Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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| Schedule of Share-based Compensation, Activity |
The following table summarizes the stock-based compensation expense from stock option awards, restricted common stock awards, employee stock purchase programs and warrants granted by Fortress for the three and six months ended June 30, 2017 and 2016: | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | | ($ in thousands) | | 2017 | | 2016 | | 2017 | | 2016 | | | Employee awards | | $ | 1,690 | | $ | 1,969 | | $ | 3,520 | | $ | 3,553 | | | Non-employee awards | | | 23 | | | 3 | | | 36 | | | 6 | | | Fortress Companies (1) | | | 3,094 | | | 1,051 | | | 4,180 | | | 2,330 | | | Total stock-based compensation expense | | $ | 4,807 | | $ | 3,023 | | $ | 7,736 | | $ | 5,889 | | |
| (1)
| Consists of approximately $19,000 of Avenue's compensation expenses, approximately $2.4 million of Checkpoint's compensation expense, approximately $73,000 of JMC's compensation expenses, approximately $34,000 of Helocyte's compensation expenses, approximately $6,000 of Cellvation's compensation expenses and approximately $183,000 of NHLD's compensation expenses on stock and option grants for the three months ended June 30, 2017 and consists of approximately $24,000 of Avenue's compensation expenses, approximately $3.4 million of Checkpoint's compensation expense, approximately $119,000 of JMC's compensation expenses, approximately $81,000 of Helocyte's compensation expenses, approximately $14,000 of Cellvation's compensation expenses and approximately $183,000 of NHLD's compensation expenses on stock and option grants for the six months ended June 30, 2017. Consists of approximately $9,000 of Avenue's compensation expenses, approximately $0.8 million of Checkpoint's compensation expense, approximately $147,000 of JMC's compensation expenses and approximately $93,000 of Helocyte's compensation expenses on stock grants for the three months ended June 30, 2016, and approximately $18,000 of Avenue's compensation expenses, approximately $1.9 million of Checkpoint's compensation expense, approximately $328,000 of JMC's compensation expenses and approximately $93,000 of Helocyte's compensation expenses on stock grants for the six months ended June 30, 2016. |
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| Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding And Exercisable |
The following table summarizes Fortress stock option activities excluding activity related to Fortress Companies:
| | | | | | | | | Weighted | | | | | | | | | | | average | | | | | | | Weighted | | Total weighted | | remaining | | | | | | | average | | average intrinsic | | contractual life | | | | | Number of shares | | exercise price | | value | | (years) | | | Options vested and expected to vest at December 31, 2016 | | | 1,130,501 | | $ | 3.73 | | $ | 602,451 | | | 4.93 | | | Exercised | | | (20,000) | | | 1.37 | | | 67,600 | | | - | | | Options vested and expected to vest at June 30, 2017 | | | 1,110,501 | | $ | 3.78 | | $ | 1,826,461 | | | 4.46 | | | Options vested and exercisable | | | 1,085,501 | | $ | 3.75 | | $ | 1,826,461 | | | 4.43 | |
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| Nonvested Restricted Stock Shares Activity |
The following table summarizes Fortress’s restricted stock and restricted stock unit award activity, excluding activity related to Fortress Companies (which is discussed below): | | | | | Weighted average | | | | | Number of shares | | grant price | | | Unvested balance at December 31, 2016 | | | 10,094,095 | | $ | 2.49 | | | Restricted stock granted | | | 1,325,396 | | | 2.70 | | | Restricted stock vested | | | (213,333) | | | 2.75 | | | Restricted stock units granted | | | 197,500 | | | 3.74 | | | Restricted stock units forfeited | | | (15,000) | | | 2.98 | | | Restricted stock units vested | | | (138,750) | | | 3.47 | | | Unvested balance at June 30, 2017 | | | 11,249,908 | | $ | 2.52 | |
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| Schedule of Warrant Activities |
The following table summarizes Fortress warrant activities, excluding activities related to Fortress Companies:
| | | | | | | | | Weighted average | | | | | | | | | Total weighted | | remaining | | | | | | | Weighted average | | average intrinsic | | contractual life | | | | | Number of shares | | exercise price | | value | | (years) | | | Outstanding as of December 31, 2016 | | | 2,263,453 | | $ | 3.62 | | $ | 79,800 | | | 4.74 | | | Granted | | | 608,505 | | | 3.61 | | | 518,724 | | | 4.86 | | | Forfeited | | | (123,007) | | | 8.39 | | | - | | | - | | | Outstanding as of June 30, 2017 | | | 2,748,951 | | $ | 3.40 | | $ | 940,203 | | | 3.77 | | | Exercisable as of June 30, 2017 | | | 768,951 | | $ | 4.37 | | $ | 765,203 | | | 3.75 | |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of options granted in 2017 was estimated using the following assumptions:
| | | June 30, | | | | | 2017 | | | Risk-free interest rate | | | 1.14% - 2.25 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 5.00 - 6.98 | | | Expected volatility | | | 95.25% - 105.95 | % |
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| Mustang Bio, Inc [Member] |
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| Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding And Exercisable |
The following table summarizes stock option activities for the six months ended June 30, 2017:
| | | Stock Options | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual
Life (in
years) | | | Nonvested at December 31, 2016 | | | - | | $ | - | | | - | | | Options granted | | | 1,241,675 | | $ | 5.73 | | | 9.81 | | | Options outstanding | | | 1,241,675 | | | 5.73 | | | 9.81 | | | Options vested and exercisable at June 30, 2017 | | | - | | $ | - | | | - | |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The value associated with the market award vesting was determined utilizing a Monte Carlo simulation valuation methodology and the following assumptions: | | | June 30,
2017 | | | Risk-free interest rate | | | 2.38 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 5.5 to 10.0 | | | Expected volatility | | | 77.3 | % |
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