Share-based compensation (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Summary of vesting information |
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Options granted in 2009:
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100% on the third anniversary of the grant date
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Options granted in 2011, 2012, 2013 and April 2014:
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25% on the first anniversary of the grant date and 75% in annual installments over the following three years
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Options granted in December 2014:
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25% on the first anniversary of the grant date and 75% in monthly installments over the following three years
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| 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
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|
Six months ended
December 31,
2015
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|
Year ended
June 30,
2015
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|
Year ended
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development
|
|
$
|
4,185
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|
$
|
1,587
|
|
$
|
5,426
|
|
$
|
121
|
|
|
General and administrative
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|
4,636
|
|
1,981
|
|
1,652
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|
211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,821
|
|
$
|
3,568
|
|
$
|
7,078
|
|
$
|
332
|
|
|
|
|
|
|
|
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|
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| Summary of all stock option activity |
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Options
|
|
Weighted
average
exercise price
per option
|
|
Average
remaining
contractual
term (years)
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|
Aggregate
intrinsic value
(thousands)
|
|
|
|
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|
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Outstanding at January 1, 2016
|
|
31,203,477
|
|
£
|
0.41
|
|
|
|
|
|
|
Changes during the period:
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|
|
|
|
|
|
|
|
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Granted
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|
19,404,373
|
|
£
|
0.89
|
|
|
|
|
|
|
Exercised
|
|
(63,192
|
)
|
£
|
0.22
|
|
|
|
|
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Forfeited
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|
(1,307,368
|
)
|
£
|
1.04
|
|
|
|
|
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|
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
|
|
|
|
|
|
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|
|
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Total
|
|
49,237,290
|
|
8.2
|
|
£
|
0.58
|
|
17,167,747
|
|
£
|
0.41
|
|
|
|
|
|
|
|
|
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| Summary of the assumptions used to estimate the fair values of the share options granted using the Black-Scholes option-pricing model |
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|
|
Year ended
December 31,
2016
|
|
Year ended
June 30,
2015
|
|
Year ended
June 30,
2014
|
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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
|
|
|
|
|
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Options granted to non-executive directors on August 11, 2016:
|
|
100% on the first anniversary of the grant date
|
|
|
|
|
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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
|
|