ANNUAL REPORT 2012 - TiGenix

Number of options
Weighted
average
exercise
price
Total
Grant date July 6,
2012
March 12,
2010
June 19,
2009
Options issued in
March 20,
2008
Febr. 26,
2007
Nov . 03,
2005
April 20,
2005
May 14,
2004
Number of options created 4,000,000 500,000 500,000 400,000 800,000 454,570 45,268 135,802
Weighted average
1.00 2.74 3.98 4.10 5.49 3.50 3.18 3.10
exercise price (EURO)
Fair value at grant date
0.17 2.00 3.53 2.56 2.64 1.29 1.15 1.08
(EURO)
Expiry date 31/05/22 30/11/19 31/05/19 30/11/17 31/03/17 31/03/14 31/03/14 31/03/14
Balance at
4,72 1,490,895 0 0 168,200 355,500 521,500 295,663 45,268 104,764
January 1, 2010
Granted 2,58 372,000 372,000 0 0 0 0 0 0
Forfeited 4,31 -87,812 -7,000 -13,000 -55,125 -10,687 -2,000
Exercised 3,45 -2,500 0 0 -2,500 0 0 0 0
Balance at
4,29 1,772,583 0 365,000 155,200 297,875 510,813 293,663 45,268 104,764
December 31, 2010
Granted 0 0 0 0 0 0 0 0
Forfeited 3,34 -44,900 -22,250 -11,150 -10,500 -1,000 0 0 0
Balance at
4,31 1,727,683 0 342,750 144,050 287,375 509,813 293,663 45,268 104,764
December 31, 2011
Granted 1,00 3,948,000 3,948,000 0 0 0 0 0 0 0
Forfeited 2,03 -58,000 -26,000 -30,000 -1,125 -875 0 0 0
Balance at
December 31, 2012
2,01 5,617,683 3,922,000 312,750 142,925 286,500 509,813 293,663 45,268 104,764
The warrants have been accounted for
in accordance with IFRS 2 – Share-based
payment.
The fair value of each warrant is estimated
on the date of grant using the Black Scholes
model with the following assumptions :
- The historic volatility of the Company
(determined at 52.8 % for the 2012 warrant
plan and 60 % for the previous plans), which
was determined based on past (3 years)
volatility of the TiGenix share;
- The expected dividends are assumed to be
zero in the model;
- Weighted average risk-free interests rates
based on Belgian Sovereign Strips at the
date of grant with a term equal to the
expected life of the warrants, ranging
between 2.6 % and 4.6 %;
- Weighted average share price (determined
at EUR 0.46 for the 2012 warrant plan); and
- The expected lifetime of the warrants,
which on average is about 7 years for the
warrants with a maximum duration of 10
years.
144 TiGenix I annual report 2012