ANNUAL FINANCIAL REPORT 2010 2010 - TiGenix

Weighted averageexercise priceTOTALWarrantsissued inOutstanding 31 Dec ‘08 4.80 1,335,736 359,500 523,750 295,663 45,268 111,555Granted 3.97 170,200 170.200Lapsed 4.39 (8,250) (2,000) (4,000) (2,250)Exercised 3.00 (6,790) (6,790)ExpiredOutstanding 31 Dec ‘09 4.72 1,490,895 168,200 355,500 521,500 295,663 45,268 104,765Exercisable 31 Dec ‘09 3.43 223,064 - 88,875 - - 29,424 104,765Creation date Mar 12,2010June 19,2009Mar 20,2008Febr 26,2007Nov 03,2005April 20,2005May 14, 2004Total number created 500,000 500,000 400,000 800,000 454,570 45,268 135,802Outstanding 31 Dec ‘09 4.72 1,490,896 0 168,200 355,500 521,500 295,663 45,268 104,765Granted 2.58 372,000 372,000Lapsed 4.31 (87,812) (7,000) (13,000) (55,125) (10,687) (2,000)Exercised 3.45 (2,500) (2,500)ExpiredOutstanding 31 Dec ‘10 4.29 1,772,584 365,000 155,200 297,875 510,813 293,663 45,268 104,765Exercisable 31 Dec ‘10 3.56 631,433 38,800 148,938 - 293,663 45,268 104,765Warrants issued in March 2000 for the foundersBy a decision of the extraordinary shareholders’ meeting ofMarch 13, 2000, the Company issued 375,000 warrants. On thedate of this prospectus, all such warrants have been exercised.Warrant issued in March 2001 for employees, directors, andconsultantsBy a decision of the extraordinary shareholders’ meeting ofMarch 22, 2001, the Company issued 120,000 warrants. Onthe date of this prospectus, all such warrants either havebeen exercised (50,000 warrants) or have lapsed or expired(70,000 warrants).Warrants issued in September 2003 for employees, directors,and consultantsBy a decision of the extraordinary shareholders’ meeting ofSeptember 15, 2003, the Company issued 632,439 warrantsgiving the beneficiaries the right to subscribe to shares in theCompany of class B or D. By a decision of the extraordinaryshareholders’ meeting of September 30, 2003, the Companyissued an additional 151,851 warrants giving the beneficiariesthe right to subscribe to shares in the Company of type B or D.The warrants were granted with an exercise price equal to thefair market price of the underlying shares at the date of grant.The warrants were granted to selected beneficiaries bydecision of the board of directors. Under this plan, 25% of thewarrants become vested on each anniversary of the date ofthe grant, provided that the beneficiary still has a relationshipwith the Company via an employment agreement, a director’smandate or another collaboration agreement. The warrantscan only be exercised once vested, it being understood thatthey can only be exercised as from January 1 of the fourth yearfollowing the year in which they are granted (i.e., from January1, 2007 onwards for warrants granted in 2003). Non-exercisablewarrants become exercisable in case of an IPO or trade sale ofthe Company. All warrants were granted for free. The durationof the warrants is 5 years as of the issue date of the warrants.Warrants that have not been exercised within 5 years of theircreation become null and void.On the date of this prospectus, none of these warrants areoutstanding.Warrants issued in May 2004 for employees, directors, andconsultantsBy a decision of the extraordinary shareholders’ meeting ofMay 14, 2004, the Company issued 135,802 warrants giving thebeneficiaries the right to subscribe to shares of the Company ofclass B or D. The warrants were granted with an exercise priceequal to the fair market price of the underlying common sharesat the date of grant.187 •