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SEC Filings

10-K
SERES THERAPEUTICS, INC. filed this Form 10-K on 03/16/2017
Entire Document
 

 

SERES THERAPEUTICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except share and per share data)

 

 

Stock Options

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2016:

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

(in years)

 

 

 

 

 

Outstanding as of December 31, 2015

 

 

5,026,246

 

 

$

8.01

 

 

 

8.70

 

 

$

136,945

 

Granted

 

 

1,695,125

 

 

 

26.04

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,273,736

)

 

 

1.68

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(378,502

)

 

 

24.93

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2016

 

 

5,069,133

 

 

$

14.36

 

 

 

8.26

 

 

$

16,736

 

Options vested and expected to vest as of December 31, 2016

 

 

5,069,133

 

 

$

14.36

 

 

 

8.26

 

 

$

16,736

 

Options exercisable as of December 31, 2016

 

 

1,686,284

 

 

$

8.05

 

 

7.62

 

 

$

9,048

 

 

The weighted average grant-date fair value of stock options granted during the years ended December 31, 2016, 2015 and 2014 was $18.45, $14.56, and $4.25 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2016, 2015, and 2014 was $34,871, $4,125, and $512.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

The Company granted performance-based stock options to certain employees. These stock options were exercisable only upon achievement of specified performance targets. During the year ended December 31, 2016, the Company determined that the achievement of these specified performance targets occurred. Upon achievement of the performance targets, 60,000 options became immediately vested.  The Company recorded stock based compensation expense of $235 during the year ended December 31, 2016 related to these awards. The grant date fair value of these awards was $3.92 per share.    

As of December 31, 2016 and 2015, there were outstanding unvested service-based stock options held by non-employees for the purchase of 63,375 and 27,750 shares, respectively, of common stock.

Restricted Stock Units

The Company has granted restricted stock units with time-based vesting conditions.  The table below summarizes the Company’s restricted stock activity for the twelve months ended December 31, 2016:

 

 

 

Number

of Shares

 

 

Weighted

Average Grant

Date Fair Value

 

Unvested restricted stock units as of December 31, 2015

 

 

 

 

$

 

Granted

 

 

115,500

 

 

$

9.78

 

Vested

 

 

 

 

$

 

Unvested restricted stock units as of December 31, 2016

 

 

115,500

 

 

$

9.78

 

The aggregate intrinsic value of restricted stock units that vested during the years ended December 31, 2016, 2015 and 2014 was $0, $1,508, and $684, respectively.

F-21



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