$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2019 Q3 Form 10-Q Financial Statement

#000114420419037248 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.03M $10.87M $6.830M
YoY Change 41.07% 59.15% 73.79%
% of Gross Profit
Research & Development $41.58M $39.30M $24.55M
YoY Change 48.79% 60.07% 31.66%
% of Gross Profit
Depreciation & Amortization $320.0K $290.0K $220.0K
YoY Change 28.0% 31.82% -8.33%
% of Gross Profit
Operating Expenses $51.61M $50.17M $31.38M
YoY Change 47.21% 59.87% 33.06%
Operating Profit -$51.61M -$50.17M -$31.38M
YoY Change 47.21% 59.87% 33.06%
Interest Expense $2.120M $2.610M $720.0K
YoY Change 72.36% 262.5% 260.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$49.49M -$47.55M -$30.66M
YoY Change 46.29% 55.09% 31.14%
Income Tax
% Of Pretax Income
Net Earnings -$49.49M -$47.55M -$30.66M
YoY Change 46.28% 55.09% 31.15%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$399.0K -$384.8K -$339.8K
COMMON SHARES
Basic Shares Outstanding 123.8M 123.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $361.9M $404.2M $276.1M
YoY Change 39.19% 46.4% 114.03%
Cash & Equivalents $38.89M $76.91M $246.0M
Short-Term Investments $323.0M $327.2M $30.10M
Other Short-Term Assets $5.400M $6.800M $3.700M
YoY Change -8.47% 83.78% -42.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $367.3M $410.9M $279.8M
YoY Change 38.16% 46.88% 106.58%
LONG-TERM ASSETS
Property, Plant & Equipment $5.856M $4.472M $2.706M
YoY Change 121.82% 65.26% 4.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.395M $3.345M $2.264M
YoY Change 45.65% 47.75%
Total Long-Term Assets $28.44M $24.99M $4.970M
YoY Change 472.1% 402.74% 92.79%
TOTAL ASSETS
Total Short-Term Assets $367.3M $410.9M $279.8M
Total Long-Term Assets $28.44M $24.99M $4.970M
Total Assets $395.7M $435.9M $284.8M
YoY Change 46.12% 53.09% 106.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.921M $12.78M $5.196M
YoY Change 64.97% 146.0% 40.62%
Accrued Expenses $16.32M $13.57M $8.986M
YoY Change 53.11% 51.01% 73.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.61M $33.84M $14.18M
YoY Change 107.59% 138.58% 60.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $53.00K $53.00K
YoY Change
Total Long-Term Liabilities $6.070M $4.666M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $34.61M $33.84M $14.18M
Total Long-Term Liabilities $6.070M $4.666M $0.00
Total Liabilities $40.68M $38.50M $14.20M
YoY Change 143.61% 171.14% 59.55%
SHAREHOLDERS EQUITY
Retained Earnings -$507.0M -$457.6M -$306.4M
YoY Change 49.05% 49.36% 52.28%
Common Stock $5.000K $5.000K $4.000K
YoY Change 25.0% 25.0% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $355.1M $397.4M $270.6M
YoY Change
Total Liabilities & Shareholders Equity $395.7M $435.9M $284.8M
YoY Change 46.12% 53.09% 106.32%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$49.49M -$47.55M -$30.66M
YoY Change 46.28% 55.09% 31.15%
Depreciation, Depletion And Amortization $320.0K $290.0K $220.0K
YoY Change 28.0% 31.82% -8.33%
Cash From Operating Activities -$42.18M -$33.80M -$23.92M
YoY Change 51.02% 41.3% 36.69%
INVESTING ACTIVITIES
Capital Expenditures -$1.230M -$1.440M -$420.0K
YoY Change 167.39% 242.86% 2000.0%
Acquisitions
YoY Change
Other Investing Activities $4.730M $60.11M -$30.08M
YoY Change -103.18% -299.83% -218.61%
Cash From Investing Activities $3.490M $58.69M -$30.50M
YoY Change -102.34% -292.43% -220.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 660.0K 3.380M 3.360M
YoY Change -94.51% 0.6% -616.92%
NET CHANGE
Cash From Operating Activities -42.18M -33.80M -23.92M
Cash From Investing Activities 3.490M 58.69M -30.50M
Cash From Financing Activities 660.0K 3.380M 3.360M
Net Change In Cash -38.03M 28.27M -51.06M
YoY Change -76.99% -155.37% -811.14%
FREE CASH FLOW
Cash From Operating Activities -$42.18M -$33.80M -$23.92M
Capital Expenditures -$1.230M -$1.440M -$420.0K
Free Cash Flow -$40.95M -$32.36M -$23.50M
YoY Change 49.07% 37.7% 34.44%

Facts In Submission

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IOVANCE BIOTHERAPEUTICS, INC.
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CY2018Q4 iova Available For Sale Securities Accumulated Accretion
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3424000
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CY2019Q2 us-gaap Common Stock Shares Authorized
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an amendment to increase the number of options or other awards that can be granted to any one person during a twelve (12) month period from 50,000 shares to 300,000 shares.
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P2Y1M2D
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7.98
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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15.26
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P6Y21D
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0.7078
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0259
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">NOTE 8. LEGAL PROCEEDINGS</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Class Action Lawsuit.</span> On April 10, 2017, the SEC announced settlements with the Company and with other public companies and unrelated parties in the <i style="font-style:italic;">In the Matter of Certain Stock Promotion</i> investigation. The Company’s settlement with the SEC is consistent with its previous disclosures (including in our Annual Report on Form 10-K that the Company filed with the SEC on March 9, 2017). On April 14, 2017, a purported shareholder filed a complaint seeking class action status in the United States District Court, Northern District of California for violations of the federal securities laws (<i style="font-style:italic;">Leonard DeSilvio v. Lion Biotechnologies, Inc., et al., </i>case no. 3:17cv2086) against the Company and three of its former officers and directors. On April 19, 2017, a second class action complaint <i style="font-style:italic;">(Amra Kuc vs. Lion Biotechnologies, Inc., et al., </i>case no. 3:17-cv-2188) was filed in the same court. Both complaints allege, among other things, that the defendants violated the federal securities laws by making materially false and misleading statements, or by failing to make certain disclosures, regarding the actions taken by Manish Singh, the former CEO, and the former investor relations firm that were the subject of the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> investigation. On July 20, 2017, the plaintiff in the <i style="font-style:italic;">Kuc</i> case filed a notice to voluntarily dismiss that case. The court entered an order dismissing the <i style="font-style:italic;">Kuc</i> complaint on July 21, 2017. On July 26, 2017, the court appointed a movant as lead plaintiff. On September 8, 2017, the lead plaintiff filed an amended complaint (<i style="font-style:italic;">Jay Rabkin v. Lion Biotechnologies, Inc., et al., </i>case no. 3:17-cv-2086) seeking class action status that alleges, among other things, that the defendants violated federal securities laws by making materially false and misleading statements, or by failing to make certain disclosures, regarding the actions taken by Manish Singh and its former investor relations firm that were the subject of the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> SEC investigation. On February 5, 2018, the court entered an order dismissing two of plaintiff’s six claims. As the result of mediation, on September 28, 2018, lead plaintiff filed an unopposed motion for settlement, the cost of which, if approved, is expected to be borne by the Company’s insurance carrier and would result in no loss to the Company. The court gave preliminary approval to the proposed settlement on November 30, 2018. A hearing was held on April 12, 2019 to determine whether the proposed settlement was fair, reasonable, and adequate, and whether the claims should be dismissed. On April 17, 2019, the court approved the final settlement, involving a payment of $3,250,000 by the Company’s insurance carrier to a settlement fund, awarded attorney’s fees and costs to be paid to plaintiff’s counsel from the settlement fund, approved the plan of allocation for settlement class members, and ordered that the claims against the Company should be dismissed with prejudice. The Company does not expect to incur any costs or expenses in connection with this settlement.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Derivative Lawsuits.</span> On December 15, 2017, a purported stockholder derivative complaint was filed by plaintiff Kevin Fong against the Company, as nominal defendant, and certain of the current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware (case no. 1:17-cv-1806). The complaint alleges breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder arising from the SEC’s investigation in the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> investigation and our April 10, 2017 settlement thereof, and seeks unspecified damages on behalf of the Company and injunctive relief. On March 28, 2018, a purported stockholder derivative complaint was filed by plaintiff Nazeer Khaleeluddin on behalf of the Company, against the Company, as nominal defendant, and certain of the </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Company’s current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware (case no. 1:18-cv-00469). The complaint alleges, among other things, violations of securities law, breach of fiduciary duty, aiding and abetting, waste of corporate assets, and unjust enrichment. The complaint is based on claims arising from the SEC’s investigation in the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> investigation and the Company’s April 10, 2017 settlement thereof, and seeks unspecified damages on behalf of the Company and injunctive relief. On May 1, 2018, the court consolidated this case with the aforementioned purported stockholder derivative case filed by plaintiff Kevin Fong. The Company intends to vigorously defend against the foregoing complaints. Based on the early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of these matters.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Solomon Capital, LLC.</span> On April 8, 2016, a lawsuit titled <i style="font-style:italic;">Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Lion Biotechnologies, Inc.</i> was filed by Solomon Capital, LLC, Solomon Capital 401(k) Trust, Solomon Sharbat and Shelhav Raff against the Company in the Supreme Court of the State of New York, County of New York (index no. 651881/2016). The plaintiffs allege that, between June and November 2012 they provided to the Company $0.1 million and that they advanced and paid on behalf of the Company an additional $0.2 million. The complaint further alleges that the Company agreed to (i) provide them with promissory notes totaling $0.2 million, plus interest, (ii) issue a total of 111,425 shares to the plaintiffs (before the 1-for-100 reverse split of our common stock effected in March 2013), and (iii) allow the plaintiffs to convert the foregoing funds into our securities in the next transaction. The plaintiffs allege that they should have been able to convert their advances and payments into shares of our common stock in the restructuring that was affected in May 2013. Based on the foregoing, the plaintiffs allege causes for breach of contract and unjust enrichment and demand judgment against the Company in an unspecified amount exceeding $1.5 million, plus interest and attorneys’ fees. On June 3, 2016, the Company filed an answer and counterclaims in the lawsuit. In its counterclaims, the Company alleges that the plaintiffs misrepresented their qualifications to assist the Company in fundraising and that they failed to disclose that they were under investigation for securities laws violations. The Company is seeking damages in an amount exceeding $0.5 million and an order rescinding any and all agreements that the plaintiffs contend entitled them to obtain stock in the Company. On April 19, 2017, the court granted plaintiffs’ counsel’s motion to withdraw from the case. On May 25, 2017, plaintiffs filed a notice that they had hired new counsel. On June 7, 2017, the judge presiding over the case recused herself because of a conflict of interest arising from her relationship with plaintiffs’ new attorneys and the case was subsequently assigned to a new judge. On April 20, 2018, the court held a hearing regarding plaintiff’s motion to dismiss the Company’s amended counterclaims and affirmative defense for fraudulent inducement. On August 15, 2018, the court entered an order granting the plaintiffs’ motion and dismissed the Company’s amended counterclaims and eleventh affirmative defense for fraudulent inducement without leave to amend. On September 14, 2018, the Company filed a notice of appeal related to this order, and on November 5, 2018, the Company filed its memorandum of law in support of its appeal of the order dismissing the Company’s amended counterclaims and affirmative defense for fraudulent inducement. On January 2, 2019, plaintiffs filed their memorandum of law in opposition to the appeal. On January 18, 2019, the Company filed its reply brief in support of its appeal of the order dismissing its amended counterclaims and affirmative defense for fraudulent inducement. On April 4, 2019, the appellate court ordered that the Company’s amended counterclaims and its affirmative defense for fraudulent inducement be reinstated.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company intends to vigorously defend the complaint and pursue its counterclaims.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Litigation Involving Dr. Steven Fischkoff.</span> On June 13, 2017, in an action titled <i style="font-style:italic;">Steven Fischkoff v. Lion Biotechnologies, Inc. and Maria Fardis</i>, Dr. Steven Fischkoff, its former Vice President and Chief Medical Officer, filed a lawsuit against the Company in the Supreme Court of the State of New York, County of New York. Dr. Fischkoff was dismissed by the Company on March 28, 2017. Dr. Fischkoff was terminated “for cause” as that term is defined in his employment agreement. In his complaint, Dr. Fischkoff alleges breaches of his employment agreement and violation of New York Labor Law for failure to pay monies purportedly owed to him, and seeks to recover amounts including severance pay and retention bonus (totaling $300,000), a prorated incentive bonus, and amounts relating to unvested options to 150,000 shares of our common stock, together with prejudgment interest, costs, expenses and attorneys’ fees. On July 5, 2017, the Company filed a removal petition and removed the lawsuit to the United States District Court for the Southern District of New York, where the case has been assigned case no. 1:17-cv-05041. On July 14, 2017, the Company filed a partial answer and counterclaims against Dr. Fischkoff, denying his allegations, and alleging breach of contract and related claims, breach of fiduciary duty, and state and federal trade secret misappropriation and related claims, and sought a temporary restraining order and preliminary injunction against Dr. Fischkoff. On July 18, 2017, the court issued a temporary restraining order against Dr. Fischkoff requiring him to return the Company’s materials, prohibiting him from disclosing or using its materials, and granting expedited discovery. On June 25, 2018, pursuant to a stipulation between the parties, the court entered a permanent injunction prohibiting Dr. Fischkoff from disclosing, </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;">possessing, or using any of the Company’s proprietary materials or trade secrets. On July 5, 2018, the court entered an order dismissing two of Dr. Fischkoff’s claims against the Company and Dr. Fardis. On October 18, 2018, Dr. Fischkoff amended his complaint to assert a new claim for defamation arising from SEC filings in which the Company provided the information about this litigation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company intends to vigorously defend against Dr. Fischkoff’s lawsuit and pursue the Company’s counterclaims. Based on the current stage of the litigation, it is not possible to estimate the amount or range of (i) a possible loss that might result from an adverse judgment or settlement of this action, or (ii) the potential recovery that might result from a favorable judgment or a settlement of this action.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Other Matters.</span> During the second quarter of 2016, warrants representing 128,500 shares were exercised. The 128,500 shares of common stock had previously been registered for re-sale. However, the Company believes that these 128,500 warrant shares were sold by the holders in open market transactions in May 2016 at a time when the registration statement was ineffective. Accordingly, those sales were not made in accordance with Sections 5 and 10(a)(3) of the Securities Act of 1933, as amended, and the purchasers of those shares may have rescission rights (if they still own the shares) or claims for damages (if they no longer own the shares). The amount of any such liability is uncertain and as such, an accrual for any potential loss has not been made. The Company believes that any claims brought against it would not result in a material impact to the Company’s financial position or results of operations. The Company has not accrued a loss for a potential claim associated with this matter as it is unable to estimate any at this time.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">In connection with the Company’s reincorporation from Nevada to Delaware in 2017, the Company (as a Delaware corporation) untimely filed a post-effective amendment to adopt a Form S-8 registration statement that the Company filed (as a Nevada corporation) to register the shares underlying the 2011 Plan. Before the Company filed the required post-effective amendment, options to purchase 200,000 shares were exercised under the 2011 Plan. The effect of the delayed post-effective amendment filing on the 200,000 option shares is uncertain, but the issuance and sale of the shares may not have been in compliance with the Form S-8 registration statement. The existence of any liability to the Company, and the amount of any such liability to the Company, as a result of the issuance of the 200,000 shares is uncertain. Accordingly, no accrual for a potential claim has been made by the Company in its financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues amounts, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that it believes will result in a probable loss. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, management does not believe any pending matter will be resolved in a manner that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.</p>
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500000
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128500
CY2018Q4 iova Lease Expiration Term
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P30M
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59000
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7484000
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OperatingLeaseCost
1681000
us-gaap Operating Lease Cost
OperatingLeaseCost
3275000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1045000
us-gaap Variable Lease Cost
VariableLeaseCost
1941000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18000
iova Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
4300000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
4316000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6514000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1987000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
131000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
12948000
CY2019Q2 iova Operating Lease Present Value Adjustments
OperatingLeasePresentValueAdjustments
-851000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
12097000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M15D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2019Q2 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P20Y
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6461000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4589000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1412
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
144
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12606
CY2019Q2 iova Payments For Legal Services
PaymentsForLegalServices
100000
CY2018Q2 iova Payments For Legal Services
PaymentsForLegalServices
200000
iova Payments For Legal Services
PaymentsForLegalServices
200000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
300000
iova Payments For Legal Services
PaymentsForLegalServices
300000
CY2017Q3 iova Period Of Consulting Agreement
PeriodOfConsultingAgreement
P3Y
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
The granted stock options vest in 12 quarterly installments (with 1/12th of the option shares having vested on the date of grant).

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