| 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 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 March 31, 2019, 8,132,687 warrants had been
granted, of which 19,580 warrants have been cancelled, 2,212,528
warrants have been exercised, 2,168 warrants have expired without
being exercised, and 247,634 warrants have been forfeited. As of
March 31, 2019, our Board of Directors was authorized to grant
up to 2,483,625 additional warrants to our employees, board members
and select consultants without pre-emptive
The exercise prices of outstanding warrants under our warrant
programs range from €6.48 to €62.15 depending on the
grant dates. Vested warrants may be exercised in two or four annual
exercise periods. Apart from exercise prices and exercise periods,
the programs are similar.
Warrant Activity
The following table specifies the warrant activity during the three
months ended March 31, 2019:
Total Weighted
Outstanding at January 1, 2019 5,611,629 29.03
Granted during the period 54,500 62.05
Exercised during the period
—
—
Forfeited during the period (15,352 ) 40.07
Expired during the period
—
—
Outstanding at March 31, 2019 5,650,777 29.32
Vested at the balance sheet date 2,786,556 17.70
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
2019 2018
(EUR’000)
Research and development costs 4,934 2,386
General and administrative expenses 4,501 2,293
Total warrant compensation costs 9,435 4,679 |
