Annual report pursuant to Section 13 and 15(d)

Share-based compensation (Tables)

v3.10.0.1
Share-based compensation (Tables)
12 Months Ended
Dec. 31, 2018
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 unaudited 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, 

 

 

    

2018

    

2017

 

2016

 

Research and development

 

$

8,340

 

 

5,268

 

$

4,185

 

General and administrative

 

 

7,862

 

 

5,536

 

 

4,636

 

 

 

$

16,202

 

 

10,804

 

$

8,821

 

 

Summary of all stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

average

 

remaining

 

Aggregate

 

 

 

 

exercise price

 

contractual

 

intrinsic value

 

    

Options

    

per option

    

term (years)

    

(thousands)

Outstanding at January 1, 2018

 

74,943,667

 

£

0.58

 

 

 

 

 

Changes during the period:

 

 

 

 

 

 

 

 

 

 

Granted

 

20,771,970

 

£

0.63

 

 

 

 

 

Exercised

 

(5,334,936)

 

£

0.42

 

 

 

 

 

Forfeited

 

(2,815,982)

 

£

0.80

 

 

 

 

 

Outstanding at December 31, 2018

 

87,564,719

 

£

0.60

 

7.6

 

$

25,905

Exercisable at December 31, 2018

 

47,678,481

 

£

0.55

 

6.7

 

$

15,207

 

Summary of information about stock options outstanding

 

The following table summarizes information about stock options outstanding as of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

Exercisable

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

 

average

 

Weighted-

 

 

 

Weighted-

 

 

 

Total share

 

remaining

 

average

 

Total share

 

average

Exercise price

    

options

    

contractual life

    

exercise price

    

options

    

exercise price

£

0

    

8,099,412

 

9.2

    

£

0.00

 

 —

    

£

 —

 

0.01 - 0.25

 

7,268,412

 

4.9

 

 

0.12

 

7,268,412

 

 

0.12

 

0.26 - 0.50

 

16,714,988

 

6.1

 

 

0.43

 

16,156,497

 

 

0.42

 

0.51 - 0.75

 

28,617,051

 

8.2

 

 

0.61

 

13,465,614

 

 

0.61

 

0.76 - 1.00

 

22,317,845

 

8.0

 

 

0.93

 

9,323,729

 

 

0.90

 

1.01 - 1.50

 

2,751,818

 

8.5

 

 

1.18

 

934,295

 

 

1.04

 

1.51 - 2.00

 

1,795,243

 

8.6

 

 

1.71

 

529,934

 

 

1.82

Total

 

87,564,769

 

7.6

 

£

0.60

 

47,678,481

 

£

0.55

 

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

 

 

 

 

 

 

 

 

 

 

Year ended

 

Year ended

 

Year ended

 

 

December 31, 

 

December 31, 

 

December 31, 

 

    

2018

    

2017

    

2016

Expected term (years)

 

5 years

 

5 years

 

5 years

Expected volatility

 

66 - 69%

 

66 - 71%

 

68 - 73%

Risk free rate

 

0.90 - 1.15%

 

0.40 - 0.76%

 

0.17 - 1.07%

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

Options granted to non-executive directors on July 3, 2017

 

100% on the first anniversary of the grant date

Options granted to non-executive directors on June 22, 2018:

 

100% on the first anniversary of the grant date

Options granted to a non-executive director on July 5, 2018:

 

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