|9 Months Ended|
Sep. 30, 2018
|Stockholders' Equity Note [Abstract]|
The following table summarizes the stock-based compensation expense from stock option, employee stock purchase programs and restricted Common Stock awards and warrants for the three and nine months ended September 30, 2018 and 2017:
For the three months ended September 30, 2018 and 2017, approximately $1.8 million and $1.6 million, respectively, of stock-based compensation expense was included in research and development expenses in connection with equity grants made to employees and consultants and approximately $3.2 million and $2.7 million, respectively, was included in general and administrative expenses in connection with grants made to employees, members of the board of directors and consultants.
For the nine months ended September 30, 2018 and 2017, approximately $4.9 million and $4.8 million, respectively, of stock-based compensation expense was included in research and development expenses in connection with equity grants made to employees and consultants and approximately $8.7 million and $7.2 million, respectively, was included in general and administrative expenses in connection with grants made to employees, members of the board of directors and consultants.
The following table summarizes Fortress stock option activities excluding activity related to Fortress Companies:
As of September 30, 2018, Fortress had no unrecognized stock-based compensation expense related to options.
Restricted Stock and Restricted Stock Units
The following table summarizes Fortress restricted stock awards and restricted stockunit awards
activities, excluding activities related to Fortress Companies:
As of September 30, 2018, and 2017, the Company had unrecognized stock-based compensation expense related to restricted stock and restricted stock unit awards of approximately $9.8 million and $1.7 million, respectively, which is expected to be recognized over the remaining weighted-average vesting period of 3.6 years and 2.0 years, respectively.
The following table summarizes Fortress warrant activities, excluding activities related to Fortress Companies:
Employee Stock Purchase Plan
Eligible employees can purchase the Company’s Common Stock at the end of a predetermined offering period at 85% of the lower of the fair market value at the beginning or end of the offering period. The ESPP is compensatory and results in stock-based compensation expense.
As of September 30, 2018, 289,359 shares have been purchased and 710,641 shares are available for future sale under the Company’s ESPP. Share-based compensation expense recorded was approximately $52,000 and $52,000, respectively, for the three months ended September 30, 2018 and 2017, and was approximately $0.1 million and $0.1 million, respectively, for the nine months ended September 30, 2018 and 2017.
At the Market Offering
Pursuant to the terms of the Company’s Amended and Restated At Market Issuance Sales Agreement, or Sales Agreement, with B. Riley FBR, Inc. (“B. Riley,” f/k/a MLV & Co. LLC, and FBR Capital Markets & Co.) (the “ATM”), for the nine month period ended September 30, 2018, the Company issued 2,668,756 shares of common stock at an average price of $2.61 per share for gross proceeds of $7.0 million. In connection with these sales, the Company paid aggregate fees of approximately $0.2 million.
Checkpoint Therapeutics, Inc.
Checkpoint At the Market
In November 2017, Checkpoint filed a shelf registration statement on Form S-3 (the "Checkpoint
S-3"), which was declared effective in December 2017. Under theCheckpoint
S-3, Checkpoint may sell up to a total of $100 million of its securities. In connection with theCheckpoint
S-3, Checkpoint entered into an At-the-Market Issuance Sales Agreement (the "Checkpoint
ATM") with Cantor Fitzgerald & Co., Ladenburg Thalmann & Co. Inc. and H.C. Wainwright & Co., LLC (each an "Agent" and collectively, the "Agents"), relating to the sale of shares of common stock. Under theCheckpoint
ATM, Checkpoint pays the Agents a commission rate of up to 3.0% of the gross proceeds from the sale of any shares of common stock.
During the three and nine months ended September 30, 2018, Checkpoint sold a total of 1,841,774 shares of its common stock under theCheckpoint
ATM for aggregate total gross proceeds of approximately $8.0 million at an average selling price of $4.33 per share, resulting in net proceeds of approximately $
7.7million after deducting commissions and other transactions costs.
Checkpoint Public Offering of Common Stock
On March 12, 2018, Checkpoint closed an underwritten public offering in which it sold 5,290,000 shares of its common stock at a price of $4.35 per share for gross proceeds of approximately $23.0 million. Total net proceeds from this offering were approximately $20.8 million, net of underwriting discounts and estimated offering expenses of approximately $2.2 million. The shares were sold under the Checkpoint S-3.
Approximately $69.0 million of the shelf remains available for sale under theCheckpoint
S-3, following theofferings noted above.
Checkpoint may offer the securities under theCheckpoint
S-3 from time to time in response to market conditions or other circumstances if it believes such a plan of financing is in the best interests of its stockholders.
The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef