enta-10q_20170331.htm

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2017, the registrant had 19,083,511 shares of common stock, $0.01 par value per share, outstanding.

	March 31,			September 30,
	2017			2016
Assets
Current assets:
Cash and cash equivalents	$	19,211		$	16,577
Short-term marketable securities		156,362			193,507
Accounts receivable		8,959			12,841
Prepaid expenses and other current assets		6,059			9,231
Total current assets		190,591			232,156
Property and equipment, net		8,526			8,004
Long-term marketable securities		65,330			32,119
Deferred tax assets		13,903			8,390
Restricted cash		608			608
Total assets	$	278,958		$	281,277
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	4,056		$	3,377
Accrued expenses and other current liabilities		5,098			4,512
Total current liabilities		9,154			7,889
Warrant liability		1,276			1,251
Series 1 nonconvertible preferred stock		162			159
Other long-term liabilities		2,355			2,042
Total liabilities		12,947			11,341
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock; $0.01 par value per share, 100,000 shares authorized; 19,054 and 19,036 shares issued and outstanding at March 31, 2017 and September 30, 2016, respectively		191			190
Additional paid-in capital		248,654			242,081
Accumulated other comprehensive income (loss)		(108	)		19
Retained earnings		17,274			27,646
Total stockholders' equity		266,011			269,936
Total liabilities and stockholders' equity	$	278,958		$	281,277

The accompanying notes are an integral part of these consolidated financial statements.

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2017			2016			2017			2016
Revenue
Royalties	$	8,959		$	13,004		$	19,376		$	30,873
Milestones		—			—			—			30,000
Other		—			—			—			576
Total revenue		8,959			13,004			19,376			61,449

Operating expenses:
Research and development		13,004			9,143			25,530			18,176
General and administrative		5,461			4,426			10,398			8,244
Total operating expenses		18,465			13,569			35,928			26,420
Income (loss) from operations		(9,506	)		(565	)		(16,552	)		35,029
Other income (expense):
Interest income		572			408			1,121		764
Interest expense		(8	)		(11	)		(20	)		(23	)
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock		(15	)		75			(28	)	60
Total other income (expense), net		549			472			1,073			801
Income (loss) before income taxes		(8,957	)		(93	)		(15,479	)		35,830
Income tax (expense) benefit		3,565			(1,552	)		5,107			(11,286	)
Net income (loss)	$	(5,392	)	$	(1,645	)	$	(10,372	)	$	24,544

Net income (loss) per share:
Basic	$	(0.28	)	$	(0.09	)	$	(0.54	)	$	1.30
Diluted	$	(0.28	)	$	(0.09	)	$	(0.54	)	$	1.28

Weighted average shares outstanding:
Basic		19,047			18,921			19,042			18,848
Diluted		19,047			18,921			19,042			19,225

The accompanying notes are an integral part of these consolidated financial statements.

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2017			2016			2017			2016
Net income (loss)	$	(5,392	)	$	(1,645	)	$	(10,372	)	$	24,544
Other comprehensive income (loss):
Net unrealized gains (losses) on marketable securities, net of tax of ($13), $0, ($76), $135		(23	)		390			(127	)		168
Total other comprehensive income (loss)		(23	)		390			(127	)		168
Comprehensive income (loss)	$	(5,415	)	$	(1,255	)	$	(10,499	)	$	24,712

The accompanying notes are an integral part of these consolidated financial statements.

	Six Months Ended
	March 31,
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(10,372	)	$	24,544
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation expense		6,759			4,374
Depreciation and amortization expense		1,021			772
Deferred income taxes		(5,437	)		(719	)
Income tax benefit from exercise of stock options		—			(48	)
Premium on marketable securities		(857	)		(166	)
Amortization of premium on marketable securities		406			1,010
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock		28			(60	)
Change in operating assets and liabilities:
Accounts receivable		3,882			2,285
Unbilled receivables		—			433
Prepaid expenses and other current assets		3,114			609
Accounts payable		688			1,160
Accrued expenses		562			(330	)
Income taxes payable		—			6,048
Other long-term liabilities		349			135
Net cash provided by operating activities		143			40,047
Cash flows from investing activities
Purchase of property and equipment		(1,531	)		(3,710	)
Purchase of marketable securities		(151,273	)		(84,561	)
Sale of marketable securities		5,020			—
Maturities of marketable securities		150,455			82,182
Net cash provided by (used in) investing activities		2,671			(6,089	)
Cash flows from financing activities
Proceeds from exercise of stock options		58			661
Payments of capital lease obligations		(36	)		(33	)
Payments of withholding tax for share-based awards		(202	)		—
Income tax benefit from exercise of stock options		—			48
Net cash provided by (used in) financing activities		(180	)		676
Net increase in cash and cash equivalents		2,634			34,634
Cash and cash equivalents at beginning of period		16,577			21,726
Cash and cash equivalents at end of period	$	19,211		$	56,360
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	1,022		$	5,711

The accompanying notes are an integral part of these consolidated financial statements.

Enanta Pharmaceuticals, Inc. (the “Company”), incorporated in Delaware in 1995, is a research and development-focused biotechnology company that uses its robust, chemistry-driven approach and drug discovery capabilities to create small molecule drugs primarily for the treatment of viral infections and liver diseases. The Company’s success to date has been built on protease inhibitors discovered for the treatment of hepatitis C virus, or (“HCV”), which are licensed to AbbVie Inc. (“AbbVie”) and included in its HCV treatment regimens. The Company’s new research and development programs are currently focused primarily on the following disease areas: hepatitis B virus (“HBV”); non-alcoholic steatohepatitis (“NASH”); primary biliary cholangitis (“PBC”); and respiratory syncytial virus (“RSV”).

The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, the uncertainties of research and development, competition from technological innovations of others, dependence on collaborative arrangements, protection of proprietary technology, dependence on key personnel and compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approvals, prior to commercialization. These efforts require significant amounts of capital, adequate personnel infrastructure, and extensive compliance reporting capabilities.

The consolidated balance sheet at September 30, 2016 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited consolidated financial statements as of March 31, 2017 and for the six months ended March 31, 2017 and 2016 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2016.

In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2017 and results of operations for the three and six months ended March 31, 2017 and 2016 and cash flows for the six months ended March 31, 2017 and 2016, have been made. The results of operations for the six months ended March 31, 2017 are not necessarily indicative of the results of operations that may be expected for subsequent quarters or the year ending September 30, 2017.

The accompanying consolidated financial statements have been prepared in conformity with GAAP. All dollar amounts in the consolidated financial statements and in the notes to the consolidated financial statements, except share and per share amounts, are in thousands unless otherwise indicated.

For the Company’s Significant Accounting Policies, please refer to its Annual Report on Form 10-K for the fiscal year ended September 30, 2016. There were no significant changes to the Company’s Significant Accounting Policies during the quarter.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, management’s judgments of separate units of accounting and best estimate of selling price of those units of accounting within its revenue arrangements; valuation of warrants, Series 1 nonconvertible preferred stock and stock-based awards; and the accounting for income taxes, including uncertain tax positions and the valuation of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.

In August 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) (“ASU 2014-15”), which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. This amendment will be effective for the Company for fiscal year ended September 30, 2017. The Company does not expect the adoption of ASU 2014-15 to have an impact on the Company’s consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which intends to simplify several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, a choice to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This amendment will be effective for the Company in the fiscal year beginning October 1, 2017. The Company is currently evaluating the potential impact that ASU 2016-09 may have on its financial position and results of operations.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The FASB has continued to issue accounting standards updates to clarify and provide implementation guidance related to Revenue from Contracts with Customers, including ASU 2016-08, Revenue from Contract with Customers: Principal versus Agent Considerations, ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, and ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients. These amendments address a number of areas, including an entity’s identification of its performance obligations in a contract, collectibility, non-cash consideration, presentation of sales tax and an entity’s evaluation of the nature of its promise to grant a license of intellectual property and whether or not that revenue is recognized over time or at a point in time. These new standards will be effective for the Company beginning October 1, 2018. The Company is currently evaluating the potential impact that Topic 606 may have on its financial position and results of operations.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”) that changes the presentation of restricted cash and cash equivalents on the statement of cash flows. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This amendment is effective for the Company in the fiscal year beginning October 1, 2018, but early adoption is permissible. The Company is currently evaluating the potential impact that ASU 2016-18 may have on its financial position and statement of cash flows.

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which will replace the existing guidance in ASC 840, “Leases.” The updated standard aims to increase transparency and comparability among organizations by requiring lessees to recognize leased assets and leased liabilities on the consolidated balance sheets and requiring disclosure of key information about leasing arrangements. This amendment is effective for the Company in the fiscal year beginning October 1, 2019, but early adoption is permissible. The Company is currently evaluating the potential impact that ASU 2016-02 may have on its financial position and results of operations.

In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) which requires companies to amend the amortization period for premiums on debt securities with explicit call features to be the earliest call date rather than through the contractual life of the debt instrument. This amendment aims to more closely align the recognition of interest income with the manner in which market participants price such instruments. This amendment is effective for the Company in the fiscal year beginning October 1, 2019, but early adoption is permissible. The Company is currently evaluating the potential impact that ASU 2017-08 may have on its financial position and results of operations.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”), which introduces a new methodology for accounting for credit losses on financial instruments, including available-for-sale debt securities. The guidance establishes a new “expected loss model” that requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information. Any expected credit losses are to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. This amendment is effective for the Company in the fiscal year beginning October 1, 2020. The Company is currently evaluating the potential impact that ASU 2016-13 may have on its financial position and results of operations.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

The following tables present information about the Company’s financial assets and liabilities that were subject to fair value measurement on a recurring basis as of March 31, 2017 and September 30, 2016 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:

	Fair Value Measurements at March 31, 2017 Using:
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Treasury notes	$	82,433	$	—	$	—	$	82,433
Cash equivalents		12,877		—		—		12,877
Corporate bonds		—		112,503		—		112,503
Commercial paper		—		17,756		—		17,756
U.S. Agency bonds		—		9,000		—		9,000
	$	95,310	$	139,259	$	—	$	234,569
Liabilities:
Warrant liability	$	—	$	—	$	1,276	$	1,276
Series 1 nonconvertible preferred stock		—		—	162			162
	$	—	$	—	$	1,438	$	1,438

	Fair Value Measurements at September 30, 2016 Using:
	Level 1		Level 2		Level 3		Total
Assets:
U.S. Treasury notes	$	69,608	$	—	$	—	$	69,608
Cash equivalents		15,295		—		—		15,295
Corporate bonds		—		76,073		—		76,073
Commercial paper		—		49,900		—		49,900
U.S. Agency bonds		—		30,045		—		30,045
	$	84,903	$	156,018	$	—	$	240,921
Liabilities:
Warrant liability	$	—	$	—	$	1,251	$	1,251
Series 1 nonconvertible preferred stock		—		—		159		159
	$	—	$	—	$	1,410	$	1,410

Cash equivalents at March 31, 2017 and September 30, 2016 consist primarily of money market funds.

During the six months ended March 31, 2017 and 2016, there were no transfers between Level 1, Level 2 and Level 3.

As of March 31, 2017 and September 30, 2016, the Company’s warrant liability was comprised of the value of warrants for the purchase of its Series 1 nonconvertible preferred stock. These warrants are financial instruments that may require a transfer of assets because of the liquidation features and are therefore recorded as liabilities and measured at fair value. The outstanding Series 1 nonconvertible preferred stock was also measured at fair value. The fair value of these instruments was based on significant inputs not observable in the market, which represented a Level 3 measurement within the fair value hierarchy. The Company utilized a probability-weighted valuation model which takes into consideration various outcomes that may require the Company to transfer assets upon exercise. Changes in the fair value of the warrant liability and Series 1 nonconvertible preferred stock are recognized in other income (expense), net in the consolidated statements of operations.

The recurring Level 3 fair value measurements of the Company’s warrant liability and Series 1 nonconvertible preferred stock using probability-weighted discounted cash flow include the following significant unobservable inputs:

The following table provides a rollforward of the aggregate fair values of the Company’s warrants for the purchase of Series 1 nonconvertible preferred stock and the outstanding Series 1 nonconvertible preferred stock for which fair value is determined by Level 3 inputs:

As of March 31, 2017 and September 30, 2016, the fair value of available-for-sale marketable securities, by type of security, was as follows:

	March 31, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	112,572	$	34	$	(103	)	$	112,503
U.S. Treasury notes		82,523		8		(98	)		82,433
Commercial paper		17,756		—		—			17,756
U.S. Agency bonds		9,014		—		(14	)		9,000
	$	221,865	$	42	$	(215	)	$	221,692

	September 30, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	76,077	$	27	$	(31	)	$	76,073
U.S. Treasury notes		69,579		38		(9	)		69,608
Commercial paper		49,900		—		—			49,900
U.S. Agency bonds		30,040		15		(10	)		30,045
	$	225,596	$	80	$	(50	)	$	225,626

As of March 31, 2017, marketable securities consisted of investments that mature within one year, with the exception of certain U.S. Treasury notes and corporate bonds, which have maturities within three years and an aggregate fair value of $65,330.

Accrued expenses and other current liabilities as well as other long-term liabilities consisted of the following as of March 31, 2017 and September 30, 2016:

	March 31,		September 30,
	2017		2016
Accrued expenses:
Accrued preclinical and clinical expenses	$	2,516	$	899
Accrued payroll and related expenses		1,181		2,384
Accrued professional fees		463		393
Accrued vendor manufacturing		312		441
Capital lease obligation		75		73
Accrued fixed assets		47		2
Accrued other		504		320
	$	5,098	$	4,512

Other long-term liabilities:
Uncertain tax positions	$	1,066	$	745
Accrued rent expense		706		696
Capital lease obligation		421		458
Asset retirement obligation		162		143
	$	2,355	$	2,042

The Company has a Collaborative Development and License Agreement (as amended, the “AbbVie Agreement”), with AbbVie to identify, develop and commercialize HCV NS3 and NS3/4A protease inhibitor compounds, including paritaprevir and glecaprevir (ABT-493), under which the Company has received license payments, proceeds from a sale of preferred stock, research funding payments, milestone payments and royalties totaling approximately $418,000 through March 31, 2017. As of March 31, 2017, the Company is eligible to receive additional milestone payments of up to a total of $80,000 upon AbbVie’s achievement of commercialization regulatory approval milestones in the U.S. and other major world markets for its glecaprevir/pibrentasvir (“G/P”) combination regimen for HCV, which is currently under regulatory review in those jurisdictions. Since the Company completed all its performance obligations under the AbbVie Agreement by the end of fiscal 2011, any milestone payments received since then have been and will be recognized as revenue when the milestones are achieved by AbbVie. The Company is also receiving annually tiered royalties per Company protease product ranging from the low double digits up to twenty percent, or on a blended basis from the low double digits up to the high teens, on AbbVie’s calendar year net sales of its HCV regimens that are allocated to the collaboration’s protease inhibitor in the regimen. Beginning with each January 1, the cumulative net sales of a given royalty-bearing product start at zero for purposes of calculating the tiered royalties on a product by product basis.

During the six months ended March 31, 2016, the Company earned and recognized milestone revenue of $30,000 upon AbbVie’s achievement of commercialization regulatory approval of a paritaprevir-containing regimen in Japan in November 2015.

In October and November 2010, the Company issued warrants to purchase up to a total of 1,999,989 shares of Series 1 nonconvertible preferred stock, which expire on October 4, 2017. As these warrants and underlying Series 1 preferred stock are financial instruments that may require the Company to transfer assets, these instruments are classified as liabilities. The Company is required to remeasure the fair value of these instruments at each reporting date, with any adjustments recorded within other income (expense), net, in the consolidated statements of operations.

The Company has granted stock-based awards, including stock options and restricted stock units, under its existing 2012 Equity Incentive Plan (the “2012 Plan”) and Employee Stock Purchase Plan (the “ESPP”). The Company also has outstanding stock-based awards under its 1995 Equity Incentive Plan (the “1995 Plan”), but is no longer granting awards under this plan.

The following table summarizes stock option activity, including performance-based options, for the year to date period ending March 31, 2017:

	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in years		Aggregate Intrinsic Value
Outstanding as of September 30, 2016		1,895,456		$	28.75		7.6	$	7,369
Granted		541,619			29.97
Exercised		(5,857	)		9.82
Forfeited		(105,596	)		18.35
Outstanding as of March 31, 2017		2,325,622		$	29.55		7.6	$	9,469
Options vested and expected to vest as of March 31, 2017		2,307,633		$	29.54		7.0	$	9,446
Options exercisable as of March 31, 2017		1,160,475		$	26.96		6.5	$	8,015

The Company awards both performance share units, or PSUs, and relative total stockholder return units, or rTSRUs, to its executive officers. The number of units represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 200% of the target number. The following table summarizes PSU and rTSRU activity for the year to date period ending March 31, 2017:

	Performance Share Units			Weighted Average Grant Date Fair Value		Relative Total Stockholder Return Units			Weighted Average Grant Date Fair Value
Unvested at September 30, 2016		48,525		$	33.70		48,525		$	31.74
Granted		44,500		$	35.89		44,500		$	46.11
Vested		(18,820	)	$	35.47		—		$	—
Cancelled		(4,705	)	$	35.47		(23,525	)	$	25.44
Unvested at March 31, 2017		69,500		$	34.51		69,500		$	43.07

In November 2016, the Company awarded restricted stock units to its employees, which vest 50% in three years and 50% in four years, provided the employee remains employed with the Company at the time of vesting. The fair value of these awards is determined based on the intrinsic value of the stock on the date of grant and will be recognized as stock-based compensation expense, net of estimated forfeitures, over the requisite service period. The following table summarizes the restricted stock unit activity for the year to date period ending March 31, 2017:

During the six months ended March 31, 2017 and 2016, the Company recognized the following stock-based compensation expense:

		Page
PART I—FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Unaudited Consolidated Balance Sheets	3
	Unaudited Consolidated Statements of Operations	4
	Unaudited Consolidated Statements of Comprehensive Income (Loss)	5
	Unaudited Consolidated Statements of Cash Flows	6
	Unaudited Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25
Item 4.	Controls and Procedures	25
PART II—OTHER INFORMATION
Item 1A.	Risk Factors	26
Item 6.	Exhibits	51
Signatures		52
Exhibit Index		53

		Range (Weighted Average)
		March 31,		September 30,
	Unobservable Input	2017		2016
Warrant liability and Series 1 nonconvertible preferred stock	Probabilities of payout	0%-60%		0%-60%
	Periods in which payout is expected to occur	2017-2018		2017-2018
	Discount rate		5.00%		4.50%

	Warrant Liability		Series 1 Nonconvertible Preferred Stock
Balance, September 30, 2016	$	1,251	$	159
Increase in fair value		25		3
Balance, March 31, 2017	$	1,276	$	162

	Restricted Stock Units			Weighted Average Grant Date Fair Value
Unvested at September 30, 2016		—		$	—
Granted		112,460		$	30.00
Vested		—		$	—
Cancelled		(1,918	)	$	30.00
Unvested at March 31, 2017		110,542		$	30.00