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SEC Filings

20-F
AC IMMUNE SA filed this Form 20-F on 03/21/2019
Entire Document
 

 

 The number and weighted average exercise prices (in CHF) of options under the share option programs for Plans A, B, C1 and 2016 share option and incentive plan are as follows:

 

    Number of Options   Weighted Average Exercise Price (CHF)   Weighted Average Remaining
Term (Years)
Outstanding at January 1, 2016  

 3,597,000

   0.15    3.6
Forfeited during the year    (106,000)    0.15    —
Cancelled during the year    (19,250)    0.15    —
Exercised during the year    (2,069,100)    0.15    —
Granted during the year    285,250     0.15    —
Outstanding at December 31, 2016    1,687,900     0.15    5.6
Exercisable at December 31, 2016    1,284,525     0.15    6.5
Outstanding at January 1, 2017    1,687,900     0.15    5.6
Forfeited during the year    (1,750)    0.15    —
Cancelled during the year    (31,250)    0.15    —
Exercised during the year    (571,775)    0.15    —
Granted during the year    276,766     9.70    —
Outstanding at December 31, 2017    1,359,891     2.09    5.8
Exercisable at December 31, 2017    900,474     0.39    4.3
Outstanding at January 1, 2018    1,359,891     2.09    5.8
Forfeited during the year    (73,624)   9.16  
Exercised during the year    (151,814)   0.15  
Granted during the year    484,403   9.79  
Outstanding at December 31, 2018    1,618,856   4.25   6.3
Exercisable at December 31, 2018    932,175   1.25   4.4

 

The outstanding stock options as of December 31, 2018 have the following range of exercise prices. In fiscal year 2018, we began to grant awards solely with USD denominated exercise prices and discontinued granting awards with a CHF denominated exercise price.

 

Range of Exercise Prices    Total Options   Range of Expiration Dates
CHF 0.15 924,166   2020-2026
CHF 9.53 234,355   2027
USD 8.33 to USD 12.30 460,335   2028
Total outstanding options 1,618,856    

 

We deemed 18,850 USD-denominated awards granted in 2017 despite the formal grant notice dated January 1, 2018. These awards are included as granted in 2017 and were translated from USD 12.30 to CHF 12.00 in 2017 for disclosure.

 

The weighted average exercise price for options granted in 2018, 2017 and 2016 is USD 9.97 (CHF 9.79), CHF 9.70 and CHF 0.15, respectively. The range of exercise prices for outstanding options was CHF 0.15 to CHF 9.53 for awards previously granted in CHF and USD 8.33 to USD 12.30 for awards granted in USD as of December 31, 2018.

 

Prior to the IPO, the exercise price was set by the Board of Directors. The volatility is based on the historical trend of an appropriate sample of companies operating in the biotech and pharmaceutical industry. The risk-free interest rate is based on the CHF swap rate for the expected life of the option. The weighted average share price of common share options exercised in 2018 is USD 9.92.

 

The weighted average grant date fair values of the options granted in 2018, 2017 and 2016 are USD 6.66 (CHF 6.54), CHF 7.29, and CHF 5.85, respectively. The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of these awards:

 

   

For the Years Ended

December 31,

    2018   2017   2016
Exercise price   USD 8.33-12.30   CHF 9.53-12.00   CHF 0.15
Share Price (weighted average)   9.87   8.77   5.96
Risk-free interest rate   0%   0%   0%
Expected volatility   80%   80%   80%
Expected term   6 years   6 years   6 years
Dividend yield      

 

 F-33


© AC Immune 2015