Auris Medical Holding AG | CIK:0001601936 | 3

  • Filed: 3/22/2018
  • Entity registrant name: Auris Medical Holding AG (CIK: 0001601936)
  • Generator: Workiva (WebFilings)
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1601936/000160193618000007/0001601936-18-000007-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1601936/000160193618000007/ears-20171231.xml
  • XBRL Cloud Viewer: Click to open XBRL Cloud Viewer
  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001601936
  • Open this page in separate window: Click

    • ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory

    Share based compensation

    Description
    On November 21, 2008, the Company established share option programs (“Stock Option Plans A and B”) for employees, members of the Board of Directors as well as key service providers to purchase shares in the Company. Stock Option Plan A was amended and superseded by an updated version effective November 24, 2009, and replaced with amendments by Stock Option Plan C for any future option grants effective April 5, 2013. Grants under Stock Option Plan A and subsequently under Stock Option Plan C were offered in each year with vesting periods of three and four years; grants under Stock Option Plan B were made in 2008, 2009 and 2014 only. Stock Option Plan B was abolished in 2015 and no grants under Stock Option Plan B were made in 2015. In 2014, the Group introduced a further equity incentive plan, the EIP. The Company granted 1,918,100 options in 2017 (2016: 555,660) under the EIP.
    Holders of vested options are entitled to purchase common shares of the Company. For the stock option plans that were in place before the IPO, the exercise price corresponded to the value per share at the most recent financing round. Under the Equity Incentive Plan, the Board of Directors defined the exercise price as the average daily closing price of the Company’s shares during the 30 days preceding the date of grant. All options are to be settled by the physical delivery of shares. The key terms and conditions related to the grants under these programs are as at December 31, 2017 as follows:
    Plan
     
    Number of
    options outstanding
     
    Vesting conditions
     
    Contractual life of
    options
    Stock option Plan A
     
    50,000

     
    3 years' service from grant date
     
    5 years
    Stock option Plan C
     
    121,250

     
    4 years' service from grant date
     
    6 years
    Equity Incentive Plan Board
     
    368,200

     
    1 year service from grant date
     
    8 years
    Equity Incentive Plan Employees / Board*
     
    856,045

     
    2 years' service from grant date (50%)
     
    8 years
    Equity Incentive Plan Employees / Board*
     
    856,045

     
    3 years' service from grant date (50%)
     
    8 years
    * 25,000 options issued to Bettina Stubinski, the former Chief Medical Officer of the Company, have vested early, on December 29, 2016 and expired on March 29, 2017.
    Measurement of fair values
    The fair value of the options was measured based on the Black-Scholes formula.
     
    Stock Option Plan
     
    Equity Incentive
    Plan 2017
    Equity Incentive
    Plan 2017
    Equity Incentive
    Plan 2016
    Equity Incentive
    Plan 2016
    Fair value at grant date
    USD 0.198 (1 year vesting) 1)
    USD 0.287 (2 year vesting) 1)
    USD 0.352 (3 year vesting) 1)
    USD 0.233 (1 year vesting) 2)
    USD 0.335 (2 year vesting) 2)
    USD 0.406 (3 year vesting) 2)
    USD 0.308 (1 year vesting) 1)
    USD 0.472 (2 year vesting) 1)
    USD 0.583 (3 year vesting) 1)
    USD 1.094 (1 year vesting) 2)
    USD 1.560 (2 year vesting) 2)
    USD 1.888 (3 year vesting) 2)
    Share price at grant date
    USD 0.76
    USD 0.72
    USD 1.03
    USD 3.66
    Exercise price
    USD 0.82
    USD 0.82
    USD 1.39
    USD 3.92
    Expected volatility
    72.85%
    93.01%
    100.93%
    82.00%
    Expected life
    1,2 and 3 years
    1,2 and 3 years
    1,2 and 3 years
    1,2 and 3 years
    Expected dividends
    —
    —
    —
    —
    Risk-free interest rate
    2.38%
    2.19%
    1.84%
    1.83%
     
     
     
     
     
    1) October grants for the respective year
     
     
     
    2) April grants for the respective year
     
     
     


    The Company uses its own historic volatility to calculate expected volatility. The expected life of all options is assumed to correspond to the vesting period.
    The total expense recognized for equity-settled share-based payment transactions were CHF 354,851 in 2017 (2016: CHF 290,783, 2015: 311,671).
    The number and weighted average exercise prices (in CHF) of options under the share option programs for Stock Option Plan A, Stock Option Plan C and the EIP are as follows:
     
    2017
    2016
     
    Number of
    options
    Weighted average
    exercise price
    Weighted average
    remaining term
    Number of
    options
    Weighted average
    exercise price
    Weighted average
    remaining term
    Outstanding at January 1
    1,038,140

    3.36

    6.14

    629,010

    4.92

    5.42

    Expired during the year
    (67,500
    )
    —

    —

    (17,500
    )
    —

    —

    Forfeited during the year
    (637,200
    )
    —

    —

    (129,030
    )
    —

    —

    Exercised during the year
    —

    —

    —

    —

    —

    —

    Granted during the year
    1,918,100

    0.82

    7.70

    555,660

    1.99

    7.81

    Outstanding at December 31
    2,251,540

    1.74

    6.88

    1,038,140

    3.36

    6.14

    Exercisable at December 31
    326,510

    4.48

    4.24

    199,005

    4.56

    3.11

     
     
     
     
     
     
     


    The range of exercise prices for outstanding options was CHF 0.8 to CHF 5.81 as of December 31, 2017 and CHF 1.35 to CHF 6.01 as of December 31, 2016.