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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2016
Stock-Based Compensation Arrangements |
Stock-Based Compensation | 11. Stock-Based Compensation Stock based compensation has been reported within expense line items on the consolidated statement of operations for 2015 and 2016 as shown in the following table (in thousands):
|  |  | Year Ended December 31, |
|  |  | 2015 |  |  | 2016 |
Research and development |  |  |  | $ | 240 |  |  |  |  | $ | 305 |  |
General and administrative |  |  |  |  | 505 |  |  |  |  |  | 477 |  |
Total |  |  |  | $ | 745 |  |  |  |  | $ | 782 |  |
2015 Plan On May 22, 2015, the Company’s stockholders approved the 2015 Plan, under which Cyclacel may make equity incentive grants to its officers, employees, directors and consultants. The Company has reserved 291,667 shares of its common stock under the 2015 Plan. The 2015 Plan replaces the 2006 Plan, under which there were no remaining reserved shares available for issuance as of September 30, 2015. Stock option awards granted under the Company’s equity incentive plans have a maximum life of 10 years and generally vest over a one to four-year period from the date of grant. During 2015, the Company granted approximately 122,523 options to employees and directors with a grant date fair value of approximately $0.8 million. During 2016, the Company granted approximately 197,841 options to employees and directors with a grant date fair value of approximately $0.7 million. Of these options, 189,091 are performance based, which will vest upon the fulfilment of certain clinical conditions and will terminate if they have not vested by December 31, 2020. The Company determined that the satisfaction of the vesting criteria was not probable as of December 31, 2016 and, as a result, did not record any expense related to these awards for the year ended December 31, 2016.The weighted average grant-date fair values of options granted during the years ended December 31, 2015 and 2016 were $6.16 and $3.66, respectively. As of December 31, 2016, the total remaining unrecognized compensation cost related to the non-vested stock options amounted to approximately $0.4 million, which will be amortized over the weighted-average remaining requisite service period of 1.69 years. During the years ended December 31, 2015 and 2016, the Company did not settle any equity instruments with cash. The Company does not expect to be able to benefit from a tax deduction for stock option exercises that may occur during the year ended December 31, 2016 because the company has tax loss carryforwards from prior periods that would be expected to offset any potential taxable income for the year ended December 31, 2016. Outstanding Options A summary of the share option activity and related information is as follows:
​ | ​ | ​ | Number of Options Outstanding | ​ | ​ | Weighted Average Exercise Price Per Share | ​ | ​ | Weighted Average Remaining Life in Years | ​ | ​ | Aggregate Intrinsic Value
Options outstanding at December 31, 2014 | ​ | ​ | ​ | ​ | 84,192 | ​ | ​ | ​ | ​ | $ | 170.88 | ​ | ​ | ​ | ​ | ​ | 6.58 | ​ | ​ | ​ | ​ | $ | —
Granted | ​ | ​ | ​ | ​ | 122,523 | ​ | ​ | ​ | ​ | $ | 7.60 | ​ | ​ | ​ | ​
Exercised | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cancelled/forfeited | ​ | ​ | ​ | ​ | (417) | ​ | ​ | ​ | ​ | $ | 813.84 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options Outstanding at December 31, 2015 | ​ | ​ | ​ | ​ | 206,298 | ​ | ​ | ​ | ​ | $ | 72.60 | ​ | ​ | ​ | ​ | ​ | 8.09 | ​ | ​ | ​ | ​ | $ | —
Granted | ​ | ​ | ​ | ​ | 197,841 | ​ | ​ | ​ | ​ | $ | 4.68 | ​ | ​ | ​ | ​
Exercised | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cancelled/forfeited | ​ | ​ | ​ | ​ | (14,761) | ​ | ​ | ​ | ​ | $ | 396.83 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options Outstanding at December 31, 2016 | ​ | ​ | ​ | ​ | 389,378 | ​ | ​ | ​ | ​ | $ | 25.80 | ​ | ​ | ​ | ​ | ​ | 5.83 | ​ | ​ | ​ | ​ | $ | 121.40
Unvested at December 31, 2016 | ​ | ​ | ​ | ​ | (267,582) | ​ | ​ | ​ | ​ | $ | 5.37 | ​ | ​ | ​ | ​ | ​ | 5.44 | ​ | ​ | ​ | ​ | $ | 121.40
Vested and exercisable at December 31, 2016 | ​ | ​ | ​ | ​ | 121,796 | ​ | ​ | ​ | ​ | $ | 70.67 | ​ | ​ | ​ | ​ | ​ | 6.68 | ​ | ​ | ​ | ​ | $ | —
​
The assumptions used in the Black-Scholes option pricing model to determine the fair value of share options granted to employees and directors during the period are as follows:
|  |  | Year Ended December 31, |
|  |  | 2015 |  |  | 2016 |
Expected term (in years) |  |  | 5 – 6 |  |  | 5 – 6 |
Risk-free interest rate |  |  | 1.52% – 1.845% |  |  | 1.37% – 1.50% |
Volatility |  |  | 96% – 108% |  |  | 98% – 104% |
Expected dividend yield over expected term |  |  | 0.00% |  |  | 0.00% |
Resulting weighted average grant date fair value |  |  | $6.16 |  |  | $3.66 |

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