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SEC Filings

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

 

The expense charged against the income statement was CHF 2,518 thousand, CHF 1,579 thousand and CHF 1,317 thousand for the years ended December 31, 2018, 2017 and 2016, respectively. The expense is revised by the Company based on the number of instruments that are expected to become exercisable. The 2016 expense also reflects a share based option award that was modified in 2016 to amend the option grant’s contractual life and the issuance of a replacement award. An incremental fair value of CHF 238 thousand was immediately recognized in 2016 as a result of the modification of the share options contractual life. Additionally, in connection with former CFO departure in the fourth quarter of 2016, the former Chief Financial Officer forfeited his initial 2016 grant (included in the aggregate 2016 total of 98,500), and in its place was awarded 49,250 options, which has been accounted for as a new award granted on the date of forfeiture of the original award. The fourth quarter 2016 grant date fair value of the replacement award was CHF 674 thousand. The fair value of the modified award was measured using the Black-Scholes option pricing model with similar assumptions to the 2016 option, except for a currently quoted common share price as of the date of the modification.

 

Restricted share awards

 

A summary of non-vested share awards (restricted share and restricted share units) activity as of December 31, 2018 and changes during the year then ended is presented below:

 

Grantee Type Number of non-vested share awards granted   Vesting conditions   Contractual life of non-vested share awards
Restricted Share Units          
Directors 83,864   1 year service from date of grant, annually   10 years
Executives

110,839

4 years’ service from the date of grant, quarterly   10 years
Restricted Share Awards 4,023   2.75 years’ service from date of grant, quarterly   10 years

 

 

   

Number of

non-vested shares

 

Weighted average

grant date fair value

Non-vested at December 31, 2017   122,014   9.59
Forfeited during the year   (25,673)   9.48
Granted during the year   69,371   9.43
Vested during the year   (56,671)   9.60
Non-vested at December 31, 2018   109,041   9.51
Vested and expected to vest at December 31, 2018   64,012   9.65

 

The weighted average grant date fair value of the restricted share awards granted (restricted shares and restricted share units) was CHF 9.43 and CHF 9.62 for the years ended December 31, 2018 and 2017 respectively. The weighted average grant date fair values of the non-vested share awards as of the respective year end (restricted shares and restricted share units) was CHF 9.51 and CHF 9.59 for the years ended December 31, 2018 and 2017, respectively. These fair values of non-vested share awards granted have been determined using a reasonable estimate of market value of the common stock on the date of the award.

 

17.Commitments and contingencies

 

In the normal course of business, we conduct product research and development programs through collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations. As of December 31, 2018, external research projects included in the schedule below for 2019 total CHF 18.8 million that have been committed.

 

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