| Warrants and Share-based Payment | Note 6—Warrants and Share-based Payment
Share-based payment
Ascendis Pharma A/S has established warrant programs,
equity-settled share-based payment transactions, as an incentive
for all of our employees, members of our Board of Directors and
select external consultants.
Warrants are granted by the Board of Directors in accordance with
authorizations given to it by the shareholders of Ascendis Pharma
A/S. As of June 30, 2018, 6,630,437 warrants had been granted,
of which 19,580 warrants have been cancelled, 1,918,670 warrants
have been exercised, 2,168 warrants have expired without being
exercised, and 210,328 warrants have been forfeited. As of
June 30, 2018, our Board of Directors was authorized to grant
up to 3,985,875 additional warrants to our employees, board members
and select consultants without pre-emptive
Warrant Activity
The following table specifies the warrant activity during the six
months ended June 30, 2018:
Total Weighted
Outstanding at December 31, 2017 4,621,154 17.62
Granted during the period 189,625 49.34
Exercised during the period (317,825 ) 11.16
Forfeited during the period (13,263 ) 24.24
Expired during the period
—
—
Outstanding at June 30, 2018 4,479,691 19.40
Vested at the balance sheet date 2,248,000 13.48
Warrant Compensation Costs
Warrant compensation costs are determined with basis in the grant
date fair value of the warrants granted and recognized over the
vesting period.
Three Months Ended Six Months Ended
2018 2017 2018 2017
(EUR’000)
(EUR’000)
Research and development costs 1,964 1,122 4,349 2,411
General and administrative expenses 2,258 1,183 4,552 2,599
Total warrant compensation costs 4,222 2,305 8,901 5,010 |
