Print Page  Close Window

SEC Filings

10-K
MYOKARDIA INC filed this Form 10-K on 03/08/2018
Entire Document
 

 

Liability for Early Exercise of Stock Options

As of December 31, 2017 and 2016, there were 81,373 and 409,839, respectively, of unvested common shares outstanding that were issued upon the early exercise of stock options prior to the vesting of the underlying shares and subject to repurchase by the Company at the original issuance price upon termination of the stockholders’ services. The right to repurchase these shares generally lapses with respect to 25% of the shares underlying the option after one year of service to the Company and 1/48 of the shares underlying the original grant per month for 36 months thereafter. The shares purchased by the employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the consolidated balance sheets and will be reclassified to common stock and additional paid-in capital as the shares vest. As of December 31, 2017 and 2016, the Company recorded $68,000 and $253,000, respectively, within accrued liabilities and other long-term liabilities associated with shares issued subject to repurchase rights.

 

 

9. Net Loss per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(45,952

)

 

$

(13,152

)

 

$

(22,946

)

Cumulative dividends on redeemable convertible

   preferred stock

 

 

 

 

 

 

 

 

(5,151

)

Accretion of redeemable convertible preferred stock to

   redemption value

 

 

 

 

 

 

 

 

(98

)

Net loss attributable to common stockholders, basic

   and diluted

 

$

(45,952

)

 

$

(13,152

)

 

$

(28,195

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

33,098,571

 

 

 

28,104,991

 

 

 

7,594,115

 

Less: weighted average shares subject to repurchase

 

 

(266,057

)

 

 

(629,199

)

 

 

(1,301,315

)

Weighted average shares used to compute basic and diluted

   net loss per share

 

 

32,832,514

 

 

 

27,475,792

 

 

 

6,292,800

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(1.40

)

 

$

(0.48

)

 

$

(4.48

)

 

Basic net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares and potentially dilutive securities for the period, determined using the treasury-stock method and the as-if converted method, for convertible securities, if inclusion of these is dilutive. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:

 

 

 

As of December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Common stock subject to repurchase

 

 

81,373

 

 

 

409,839

 

 

 

990,609

 

Stock options to purchase common stock

 

 

2,964,549

 

 

 

2,141,868

 

 

 

1,318,647

 

 

As of December 31, 2017, the Company has contributions from plan participants of $133,000 under the 2015 ESPP, which if converted, would be equivalent to 4,030 shares based on 85% of the stock price at the beginning of the offering period. As of December 31, 2016, the Company had contributions from plan participants of $125,000 under the 2015 ESPP, which if converted, would be equivalent to 10,843 shares based on 85% of the stock price at the beginning of the offering period.

 

F-22