v3.19.3

Note 11 - Stock Options | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | Note 11. Stock Options On May 3, 2019, in connection with the closing of the Merger, each outstanding Private Adynxx stock option, whether vested or unvested, was converted into a stock option to purchase shares of the Company’s common stock at the Exchange Ratio and, as a result, the Company issued options to purchase an aggregate of 690,058 shares of the Company’s common stock at exercise prices ranging from $1.11 to $3.06 per share. Additionally, at the date of the Merger, Alliqua had outstanding employee options to purchase an aggregate of 57,822 shares of the post-Merger Company’s common stock at exercise prices ranging from $21.00 to $656.40 per share to former Alliqua option holders that were assumed as part of the merger. All Alliqua employees were terminated in connection with the Merger; however, such options have provisions that extend the expiration date beyond the employees’ termination date. A summary of the Company’s stock option activity during the nine months ended September 30, 2019 is as follows (in thousands, except exercise prices):
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |
|  |  |  |  |  | Average |  |  | Remaining |  |  |  |  |
|  | Number of |  |  | Exercise |  |  | Life |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | In Years |  |  | Value |
Outstanding, December 31, 2018 |  |  | 690 |  |  | $ | 2.76 |  |  |  |  |  |  |  |  |
Alliqua options assumed in Merger |  |  | 58 |  |  |  | 289.76 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | (17 | ) |  |  | 93.48 |  |  |  |  |  |  |  |  |
Outstanding, September 30, 2019 |  |  | 731 |  |  | $ | 23.38 |  |  |  | 6.1 |  |  | $ | 33 |
Exercisable, September 30, 2019 |  |  | 550 |  |  | $ | 30.07 |  |  |  | 5.8 |  |  | $ | 33 |
A summary of the Company’s stock options as of September 30, 2019 is as follows (in thousands, except exercise prices):
|  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |
Range of |  | Average |  |  | Outstanding |  |  | Average |  |  | Average |  |  | Exercisable |
Exercise |  | Exercise |  |  | Number of |  |  | Exercise |  |  | Remaining Life |  |  | Number of |
Price |  | Price |  |  | Options |  |  | Price |  |  | In Years |  |  | Options |
$1.11 | - | $1.38 |  | $ | 1.11 |  |  |  | 73 |  |  | $ | 1.11 |  |  |  | 2.2 |  |  |  | 73 |
$1.39 | - | $3.05 |  | $ | 1.39 |  |  |  | 37 |  |  | $ | 1.39 |  |  |  | 2.9 |  |  |  | 37 |
$3.06 | - | $196.79 |  | $ | 3.06 |  |  |  | 580 |  |  | $ | 3.06 |  |  |  | 7.2 |  |  |  | 399 |
$196.80 | - | $656.40 |  | $ | 370.21 |  |  |  | 41 |  |  | $ | 370.21 |  |  |  | 0.7 |  |  |  | 41 |
|  |  |  | $ | 23.38 |  |  |  | 731 |  |  | $ | 30.07 |  |  |  | 5.8 |  |  |  | 550 |
The Company did not grant any stock options to employees during the three and nine months ended September 30, 2019. Stock-based compensation expense recorded in research and development and general and administrative expenses was $68,000 and $75,000 for the three months ended September 30, 2019 and 2018, respectively, and $204,000 and $225,000 for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, unrecognized stock-based compensation expense related to employees totaled approximately $327,000, which is expected to be recognized over approximately 1.3 years. Stock-based compensation expense recorded in exchange for services related to non-employee options was $16,000 and $0 for the three months ended September 30, 2019 and 2018, respectively, and $48,000 and $0 for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, there was no unrecognized stock-based compensation expense related to unvested non-employees stock options.

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