Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Stockholders' Equity |
|
| Stock Based Compensation Plans of Partner Companies |
Certain partner companies have their own equity compensation plan under which shares are granted to eligible employees, directors and consultants in the form of restricted stock, stock options, and other types of grants of stock of the respective partner company’s common stock. The table below provides a summary of those plans as of December 31, 2022:
|
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Partner |
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|
|
Shares |
|
Shares available at |
Company |
|
Stock Plan |
|
Authorized |
|
December 31, 2022 |
Aevitas |
|
Aevitas Therapeutics, Inc. 2018 Long Term Incentive Plan |
|
2,000,000 |
|
376,585 |
Avenue |
|
Avenue Therapeutics, Inc. 2015 Stock Plan |
|
266,666 |
|
122,489 |
Baergic |
|
FBIO Acquisition Corp. III 2017 Incentive Plan |
|
2,000,000 |
|
1,150,000 |
Cellvation |
|
Cellvation Inc. 2016 Incentive Plan |
|
2,000,000 |
|
300,000 |
Checkpoint |
|
Checkpoint Therapeutics, Inc. Amended and Restated 2015 Stock Plan |
|
3,000,000 |
|
2,238,798 |
Cyprium |
|
Cyprium Therapeutics, Inc. 2017 Stock Plan |
|
2,000,000 |
|
575,000 |
Helocyte |
|
DiaVax Biosciences, Inc. 2015 Incentive Plan |
|
2,000,000 |
|
341,667 |
Journey |
|
Journey Medical Corporation 2015 Stock Plan |
|
7,642,857 |
|
1,146,620 |
Mustang |
|
Mustang Bio, Inc. 2016 Incentive Plan |
|
11,000,000 |
|
4,462,870 |
Oncogenuity |
|
FBIO Acquisition Corp. VII 2017 Incentive Plan |
|
2,000,000 |
|
1,200,000 |
Urica |
|
FBIO Acquisition Corp. VIII 2017 Incentive Plan |
|
4,000,000 |
|
589,315 |
|
| Schedule of Stock-Based Compensation Expense |
The following table summarizes the stock-based compensation expense from stock option, employee stock purchase programs and restricted Common Stock awards and warrants for the years ended December 31, 2022 and 2021
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|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
($ in thousands) |
|
2022 |
|
2021 |
|
Employee and non-employee awards |
|
$ |
9,934 |
|
$ |
8,603 |
|
Executive awards of Fortress Companies' stock |
|
|
2,718 |
|
|
1,446 |
|
|
|
|
|
|
|
|
|
Partner Companies: |
|
|
|
|
|
|
|
Avenue |
|
|
649 |
|
|
442 |
|
Checkpoint |
|
|
2,924 |
|
|
3,137 |
|
Mustang |
|
|
2,283 |
|
|
3,308 |
|
Journey |
|
|
4,425 |
|
|
2,466 |
|
Other |
|
|
54 |
|
|
84 |
|
Total stock-based compensation expense |
|
$ |
22,987 |
|
$ |
19,486 |
|
|
| Schedule of Stock Option Activities |
The following table summarizes Fortress stock option activities excluding activities related to partner companies:
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Weighted average |
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|
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Total |
|
remaining |
|
|
|
|
Weighted average |
|
weighted average |
|
contractual life |
|
|
Number of shares |
|
exercise price |
|
intrinsic value |
|
(years) |
Options vested and expected to vest at December 31, 2020 |
|
1,053,490 |
|
$ |
5.02 |
|
$ |
647,482 |
|
2.63 |
Forfeited |
|
(35,000) |
|
|
4.33 |
|
|
— |
|
— |
Options vested and expected to vest at December 31, 2021 |
|
1,018,490 |
|
$ |
5.04 |
|
$ |
368,344 |
|
1.68 |
Granted |
|
2,002,500 |
|
|
0.54 |
|
|
230,000 |
|
6.98 |
Expired |
|
(370,000) |
|
|
6.27 |
|
|
— |
|
— |
Options vested and expected to vest at December 31, 2022 |
|
2,650,990 |
|
$ |
1.47 |
|
$ |
230,000 |
|
5.64 |
Options vested and exercisable at December 31, 2022 |
|
650,990 |
|
$ |
4.34 |
|
$ |
— |
|
1.55 |
|
|
|
|
|
|
|
|
|
|
|
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| Schedule of fair value assumptions |
|
|
|
|
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|
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
Risk-free interest rate |
|
3.78 |
% |
|
1.04 - 1.50 |
% |
Expected dividend yield |
|
— |
|
|
— |
|
Expected term in years |
|
7.0 |
|
|
10.0 |
|
Expected volatility |
|
78.48 |
% |
|
100.65 - 102.71 |
% |
|
| Schedule of Restricted Stock Awards and Restricted Stock Units |
The following table summarizes Fortress restricted stock awards and restricted stock units activities, excluding activities related to Fortress subsidiaries:
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
average grant |
|
|
Number of shares |
|
price |
Unvested balance at December 31, 2020 |
|
15,507,504 |
|
$ |
2.49 |
Restricted stock granted |
|
2,330,678 |
|
|
3.17 |
Restricted stock vested |
|
(374,825) |
|
|
2.69 |
Restricted stock units granted |
|
1,405,842 |
|
|
3.92 |
Restricted stock units forfeited |
|
(96,750) |
|
|
3.49 |
Restricted stock units vested |
|
(712,449) |
|
|
3.54 |
Unvested balance at December 31, 2021 |
|
18,060,000 |
|
$ |
2.64 |
Restricted stock granted |
|
3,755,972 |
|
|
1.87 |
Restricted stock vested |
|
(1,755,637) |
|
|
2.47 |
Restricted stock units granted |
|
1,604,945 |
|
|
1.31 |
Restricted stock units forfeited |
|
(232,500) |
|
|
3.67 |
Restricted stock units vested |
|
(882,753) |
|
|
3.41 |
Unvested balance at December 31, 2022 |
|
20,550,027 |
|
$ |
2.36 |
|
| Schedule of Warrant activities |
The following table summarizes Fortress warrant activities, excluding activities related to partner companies:
|
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|
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|
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|
|
|
|
Total weighted |
|
Weighted average |
|
|
|
|
|
|
|
average |
|
remaining |
|
|
Number of |
|
Weighted average |
|
intrinsic |
|
contractual life |
|
|
shares |
|
exercise price |
|
value |
|
(years) |
Outstanding as of December 31, 2020 |
|
4,590,621 |
|
$ |
3.17 |
|
$ |
607,848 |
|
4.85 |
Expired |
|
(60,000) |
|
|
1.37 |
|
|
— |
|
|
Forfeited |
|
(25,000) |
|
|
3.00 |
|
|
— |
|
|
Outstanding as of December 31, 2021 |
|
4,505,621 |
|
$ |
3.20 |
|
$ |
68,800 |
|
3.93 |
Expired |
|
(2,596,171) |
|
|
3.26 |
|
|
— |
|
|
Outstanding as of December 31, 2022 |
|
1,909,450 |
|
$ |
3.11 |
|
$ |
— |
|
7.45 |
Exercisable as of December 31, 2022 |
|
1,774,450 |
|
$ |
3.19 |
|
$ |
— |
|
7.61 |
|