appreciation rights; and (iv) stock units. Incentive stock options may only be granted to employees. Nonstatutory stock options and other stock-based awards may be granted to employees, non-employee directors and consultants.

 

The number of shares reserved for issuance under the 2004 Plan will be increased on the first day of each of our fiscal years from 2006 through 2014, with the first such increase occurring on January 1, 2006, by the lesser of: (i) 100,000 shares; (ii) 3% of our outstanding common stock on the last day of the immediately preceding fiscal year; or (iii) the number of shares determined by our board of directors. In addition, in February 2007 and June 2008, the total number of shares available for grant under the 2004 Plan was increased by 300,000 and 1,000,000, respectively.

 

Options granted to optionees other than non-employee directors will generally vest monthly over a four-year period, beginning on the vesting commencement date. The exercise price of an incentive stock option shall not be less than 100% of the fair market value at the time of grant and the exercise price of a nonstatutory stock option shall not be less than 85% of the fair market value at the time of grant.

 

Fully vested automatic grants of nonstatutory stock options will be made to non-employee directors in an initial amount of 1,000 shares upon first becoming a member of our board of directors. Immediately after each of our regularly scheduled annual meetings of stockholders, each non-employee director will be automatically granted a nonstatutory option to purchase 1,000 shares of our common stock, at 100% of the fair market value at the time of grant, provided that the director has served on our board for at least six months. Each annual option will be fully vested and exercisable on the date which is six months after the date of grant.

 

The 2004 Plan terminates ten years after its initial adoption by the board of directors, unless terminated earlier by the board of directors. The board of directors may amend or terminate the plan at any time, subject to stockholder approval where required by applicable law.

 

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MEDICINOVA, INC.

(a development stage company)

 

Notes to Consolidated Financial Statements

 

A summary of our stock option activity and related information as of December 31, 2008 is as follows:

 

      Number of
Option Shares
    Weighted Average
Exercise Price

Outstanding at January 1, 2008

   1,990,078     $ 12.58

Granted

   615,540     $ 4.40

Exercised

   —       $ —  

Cancelled

   (26,107 )   $ 17.17
            

Outstanding at December 31, 2008

   2,579,511     $ 10.59
            

Exercisable at December 31, 2008

   1,410,563     $ 12.16
            

 

The weighted average contractual life of options outstanding at December 31, 2008 was 7.8 years and the weighted average contractual life of exercisable options at December 31, 2008 was 7.4 years. There was no intrinsic value of stock options exercised during the year ended December 31, 2008 or outstanding and exercisable at December 31, 2008, based on the Nasdaq Global Market on such date.

 

Stock Options

 

We grant options to our employees, directors and consultants under the 2004 Plan, the successor to the 2000 Plan.

 

2000 General Stock Incentive Plan

 

In September 2000, we adopted the 2000 Plan under which incentive stock options could be granted to our employees and nonstatutory stock options and other stock-based awards could be granted to employees, directors and consultants. Stock options have been granted with an exercise price of $10.00 per share and vest 25% after

 

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MEDICINOVA, INC.

(a development stage company)

 

Notes to Consolidated Financial Statements

 

the first year of service from the grant date, with the remaining shares vesting in equal monthly installments over the subsequent 36 months of service. An employee may exercise stock options prior to vesting in which case we have the right to repurchase the unvested shares at the original exercise price if the employee is terminated before vesting in all shares occurs.

 

Following the vesting period, options are exercisable until the earlier of 90 days after the employee’s termination with us or the ten-year anniversary of the initial grant, subject to adjustment under certain conditions. We have the right to purchase all of those shares that the employees have or will acquire under these stock options. The purchase price for any vested shares repurchased will be the greater of the fair market value of such shares on the date of purchase or the aggregate exercise price for such shares.

 

At December 31, 2008, stock options to purchase a total of 85,500 shares of common stock were outstanding under the 2000 Plan at a weighted average exercise price of $10.00 per share. No additional stock options have been or will be issued under the 2000 Plan subsequent to our IPO. However, stock options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

 

2004 Stock Incentive Plan

 

In connection with our IPO, we adopted the 2004 Plan, which serves as the successor program to the 2000 Plan. The 2004 Plan became effective upon the completion of our IPO in February 2005 and was amended and restated in February 2007.

 

The 2004 Plan is administered by the compensation committee of our board of directors and provides for the grant of (i) options to purchase shares of common stock; (ii) restricted stock; (iii) stock appreciation rights; and (iv) stock units. Incentive stock options may only be granted to employees. Nonstatutory stock options and other stock-based awards may be granted to employees, non-employee directors and consultants.

 

The number of shares reserved for issuance under the 2004 Plan will be increased on the first day of each of our fiscal years from 2006 through 2014, with the first such increase occurring on January 1, 2006, by the lesser of: (i) 100,000 shares; (ii) 3% of our outstanding common stock on the last day of the immediately preceding fiscal year; or (iii) the number of shares determined by our board of directors. In addition, in February 2007 and June 2008, the total number of shares available for grant under the 2004 Plan was increased by 300,000 and 1,000,000, respectively.

 

Options granted to optionees other than non-employee directors will generally vest monthly over a four-year period, beginning on the vesting commencement date. The exercise price of an incentive stock option shall not be less than 100% of the fair market value at the time of grant and the exercise price of a nonstatutory stock option shall not be less than 85% of the fair market value at the time of grant.

 

Fully vested automatic grants of nonstatutory stock options will be made to non-employee directors in an initial amount of 1,000 shares upon first becoming a member of our board of directors. Immediately after each of our regularly scheduled annual meetings of stockholders, each non-employee director will be automatically granted a nonstatutory option to purchase 1,000 shares of our common stock, at 100% of the fair market value at the time of grant, provided that the director has served on our board for at least six months. Each annual option will be fully vested and exercisable on the date which is six months after the date of grant.

 

The 2004 Plan terminates ten years after its initial adoption by the board of directors, unless terminated earlier by the board of directors. The board of directors may amend or terminate the plan at any time, subject to stockholder approval where required by applicable law.

 

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MEDICINOVA, INC.

(a development stage company)

 

Notes to Consolidated Financial Statements

 

A summary of our stock option activity and related information as of December 31, 2008 is as follows:

 

      Number of
Option Shares
    Weighted Average
Exercise Price

Outstanding at January 1, 2008

   1,990,078     $ 12.58

Granted

   615,540     $ 4.40

Exercised

   —       $ —  

Cancelled

   (26,107 )   $ 17.17
            

Outstanding at December 31, 2008

   2,579,511     $ 10.59
            

Exercisable at December 31, 2008

   1,410,563     $ 12.16
            

 

The weighted average contractual life of options outstanding at December 31, 2008 was 7.8 years and the weighted average contractual life of exercisable options at December 31, 2008 was 7.4 years. There was no intrinsic value of stock options exercised during the year ended December 31, 2008 or outstanding and exercisable at December 31, 2008, based on the Nasdaq Global Market on such date.

 

This excerpt taken from the MNOV 10-Q filed Nov 10, 2008.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provide for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% of the total combined voting power of all classes of our outstanding stock (a “10% owner”)). Stock options may be either incentive stock options or non-qualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a non-qualified stock option may not be less than 85% of the fair market value of our common stock on the date the stock option is granted.

We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, the stock options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the three months ended September 30, 2008 is as follows:

 

     Stock
Options
    Weighted Average
Exercise Price

Balance at December 31, 2007

   1,990,078     $ 12.58

Granted

   615,540     $ 4.40

Exercised

   —       $ —  

Cancelled

   (24,242 )   $ 17.76
        

Balance at September 30, 2008

   2,581,376     $ 10.59
        

 

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The aggregate intrinsic value of stock options exercised, outstanding and exercisable during the three months and nine months ended September 30, 2008 was $0 in each case. Of the total stock options outstanding as of September 30, 2008, options to purchase 1,266,549 shares of common stock are exercisable, with a weighted average exercise price of $12.37 per share and a weighted average contractual life of 7.7 years.

This excerpt taken from the MNOV 10-Q filed Aug 11, 2008.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provide for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% of the total combined voting power of all classes of our outstanding stock (a “10% owner”)). Stock options may be either incentive stock options or non-qualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a non-qualified stock option may not be less than 85% of the fair market value of our common stock on the date the stock option is granted.

We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, the stock options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

 

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A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the three months ended June 30, 2008 is as follows:

 

     Stock
Options
    Weighted Average
Exercise Price

Balance at December 31, 2007

   1,990,078     $ 12.58

Granted

   604,540     $ 4.42

Exercised

   —       $ —  

Cancelled

   (15,841 )   $ 22.44
        

Balance at June 30, 2008

   2,578,777     $ 10.69
        

The aggregate intrinsic value of stock options exercised during the three months and six months ended June 30, 2008 was $0, outstanding at June 30, 2008 was $2.7 million and exercisable at June 30, 2008 was $0.3 million. Of the total stock options outstanding as of June 30, 2008, options to purchase 1,131,023 shares of common stock are exercisable, with a weighted average exercise price of $12.56 per share and a weighted average contractual life of 7.9 years.

This excerpt taken from the MNOV 10-Q filed May 12, 2008.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provide for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% of the total combined voting power of all classes of our outstanding stock (a “10% owner”)). Stock options may be either incentive stock options or non-qualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a non-qualified stock option may not be less than 85% of the fair market value of our common stock on the date the stock option is granted.

We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, the stock options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

 

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A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the three months ended March 31, 2008 is as follows:

 

     Stock
Options
    Weighted Average
Exercise Price

Balance at December 31, 2007

   1,990,078     $ 12.58

Granted

   576,940     $ 4.42

Exercised

   —       $ —  

Cancelled

   (9,312 )   $ 13.39
        

Balance at March 31, 2008

   2,557,706     $ 12.18
        

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2008, outstanding at March 31, 2008 and exercisable at March 31, 2008 was $0, in each case. Of the total stock options outstanding as of March 31, 2008, options to purchase 989,975 shares of common stock are exercisable, with a weighted average exercise price of $12.18 per share and a weighted average contractual life of 8.1 years.

This excerpt taken from the MNOV 10-Q filed Nov 9, 2007.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provide for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% the total combined voting power of all classes of our outstanding stock (a “10% owner”)). Stock options may be either incentive stock options or non-qualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a non-qualified stock option may not be less than 85% of the fair market value of our common stock on the date the option is granted.

We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the nine months ended September 30, 2007 is as follows:

 

     Options     Weighted average
exercise price

Balance at December 31, 2006

   2,038,791     $ 12.86

Granted

   151,000     $ 16.41

Exercised

   —       $ —  

Cancelled

   (150,467 )   $ 19.80
        

Balance at September 30, 2007

   2,039,324     $ 12.61
        

The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2007, outstanding at September 30, 2007 and exercisable at September 30, 2007 was $0, in each case. Of the total stock options outstanding as of September 30, 2007, options to purchase 665,562 shares of common stock are exercisable, with a weighted average exercise price of $12.61 per share and a weighted average contractual life of 8.0 years.

 

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This excerpt taken from the MNOV 10-Q filed Aug 9, 2007.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provide for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% the total combined voting power of all classes of our outstanding stock (a “10% owner”). Stock options may be either incentive stock options or nonqualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a nonqualified stock option may not be less than 85% of the fair market value of our common stock on the date the option is granted.

We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

 

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A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the six months ended June 30, 2007 is as follows:

 

     Options     Weighted
average
exercise price

Balance at December 31, 2006

   2,038,791     $ 12.86

Granted

   145,000     $ 16.65

Exercised

   —       $ —  

Cancelled

   (117,638 )   $ 20.54
        

Balance at June 30, 2007

   2,066,153     $ 12.68
        

The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2007, outstanding at June 30, 2007 and exercisable at June 30, 2007 was $0, in each case. Of the total stock options outstanding as of June 30, 2007, options to purchase 562,036 shares of common stock are exercisable, with a weighted average exercise price of $13.99 per share and a weighted average contractual life of 8.4 years.

This excerpt taken from the MNOV 10-Q filed May 10, 2007.

Stock Options

We currently maintain two equity-based compensation plans: (i) the 2000 Plan and (ii) the 2004 Plan. Each of the 2000 Plan and the 2004 Plan provide for the issuance of equity-based awards to employees, officers, directors and consultants and are administered by our board of directors or a committee thereof. Stock options granted under each plan vest and expire based on periods determined by the board of directors or a committee thereof, but in no event can the expiration date be later than ten years from the date of grant (five years after the date of grant if the grant is an incentive stock option to an employee who owns more than 10% the total combined voting power of all classes of our outstanding stock (a “10% owner”). Stock options may be either incentive stock options or nonqualified stock options. The per share exercise price of an incentive stock option may not be less than 100% of the fair market value of our common stock on the date the option is granted (110% of the fair market value if the grant is to a 10% owner). The per share exercise price of a non qualified stock option may not be less than 85% of the fair market value of our common stock on the date the option is granted.

 

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We currently grant stock options to our employees, officers, directors and consultants under the 2004 Plan, the successor to the 2000 Plan. No additional stock options have been or will be issued under the 2000 Plan subsequent to our initial public offering. However, options previously granted under the 2000 Plan will remain outstanding until the earlier of expiration or exercise.

A summary of the changes in stock options outstanding under the 2000 Plan and 2004 Plan during the three months ended March 31, 2007 is as follows:

 

     Options    Weighted
average
exercise price

Balance at December 31, 2006

   2,038,791    $ 12.86

Granted

   127,000    $ 17.76

Exercised

   —      $ —  

Cancelled

   —      $ —  
       

Balance at March 31, 2007

   2,165,791    $ 13.14
       

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2007, outstanding at March 31, 2007 and exercisable at March 31, 2007 was approximately $0, $1,419,740, and $193,627, respectively. Of the total stock options outstanding as of March 31, 2007, options to purchase 479,851 shares of common stock were exercisable, with a weighted average exercise price of $14.07 per share and a weighted average contractual life of 8.6 years.

This excerpt taken from the MNOV 10-Q filed May 10, 2006.

Stock Options

In January 2006, we granted options to each employee and each member of our board of directors to purchase an aggregate of 2,716,000 shares of our common stock at a weighted average exercise price of 139 Japanese Yen (or approximately $1.18) per share, all of which were granted at fair market value on the date of grant.

A summary of the changes in options outstanding during the three months ended March 31, 2006 is as follows:

 

       Options      Weighted
average
exercise price

Balance at December 31, 2005

     4,724,167      $ 2.21

Granted

     2,716,000      $ 1.18

Exercised

     —        $ —  

Cancelled

     (35,459 )    $ 1.07
           

Balance at March 31, 2006

     7,404,708      $ 1.84
           
This excerpt taken from the MNOV DEF 14A filed Apr 13, 2006.

Stock Options

 

The following tables summarize option grants and exercises during the year ended December 31, 2005 to or by our named executive officers, and the value of the options held by such persons as of December 31, 2005, including the potential realizable value over the ten-year term of the options, based on assumed rates of stock appreciation of 5% and 10%, compounded annually. These assumed rates of appreciation comply with the rules of the SEC and do not represent our estimate or projection of the future common stock price. There can be no assurance that any of the values reflected in the table will be achieved. We have not granted any stock appreciation rights.

 

From September 2000 through December 31, 2005, we granted options to purchase up to an aggregate of 4,724,167 shares, net of cancellations, under our 2000 General Stock Incentive Plan and our 2004 Stock Incentive Plan. All options were granted at exercise prices at or above the fair market value of our common stock on the date of grant, as determined in good faith by our board of directors. These options generally vest over four years.

 

This excerpt taken from the MNOV 10-K filed Feb 16, 2006.

Stock Options

 

The following tables summarize option grants and exercises during the year ended December 31, 2005 to or by our named executive officers, and the value of the options held by such persons as of December 31, 2005, including the potential realizable value over the ten-year term of the options, based on assumed rates of stock appreciation of 5% and 10%, compounded annually. These assumed rates of appreciation comply with the rules of the SEC and do not represent our estimate or projection of the future common stock price. There can be no assurance that any of the values reflected in the table will be achieved. We have not granted any stock appreciation rights.

 

From September 2000 through December 31, 2005, we granted options to purchase up to an aggregate of 4,724,167 shares, net of cancellations, under our 2000 General Stock Incentive Plan and our 2004 Stock Incentive Plan. All options were granted at exercise prices at or above the fair market value of our common stock on the date of grant, as determined in good faith by our board of directors. These options generally vest over four years.

 

This excerpt taken from the MNOV 10-Q filed Nov 14, 2005.

Stock Options

 

Upon the completion of our initial public offering on February 4, 2005, our 2004 Stock Incentive Plan became effective with 20,300,000 shares of common stock authorized for issuance thereunder. No further grants will be made from our 2000 General Stock Incentive Plan.

 

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Table of Contents
This excerpt taken from the MNOV 10-Q filed Aug 15, 2005.

Stock Options

 

Upon the completion of our initial public offering on February 4, 2005, our 2004 Stock Incentive Plan became effective with 20,300,000 shares of common stock authorized for issuance thereunder. No further grants will be made from our 2000 General Stock Incentive Plan.

 

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Table of Contents
This excerpt taken from the MNOV DEF 14A filed Jun 7, 2005.

Stock Options

 

The following tables summarize option grants and exercises during the year ended December 31, 2004 to or by our named executive officers, and the value of the options held by such persons as of December 31, 2004, including the potential realizable value over the ten-year term of the options, based on assumed rates of stock appreciation of 5% and 10%, compounded annually. These assumed rates of appreciation comply with the rules of the SEC and do not represent our estimate or projection of the future common stock price. There can be no assurance that any of the values reflected in the table will be achieved. We have not granted any stock appreciation rights.

 

From September 2000 through December 31, 2004, we granted options to purchase up to an aggregate of 1,550,000 shares, net of cancellations, under our 2000 General Stock Incentive Plan. All options were granted at exercise prices at or above the fair market value of our common stock on the date of grant, as determined in good faith by our board of directors. These options generally vest over four years.

 

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