Quarterly report pursuant to Section 13 or 15(d)

Stockholders' equity

v3.20.2
Stockholders' equity
3 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' equity
1
0
. Stockholders’ equity
Warrants
The activity related to warrants during for the three months ended September 30, 2020, is summarized as follows:
 
     Common
Stock from
Warrants
     Weighted-
average
Exercise
Price (per share)
 
Outstanding at July 1, 2020
     145,421      $ 29.48  
Granted
     —          —    
Exercised
     —          —    
Forfeited
     (38,326      82.50  
Outstanding and exercisable at September 30, 2020
     107,095      $ 10.50  
  
 
 
    
 
 
 

Equity Incentive Plan
Employee Share Option Plan
Upon the
re-domiciliation,
the Company assumed BBL’s obligations with respect to the settlement of options that were issued by BBL prior to the
re-domiciliation
pursuant to the Benitec Officers’ and Employees’ Share Option Plan (the “Plan”). This includes the Company’s assumption of the Plan and all award agreements pursuant to which each of the options were granted. Each option when exercised entitles the option holder to one share in the Company. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights and are not transferable except on death of the option holder or in certain other limited circumstances. Employee options vest one third on each anniversary of the applicable grant date for three years. If an employee dies, retires or otherwise leaves the Company and certain exercise conditions have been satisfied, generally, the employee has 12 months to exercise their options or the options are cancelled. After the
re-domiciliation,
no new options have been or will be issued under the Plan. Current options on issue are under the BBL plan. From time to time, BBL issued employee’s options to acquire shares in the Company at a fixed price. Each option when exercised entitles the option holder to one share of common stock of the Company. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights and are not transferable except on death of the option holder. Employee options vest one third on each anniversary for three years. If an employee leaves the Company, they have 90 days to exercise their options or the options are cancelled.
Equity Awards
The activity related to equity awards, which comprised of stock options during the three months ended September 30, 2020, is summarized as follows:
 
     Stock
Options
     Weighted-
average
Exercise
Price
    
Weighted-average

Remaining
Contractual Term
     Aggregate
Intrinsic Value
 
Outstanding at June 30, 2020
     70,161      $ 60.42        2.89 years      $ —    
Granted
     —          —          
Exercised
     —          —          
Forfeited
     (444      69.32        
  
 
 
    
 
 
       
Outstanding at September 30, 2020
     69,717        60.00        2.65 years        —    
Exercisable at September 30, 2020
     43,273      $ 68.53        2.26 years      $ —    
  
 
 
    
 
 
    
 
 
    
 
 
 
Share-Based Compensation Expense
The classification of share-based compensation expense for the three months ended:
 
    
Three Months Ended
 
(US$’000)
  
September 30,
 
    
2020
    
2019
 
Research and development
   $ 9      $ (17
General and administrative
     29        72  
  
 
 
    
 
 
 
Total share-based compensation expense
   $ 38      $ 55  
  
 
 
    
 
 
 
As of September 30, 2020, there was $119,000 of unrecognized share-based compensation expense related to stock options issued under the Share Plan.