Stock-based Compensation

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Stock-based Compensation

Stock Incentive Plan

The Company has a stock incentive plan, the Immunomedics, Inc. 2014 Long-Term Incentive Plan (the “Plan”) that provides for the granting of stock options, restricted stock units (RSUs), performance stock options (PSOs), and other stock-based awards to eligible individuals on the terms and subject to the conditions set forth in the Plan. There were no significant modifications to the Plan during the three months ended March 31, 2019 or 2018.

Stock-based compensation expense included in the condensed consolidated statements of comprehensive loss were $1.7 million, and $1.3 million for the three months ended March 31, 2019 and 2018, respectively.

The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended March 31, 2019 (in thousands):

	Stock Options		RSUs	PSOs
Equity awards outstanding, beginning of year	4,757		15	538
Changes during the year:
Granted	1,238		—	260
Exercised	(1,063	)	—	—
Expired or forfeited	(498	)	—	(273	)
Equity awards outstanding, end of period	4,434		15	525

On March 14, 2019, performance stock options were granted to certain eligible individuals that vest upon the Company’s receipt of approval from the FDA for the Company’s BLA for sacituzumab govitecan for the treatment of patients with metastatic triple-negative breast cancer who have received at least two prior therapies for metastatic disease under the Prescription Drug User Fee Act. There were additional stock options that were granted to certain eligible individuals that vest on the second anniversary of the date of grant.

As of March 31, 2019, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands):

	Stock Options		RSUs		PSOs
Unrecognized compensation cost	$	36,921	$	1	$	3,737
Expected weighted-average period in years of compensation cost to be recognized	3.3		—		1.8