Annual report pursuant to Section 13 and 15(d)

Share-based compensation (Tables)

v3.6.0.2
Share-based compensation (Tables)
12 Months Ended
Dec. 31, 2016
Summary of vesting information

Options granted in 2009:

 

100% on the third anniversary of the grant date

 

 

 

Options granted in 2011, 2012, 2013 and April 2014:

 

25% on the first anniversary of the grant date and 75% in annual installments over the following three years

 

 

 

Options granted in December 2014:

 

25% on the first anniversary of the grant date and 75% in monthly installments over the following three years

 

Summary of share-based compensation expense included in the consolidated statements of operations

The following table shows the total share-based compensation expense included in the consolidated statement of operations (thousands):

 

 

 

Year ended
December 31,
2016

 

Six months ended
December 31,
2015

 

Year ended
June 30,
2015

 

Year ended
June 30,
2014

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

4,185 

 

$

1,587 

 

$

5,426 

 

$

121 

 

General and administrative

 

4,636 

 

1,981 

 

1,652 

 

211 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,821 

 

$

3,568 

 

$

7,078 

 

$

332 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of all stock option activity

 

 

Options

 

Weighted
average
exercise price
per option

 

Average
remaining
contractual
term (years)

 

Aggregate
intrinsic value
(thousands)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2016

 

31,203,477

 

£

0.41

 

 

 

 

 

Changes during the period:

 

 

 

 

 

 

 

 

 

Granted

 

19,404,373

 

£

0.89

 

 

 

 

 

Exercised

 

(63,192

)

£

0.22

 

 

 

 

 

Forfeited

 

(1,307,368

)

£

1.04

 

 

 

 

 

Outstanding at December 31, 2016

 

49,237,290

 

£

0.58

 

8.2

 

$

8,205

 

Exercisable at December 31, 2016

 

17,167,747

 

£

0.41

 

7.5

 

$

4,906

 

 

Summary of information about stock options outstanding

The following table summarizes information about stock options outstanding as of December 31, 2016:

 

Outstanding

 

Exercisable

 

Exercise price

 

Total share options

 

Weighted-average
remaining
contractual life

 

Weighted-average
exercise price

 

Total share options

 

Weighted-average
exercise price

 

£

0 – 0.25

 

9,858,104 

 

6.6 

 

£

0.11 

 

6,482,204 

 

£

0.11 

 

0.26 – 0.50

 

19,156,064 

 

8.1 

 

0.42 

 

8,975,893 

 

0.42 

 

0.51 – 0.75

 

1,646,000 

 

9.9 

 

0.58 

 

 

 

0.76 – 1.00

 

15,493,264 

 

9.5 

 

0.93 

 

559,049 

 

0.89 

 

1.01 – 1.50

 

1,498,243 

 

9.4 

 

1.06 

 

 

 

1.51 – 2.00

 

1,585,615 

 

8.4 

 

1.82 

 

1,150,601 

 

1.82 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

49,237,290 

 

8.2 

 

£

0.58 

 

17,167,747 

 

£

0.41 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of the assumptions used to estimate the fair values of the share options granted using the Black-Scholes option-pricing model

 

 

Year ended
December 31,
2016

 

Year ended
June 30,
2015

 

Year ended
June 30,
2014

 

 

 

 

 

 

 

 

 

Expected term (years)

 

5 years

 

5 years

 

5 years

 

Expected volatility

 

68-73%

 

60% 

 

60% 

 

Risk free rate

 

0.17-1.07%

 

1.04-1.54%

 

1.73% 

 

Expected dividend yield

 

0% 

 

0% 

 

0% 

 

 

Non-executive director  
Summary of vesting information

Options granted to non-executive directors on May 11, 2015:

 

Immediately on grant date

 

 

 

Options granted to a non-executive director on June 23, 2016:

 

25% on the first anniversary of the grant date and 75% in monthly installments over the following two years

 

 

 

Options granted to non-executive directors on August 11, 2016:

 

100% on the first anniversary of the grant date

 

 

 

Options granted to non-executive directors on November 28, 2016:

 

25% on the first anniversary of the grant date and 75% in monthly installments over the following two years