Quarterly report pursuant to Section 13 or 15(d)

Common Stock

v2.4.0.6
Common Stock
 3 Months Ended
Mar. 31, 2013
Common Stock [Abstract]  
Common Stock

9. Common Stock

At Market Issuance Sales Agreement

Pursuant to the Company’s October 2012 ATM with MLV the Company issued 1,565,101 shares of Common Stock in the three month period ended March 31, 2013 for total net proceeds of $11.8 million of which $11.1 million was received as of March 31, 2013, and $0.7 million was received on April 1, 2013. The $0.7 million received on April 1, 2013 was included in other current assets at March 31, 2013. The Company has fully utilized its $30 million ATM facility. On April 29, 2013, the Company entered into the 2013 ATM with MLV whereby up to $45.0 million of shares may be issued by the Company pursuant to its Form S-3 filed in September 2012. Since March 31, 2013, the Company issued an additional 1.8 million shares of Common Stock for net proceeds of $18.1 million under its ATM facilities.

Stock-based Compensation Plans

As of March 31, 2013, the Company had two equity compensation plans, the Coronado Biosciences, Inc. 2007 Stock Incentive Plan, for employees, non-employees and outside directors and the Coronado Biosciences, Inc. 2012 Employee Stock Purchase Plan (the “ESPP”).

Compensation Expense. The following table summarizes the stock-based compensation expense from awards, including stock options and restricted Common Stock awards to employees and non-employees, compensation expense for the ESPP and warrants to non-employees for the three months ended March 31, 2013 and 2012, and from the period June 28, 2006 (date of inception) to date.

 

                         
   

For the three months ended

March 31,

    

Period from

June 28, 2006

(date of

inception) to

March 31,

  
($ in thousands)   2013     2012     2013  

Employee awards

   $ 972     $ 313     $ 4,178  

Non-employee awards

     434       445       3,847  

Non-employee warrants

     117       116       1,010  
   

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense

   $ 1,523     $ 874     $ 9,035  
   

 

 

    

 

 

    

 

 

  

 

The following table summarizes stock option activity:

 

                                 
    Outstanding Options     Weighted
Average
Remaining
Contractual
Life (in
years) 		 
($ in thousands except per share amounts)   Number of
Shares 		    Weighted
Average
Exercise
Price 		    Total
Weighted
Average
Intrinsic
Value 		   

At December 31, 2012

     2,519,070     $ 3.37     $ 2,860       8.5  

Options granted

     1,771,590       5.66                  

Options exercised

     (193,490 )      1.37                  

Options cancelled

     —                            
   

 

 

                          

At March 31, 2013

     4,097,170     $ 4.46     $ 21,564       8.97  
   

 

 

                          

Options vested and expected to vest

     4,097,170     $ 4.46     $ 21,564       8.97  

Options vested and exercisable

     857,053     $ 2.75     $ 5,976       8.05  

As of March 31, 2013 the Company had unrecognized stock-based compensation expense related to unvested stock options to employees and non-employees of $10.7 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.9 years.

Warrants to Purchase Common Stock

For the three months ended March 31, 2013, the Company issued 8,415 shares of Common Stock pursuant to the cashless exercise of 18,724 warrants at a weighted average exercise price of $4.97.