Stockholders' Equity (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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| Schedule of Share-based Compensation, Activity |
The following table summarizes the stock-based compensation expense from stock option awards, restricted common stock awards, employee stock purchase programs and warrants granted by Fortress for the three and nine months ended September 30, 2017 and 2016: | | | Three Months Ended | | | Nine Months Ended | | | | | September 30, | | | September 30, | | | ($ in thousands) | | 2017 | | | 2016 | | | 2017 | | | 2016 | | | Employee awards | | $ | 1,650 | | | $ | 1,937 | | | $ | 5,170 | | | $ | 5,490 | | | Non-employee awards | | | 24 | | | | 3 | | | | 60 | | | | 9 | | | Fortress Companies | | | 2,510 | (1) | | | 963 | (2) | | | 6,506 | (3) | | | 3,293 | (4) | | Total stock-based compensation expense | | $ | 4,183 | | | $ | 2,903 | | | $ | 11,736 | | | $ | 8,792 | |
| | (1)
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Consists of approximately $0.2 million of Avenue's compensation expenses, approximately $0.9 million of Checkpoint's compensation expense, approximately $0.8 million of Mustang’s compensation expense, approximately $0.4 million of Caelum’s compensation expense, approximately $62,000 of JMC's compensation expenses, approximately $27,000 of Helocyte's compensation expenses and approximately $5,000 of Cellvation's compensation expenses on stock and option grants for the three months ended September 30, 2017. | | | (2)
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Consists of approximately $5,000 of Avenue's compensation expenses, approximately $0.8 million of Checkpoint's compensation expense, approximately $130,000 of JMC's compensation expenses and approximately $67,000 of Helocyte's compensation expenses on stock grants for the three months ended September 30, 2016. |
| | (3)
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Consists of approximately $0.3 million of Avenue's compensation expenses, approximately $4.3 million of Checkpoint's compensation expense, approximately $1.2 million of Mustang’s compensation expense, approximately $0.4 million of Caelum’s compensation expense, approximately $0.2 million of JMC's compensation expenses, approximately $0.1 million of Helocyte's compensation expenses and approximately $19,000 of Cellvation's compensation expenses on stock and option grants for the nine months ended September 30, 2017. | | | (4)
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Consists of approximately $23,000 of Avenue's compensation expenses, approximately $2.7 million of Checkpoint's compensation expense, approximately $458,000 of JMC's compensation expenses and approximately $160,000 of Helocyte's compensation expenses on stock grants for the nine months ended September 30, 2016. |
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| Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding And Exercisable |
The following table summarizes Fortress stock option activities excluding activity related to Fortress Companies:
| | | | | | | | | Weighted average | | | | | | | | | Total weighted | | remaining | | | | | | | Weighted average | | average intrinsic | | contractual life | | | | | Number of shares | | exercise price | | value | | (years) | | | Options vested and expected to vest at December 31, 2016 | | | 1,130,501 | | $ | 3.73 | | $ | 602,451 | | | 4.93 | | | Exercised | | | (20,000) | | | 1.37 | | | 61,000 | | | - | | | Options vested and expected to vest at September 30, 2017 | | | 1,100,501 | | $ | 3.78 | | $ | 1,620,046 | | | 4.21 | | | Options vested and exercisable | | | 1,085,501 | | $ | 3.75 | | $ | 1,620,046 | | | 4.18 | |
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| Nonvested Restricted Stock Shares Activity |
The following table summarizes Fortress’s restricted stock and restricted stock unit award activity, excluding activity related to Fortress Companies (which is discussed below): | | | | | Weighted average | | | | | Number of shares | | grant price | | | Unvested balance at December 31, 2016 | | | 10,094,095 | | $ | 2.49 | | | Restricted stock granted | | | 1,325,396 | | | 2.70 | | | Restricted stock vested | | | (213,333) | | | 2.75 | | | Restricted stock units granted | | | 930,000 | | | 4.31 | | | Restricted stock units forfeited | | | (15,000) | | | 2.98 | | | Restricted stock units vested | | | (214,625) | | | 3.44 | | | Unvested balance at September 30, 2017 | | | 11,906,533 | | $ | 2.63 | |
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| Schedule of Warrant Activities |
The following table summarizes Fortress warrant activities, excluding activities related to Fortress Companies:
| | | | | | | | | | | | Weighted average | | | | | | | | | | | Total weighted | | | remaining | | | | | | | | Weighted average | | | average intrinsic | | | contractual life | | | | | Number of shares | | | exercise price | | | value | | | (years) | | | Outstanding as of December 31, 2016 | | | 2,263,453 | | | $ | 3.62 | | | $ | 79,800 | | | | 4.74 | | | Granted | | | 816,180 | | | | 1.33 | | | | 329,954 | | | | 4.87 | | | Forfeited | | | (230,444) | | | | 8.39 | | | | - | | | | - | | | Outstanding as of September 30, 2017 | | | 2,849,189 | | | $ | 2.57 | | | $ | 3,358,161 | | | | 4.69 | | | Exercisable as of September 30, 2017 | | | 869,189 | | | $ | 3.96 | | | $ | 546,561 | | | | 4.30 | |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of options granted in 2017 was estimated using the following assumptions: | | | September 30, | | | | | 2017 | | | Risk-free interest rate | | | 1.88% - 2.22 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 5.0 7.0 | | | Expected volatility | | | 107 | % |
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| Mustang Bio, Inc [Member] |
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| Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding And Exercisable |
The following table summarizes stock option activities for the nine months ended September 30, 2017: | | | | | | | | | Weighted | | | | | | | | | | | Average | | | | | | | | | | | Remaining | | | | | | | | Weighted | | | Contractual | | | | | | | | Average | | | Life (in | | | | | Stock Options | | | Exercise Price | | | years) | | | Nonvested at December 31, 2016 | | | - | | | $ | - | | | | - | | | Options granted | | | 1,241,675 | | | $ | 5.73 | | | | 9.56 | | | Options outstanding | | | 1,241,675 | | | | 5.73 | | | | 9.56 | | | Options vested and exercisable at September 30, 2017 | | | - | | | $ | - | | | | - | |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The value associated with the market award vesting was determined utilizing a Monte Carlo simulation valuation methodology and the following assumptions: | | | September 30, | | | | | 2017 | | | Risk-free interest rate | | | 1.81% 2.38 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 5.5 10.0 | | | Expected volatility | | | 77.3 | % |
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