| EQUITY
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Description
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Life
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2011
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2010
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Computer
equipment
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3 years
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$ | 99,603 | $ | 117,789 | |||||
Office
furniture and equipment
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5-7 years
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251,170 | 246,117 | |||||||
Software
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3
years
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96,097 | 80,480 | |||||||
Laboratory
equipment
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7
years
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994,994 | 990,961 | |||||||
Leasehold
improvements
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10
years
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603,445 | 465,601 | |||||||
Manufacturing
equipment
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7
years
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177,528 | 24,568 | |||||||
Subtotal
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2,222,837 | 1,925,516 | ||||||||
Less:
accumulated depreciation
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(1,193,601 | ) | (1,109,558 | ) | ||||||
Property
and equipment, net
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$ | 1,029,236 | $ | 815,958 |
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525,000
shares of common stock were sold for $1,000.
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170,625
shares were reacquired for $325 and canceled.
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Additional
contributions to capital of $56,360 resulted from the discounted
value to notes payable due to warrants and beneficial conversion
features attached to convertible notes was issued in
2003.
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2,250
shares of common stock were sold for $9,000.
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206,500
shares of common stock valued at their then fair value of $849,000
were issued to employees and consultants for their
services.
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24,269
shares of common stock valued at their then fair value of $427,075
were issued to the University of Chicago per the terms of a license
agreement. See Note 11 for details.
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99,740
shares of common stock were issued for net liabilities of $147,733
pursuant to the 2004 reorganization.
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250,000
shares of common stock valued at their then fair value of
$23,750,000 were issued to Opexa Pharmaceuticals, Inc.
stockholders.
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16,100
shares of common stock with a relative fair value of $288,366 were
issued to noteholders as their additional shares for their
subscription investment.
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60,750
shares of common stock were issued to noteholders for the
conversion of $248,370 of principal and interest from convertible
notes.
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8,000
shares of common stock were cancelled pursuant to the terms of an
employment separation agreement.
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Additional
contributions to capital of $2,704,351 resulted from the discounted
value to notes payable from warrants and beneficial conversion
features attached to convertible notes.
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Employee
stock option compensation expense was $123,333 for
2004.
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389,451
shares of common stock with warrants to purchase 1,070,993 shares
were sold for $5,841,769. The relative fair value of the common
stock was $1,103,714 and the relative fair value of the warrants
was $4,738,055. Offering costs of $495,552 related to shares issued
were charged to additional paid in capital.
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45,168
shares of common stock with a relative fair value of $999,074 were
issued to noteholders as their additional shares for their
subscription investment.
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565,858
shares of common stock were issued to noteholders for the
conversion of $6,124,859 of principal and $525,513 interest from
convertible notes.
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2,300
shares of common stock valued at their fair value of $161,000 were
issued to noteholders for the conversion of $51,930 of principal
and interest from the notes.
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29,194
shares of common stock were issued to the University of Chicago per
the terms of a license agreement. These shares were recorded at
$1,868,384. See Note 11 for details.
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24,000
shares of common stock valued at their fair value of $1,012,400
were issued to consultants for their services.
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Additional
contributions to capital of $2,265,052 relating to the discounted
value to notes payable from warrants, beneficial conversion
features attached to convertible notes.
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Employee
stock option compensation expense was $2,487,741 for
2005.
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Non-employee
stock option compensation expense was $2,373,888 for
2005.
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Transition
of warrants from equity instruments to liability instruments in the
amount of $10,658,496 was recorded.
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In
March 2006, 34,829 shares of common stock were issued to settle an
outstanding accounts payable in the amount of
$180,000.
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In
April 2006, Opexa sold 4,600,000 shares of its common stock and
warrants to purchase 2,300,000 shares of Opexa’s common stock
for $23 million. Opexa paid $1,846,481 for the commissions and fees
related to this offering and granted to its brokers warrants to
purchase 213,720 shares of common stock at an exercise price of
$5.00 per share. These warrants are not callable and have a
cashless exercise option.
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Employee
stock option compensation expense was $2,749,617 for
2006.
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Non-employee
stock option compensation expense was $1,568,966 for
2006.
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Employee
stock option compensation expense was $1,876,103 for
2007.
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Non-employee
stock option compensation expense was $845,275 for
2007.
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In
February 2008, Opexa sold 3,500,000 shares of common stock and
4,025,000 Series E warrants in a public offering for approximately
$7.6 million. Opexa paid approximately $1.2 million for the
underwriter discounts, commissions and other expenses related to
this offering and granted to the underwriter warrants to purchase
350,000 shares of common stock at a price of $2.40 per share and an
option to acquire 350,000 Series E warrants at a price of $0.18 per
Series E warrant.
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In
August, Opexa sold 2,003,874 shares of common stock and Series F
warrants to purchase 2,003,874 shares of common stock in a private
offering to certain institutional and accredited investors for
approximately $3.0 million. Opexa paid approximately $100,000 in
expenses related to this offering.
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45,200
shares of restricted common stock valued at $48,965 were issued to
Board members as compensation for their Board
services.
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Employee
stock option compensation expense was $1,467,364 for
2008.
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Non-employee
stock option compensation expense was $434,207 for
2008.
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In
December 2009, Opexa sold 2,550,000 shares of its common stock and
warrants to purchase 1,275,000 shares of Opexa’s common stock
for $5.1 million. Opexa paid $310,500 for the commissions related
to this offering and granted broker warrants to purchase 89,250
shares of common stock at an exercise price of $2.50 per share.
These warrants are not callable and have a cashless exercise
option.
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60,400
shares of common stock were issued in connection with the exercise
of stock options.
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48,200
shares of common stock were issued in connection with the exercise
of Series E warrants.
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472,968
shares of common stock were issued in connection with the exercise
of Series F warrants
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98,796
shares of common stock were issued in connection with the exercise
of broker warrants.
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On
November 11, 2009, the Company’s stockholders approved
an amendment to the Articles of Incorporation reducing the par
value of the common stock from $.50 to $.01 per share. As a result
of the reduction in par value, the “Common stock”
account was reduced by $6,329,888 and the “Additional paid-in
capital” account was increased by the same amount in the
accompanying Statements of Changes in Stockholders’
Equity.
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In
June 2010, 2,760,181 shares of common stock were issued to
noteholders for the conversion of $1,302,000 of principal and
$78,091 of accrued interest from the 10% Convertible Promissory
Notes.
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141,520
shares of common stock were issued in connection with the exercise
of stock options.
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34,001
shares of common stock were issued in connection with the cashless
exercise of broker warrants.
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55,000
shares of common stock valued at their fair value of $64,350 were
issued to a consultant in exchange for services.
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In
January 2011, 384,759 shares of common stock were sold under the
Continuous Offering Program Agreement dated May 14, 2010 (the
“ATM Agreement”) for net proceeds of
$1,066,266. Compensation and fees totaling $10,826 was
paid to the placement agent with respect to the shares
sold. The ATM Agreement was subsequently terminated by
Opexa on February 7, 2011.
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In
February 2011, an aggregate of 4,146,500 units were sold in a
public offering, with each unit consisting of one share of common
stock and a warrant to purchase four-tenths (0.40) of a share of
common stock, at a price to the public of $2.05 per unit, for gross
proceeds of $8,500,325. The shares of common stock and warrants
were immediately separable and were issued separately such that no
units were issued. The warrants were exercisable immediately upon
issuance, having a five-year term and an exercise price of $2.61
per share. Net proceeds from this offering were approximately
$7,551,891, after deducting underwriting discounts and commissions
and other estimated offering expenses. The offering closed on
February 11, 2011.
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50,305
shares of common stock valued at their fair value of $87,028 were
issued to a consultant in exchange for services.
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Options
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Weighted
Average
Exercise
Price
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Warrants
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Weighted
Average
Exercise
Price
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Outstanding at
December 31, 2006
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762,970 | $ | 11.48 | 3,670,361 | $ | 19.51 | ||||||||||
Year ended
December 31, 2007:
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Granted
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293,900 | 5.28 | — | — | ||||||||||||
Forfeited and
canceled
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(17,345 | ) | 7.74 | — | — | |||||||||||
Outstanding at
December 31, 2007
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1,039,525 | $ | 9.79 | 3,670,361 | $ | 19.51 | ||||||||||
Year ended
December 31, 2008:
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Granted
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640,400 | 1.10 | 6,728,874 | 1.96 | ||||||||||||
Forfeited and
canceled
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(126,578 | ) | 6.53 | — | — | |||||||||||
Outstanding at
December 31, 2008
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1,553,347 | $ | 6.47 | 10,399,235 | $ | 8.15 | ||||||||||
Year ended
December 31, 2009:
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Granted
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773,339 | 0.96 | 3,204,620 | 1.67 | ||||||||||||
Exercised
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(60,774 | ) | 1.05 | (718,764 | ) | 1.66 | ||||||||||
Forfeited and
canceled
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(342,536 | ) | 10.56 | (208,330 | ) | 5.00 | ||||||||||
Outstanding at
December 31, 2009
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1,923,376 | $ | 3.70 | 12,676,761 | $ | 6.93 | ||||||||||
Year ended
December 31, 2010:
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Granted
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152,556 | 2.08 | 7,867 | 2.00 | ||||||||||||
Exercised
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(141,146 | ) | 0.77 | (68,411 | ) | 2.10 | ||||||||||
Forfeited and
canceled
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(392,714 | ) | 9.11 | (1,156,641 | ) | 29.40 | ||||||||||
Outstanding at
December 31, 2010
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1,542,072 | $ | 2.15 | 11,459,576 | $ | 2.75 | ||||||||||
Year ended
December 31, 2011:
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Granted
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304,633 | 1.57 | 1,658,600 | 2.61 | ||||||||||||
Exercised
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— | — | — | — | ||||||||||||
Forfeited and
canceled
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(75,000 | ) | 5.00 | (2,687,890 | ) | 5.93 | ||||||||||
Outstanding at
December 31, 2011
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1,771,705 | $ | 1.93 | 10,430,286 | $ | 1.90 |
Range of Exercise
Prices
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Weighted Average
Remaining Contractual
Life (years)
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Number of Options
Outstanding
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Number of Options
Exercisable
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$ | 0.22 to 4.99 | 6.50 | 1,540,765 | 1,258,388 | ||||||||||
5.00 to 9.80
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0.61 | 230,940 | 230,940 | |||||||||||
$ | 0.22 to 9.80 | 7.11 | 1,771,705 | 1,489,328 |
Range of Exercise
Prices
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Weighted Average
Remaining Contractual
Life (years)
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Number of Warrants
Outstanding
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Number of Warrants
Exercisable
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$ | 0.18 to 2.61 | 1.76 | 10,430,286 | 10,430,286 | ||||||||||
$ | 0.18 to 2.61 | 1.76 | 10,430,286 | 10,430,286 |
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