pSivida Corp. - FORM 10-Q/A - XML - IDEA: XBRL DOCUMENT - November 9, 2011

Attached files
FileFilename
EXCEL - IDEA: XBRL DOCUMENT - pSivida Corp.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R7.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R2.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R5.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R8.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R1.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R4.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R9.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R6.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R3.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R10.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R11.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R14.htm
XML - IDEA: XBRL DOCUMENT - pSivida Corp.R13.htm
10-Q/A - AMENDED 10-Q - pSivida Corp.d234268d10qa.htm
v2.3.0.15
Stockholders' Equity
3 Months Ended
Sep. 30, 2011
Stockholders' Equity [Abstract] 
Stockholders' Equity
6. Stockholders' Equity

Warrants to Purchase Common Shares

The following table provides a reconciliation of all US$ warrants for the three months ended September 30, 2011 and 2010:

 

     Three Months Ended September 30,  
     2011      2010  
     Number of
Warrants		     Weighted
Average
Exercise
Price		      Number of
Warrants		      Weighted
Average
Exercise
Price		  

Balance at beginning of period

      7,614,748      $ 7.35         7,062,248       $ 7.53   

Expired

      (2,281,250 )      7.50         —           —     
  

 

 

    

 

 

     

 

 

     

 

 

  

Balance and exercisable at end of period

      5,333,498      $ 7.29         7,062,248       $ 7.53   
  

 

 

    

 

 

     

 

 

     

 

 

  

At September 30, 2011, the remaining term of these outstanding warrants ranged from 0.1 to 4.3 years, representing a weighted average period of 1.0 year.

At September 30, 2011, the Company had 205,479 warrants outstanding denominated in A$ with an exercise price of A$7.68 and a weighted average remaining life of 9.5 months. At September 30, 2010, the Company had 3,935,433 warrants outstanding with a weighted average exercise price of A$9.54. The weighted average exercise price of these warrants translated to US$ was $7.52 at September 30, 2011 and $9.25 at September 30, 2010. During the three months ended September 30, 2011 and 2010, there were no warrants issued or exercised.

Because the potential exercise of the A$-denominated warrants would result in a variable amount of proceeds in the Company's functional currency, the fair value of the warrants was recorded as a derivative liability, subject to revaluation of the liability on a recurring basis through the statement of operations.

2008 Incentive Plan

The Company's 2008 Incentive Plan (the "2008 Plan") provides for the issuance of a maximum of 4,091,255 shares of common stock in satisfaction of stock-based awards to directors, executives, employees and consultants.

 

The following table provides a reconciliation of stock option activity under the 2008 Plan for the three months ended September 30, 2011:

 

     Number of
Options		     Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Life		      Aggregate
Intrinsic
Value		  
                  (in years)      (in thousands)  

Outstanding at July 1, 2011

      2,605,895      $ 2.63         

Granted

      357,350        5.05         

Exercised

      (53,950 )      2.12         

Forfeited

      (41,919 )      3.45         
  

 

 

    

 

 

        

Outstanding at September 30, 2011

      2,867,376      $ 2.93         8.04       $ 4,114   
  

 

 

    

 

 

     

 

 

     

 

 

  

Outstanding at September 30, 2011 - vested or unvested and expected to vest

      2,720,900      $ 2.90         8.00       $ 3,978   
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable at September 30, 2011

      1,378,034      $ 2.46         7.59       $ 2,497   
  

 

 

    

 

 

     

 

 

     

 

 

  

Option grants for the three months ended September 30, 2011 consisted of 297,350 options with ratable annual vesting over 4 years and 60,000 options subject to performance and service conditions. A total of 343,734 options vested during the three months ended September 30, 2011. All option grants have a 10-year contractual life.

In determining the grant date fair value of stock options, the Company uses the Black-Scholes option pricing model. The Company calculated the Black-Scholes value of employee options awarded during the three months ended September 30, 2011 based on the following key assumptions:

 

Expected term (in years)

    3.50 - 6.25

Stock volatility

    90%

Risk-free interest rate

    0.91% - 2.02%

Expected dividends

    0%

The following table summarizes information about stock options for the three months ended September 30, 2011:

 

Weighted-average grant date fair value, per share

    $ 3.69   

Total cash received from exercise of stock options (in thousands)

      114   

Total intrinsic value of stock options exercised (in thousands)

      119   

Employee Share Option Plan

The Company's Employee Share Option Plan (the "Plan") provided for the issuance of non-qualified stock options to eligible employees and directors. As of June 30, 2008, no further options could be granted under the Plan. Options outstanding under the Plan had vesting periods ranging from immediate vesting to 3-year graded vesting, a contractual life of five years and are denominated in A$.

 

The following table provides a reconciliation of stock option activity under the Plan for the three months ended September 30, 2011:

 

     Number of
Options		     Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Life		      Aggregate
Intrinsic
Value		  
           A$      (in years)      A$  

Outstanding at July 1, 2011

      135,000        6.75         

Cancelled

      (22,500 )      13.00         
  

 

 

    

 

 

        

Outstanding and exercisable at September 30, 2011

      112,500        5.50         1.00         —     
  

 

 

    

 

 

     

 

 

     

 

 

  

At September 30, 2011, translated into $, the weighted average exercise price of outstanding and exercisable options was $5.39.

Stock-Based Compensation Expense

The Company's statements of operations included total compensation expense from stock-based payment awards for the three months ended September 30, 2011 and 2010, as follows:

 

     Three Months Ended September 30,  
     2011      2010  
     (In thousands)  

Compensation expense included in:

      

Research and development

    $ 147       $ 101   

General and administrative

      330         350   
  

 

 

     

 

 

  
   $ 477       $ 451   
  

 

 

     

 

 

  

At September 30, 2011, there was approximately $2.1 million of unrecognized compensation expense related to unvested share-based payment awards under the Company's option plans, which is expected to be recognized as expense over a weighted average period of 1.9 years.

User Contributions:

Comment about this document or add new information about this topic:

CAPTCHA


This web site and associated pages are not associated with, endorsed by, or sponsored by pSivida Corp. and has no official or unofficial affiliation with pSivida Corp.


Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk. This website is not associated with the SEC

Some parts © 2013 Advameg, Inc.