VICL » Topics » 2. STOCK-BASED COMPENSATION

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

2. STOCK-BASED COMPENSATION

Total stock-based compensation expense of $0.5 million was recognized for the three months ended March 31, 2007 and 2006. Total stock-based compensation cost was allocated to research and development, manufacturing and production and general and administrative expense as follows (in thousands):

 

     Three Months Ended
March 31,
     2007    2006

Research and development

   $ 175    $ 180

Manufacturing and production

     68      74

General and administrative

     245      252
             

Total stock-based compensation expense

   $ 488    $ 506
             

During the three months ended March 31, 2007 and 2006, the Company granted stock-based awards with a total estimated value of $2.1 million and $1.0 million, respectively. At March 31, 2007, total unrecognized estimated compensation cost related to unvested stock-based awards granted prior to that date was $2.7 million, which is expected to be recognized over a weighted-average period of 1.2 years. Stock-based awards granted during the three months ended March 31, 2007 and 2006, represented 1.4% and 1.2%, respectively, of outstanding common shares at the end of each period.

This excerpt taken from the VICL 10-K filed Mar 10, 2006.

Stock-based Compensation

The Company has a stock incentive plan under which 5,700,000 shares of common stock, subject to adjustment as provided in the plan, are reserved for issuance to employees, non-employee directors and consultants of the Company. The Company accounts for stock options issued under this plan using the recognition and measurement principles of Accounting Principles Board, or APB, Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related interpretations, and has adopted the disclosure-only provisions of Statement of Financial Accounting Standards, or SFAS, No. 123, “Accounting for Stock-Based Compensation,” and its related interpretations.

Pro forma information regarding net loss and loss per share is required by SFAS No. 123 and has been determined as if the Company had accounted for its stock options under the fair value method of that Statement. The fair value for these options was estimated at the dates of grant using the Black-Scholes option valuation model. For purposes of pro forma disclosures, the estimated fair value of the options is amortized to expense over the options’ vesting period.

The Company’s pro forma information is as follows (in thousands, except for net loss per share information):

 

     2005     2004     2003  

Net loss, as reported

   $ (24,357 )   $ (23,733 )   $ (24,450 )

Add stock-based compensation expense included in reported net loss

     430       420       50  

Less stock-based compensation expense determined under fair value based method for all awards

     (2,509 )     (3,225 )     (3,569 )
                        

Pro forma net loss

   $ (26,436 )   $ (26,538 )   $ (27,969 )
                        

Basic and diluted net loss per share, as reported

   $ (0.99 )   $ (1.05 )   $ (1.22 )
                        

Basic and diluted pro forma net loss per share

   $ (1.08 )   $ (1.17 )   $ (1.39 )
                        

Weighted average fair value of stock options

   $ 3.29     $ 4.18     $ 2.45  
                        

Assumptions:

      

Assumed risk-free interest rate

     3.98 %     3.10 %     2.55 %

Assumed volatility

     78 %     80 %     80 %

Expected option life

     4 years       4 years       4 years  

Dividend yields

     —         —         —    

 

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VICAL INCORPORATED

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the VICL 10-Q filed Aug 8, 2005.

Stock-Based Compensation

 

The Company accounts for stock options issued under its stock incentive plan using the recognition and measurement principles of Accounting Principles Board, or APB, Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related interpretations, and has adopted the disclosure-only provisions of Statement of Financial Accounting Standards, or SFAS, No. 123, “Accounting for Stock-Based Compensation,” and its related interpretations.

 

Pro forma information regarding net loss and loss per share is required by SFAS No. 123 and has been determined as if the Company had accounted for its stock options under the fair value method of that Statement. The fair value for these options was estimated at the dates of grant using the Black-Scholes option valuation model. For purposes of pro forma disclosures, the estimated fair value of the options is amortized to expense over the options’ vesting period.

 

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VICAL INCORPORATED

 

NOTES TO FINANCIAL STATEMENTS—(Continued)

This excerpt taken from the VICL 10-Q filed May 10, 2005.

Stock-Based Compensation

 

The Company accounts for stock options issued under its stock incentive plan using the recognition and measurement principles of Accounting Principles Board, or APB, Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related interpretations, and has adopted the disclosure-only provisions of Statement of Financial Accounting Standards, or SFAS, No. 123, “Accounting for Stock-Based Compensation,” and its related interpretations.

 

Pro forma information regarding net loss and loss per share is required by SFAS No. 123 and has been determined as if the Company had accounted for its stock options under the fair value method of that Statement. The fair value for these options was estimated at the dates of grant using the Black-Scholes option valuation model. For purposes of pro forma disclosures, the estimated fair value of the options is amortized to expense over the options’ vesting period.

 

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VICAL INCORPORATED

 

NOTES TO FINANCIAL STATEMENTS—(Continued)

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