4. Stock Options

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stock Options

2001 Qualified Incentive Stock Option Plan:

The Company's board of directors approved a Stock Option Plan on June 15, 2001, which provides for the issuance of up to 5,000,000 shares of the Company's common stock to employees and non-employee directors.

2009 Qualified Incentive Stock Option Plan:

During the year 2010, the Board of Directors of Mymetics awarded 4,350,000 incentive stock options to the employees and officers of the Company. Incentive stock options were awarded on June 30, 2010, for a total of 3,350,000 shares with an exercise price of USD 0.14 per share, of which 2,350,000 are vested and 1,000,000 are forfeited as of December 31, 2014. As part of the employment contract with the CFO of Mymetics, 1,000,000 employee incentive stock options were issued on July 1, 2010 with an exercise price of USD 0.19 per share, which are fully vested as of December 31, 2014.

2013 Qualified Incentive Stock Option Plan:

For the year ended December 31 2013, the Board of Directors of Mymetics approved 30,000,000 incentive stock options to the employees and officers of the Company. 20,600,000 incentive stock options were awarded on October 4, 2013 to the employees and officers of the Company with an exercise price of USD 0.02 per share. 3,300,000 incentive stock options vested immediately, of which 3,100,000 were exercised as of December 31, 2013, and 17,300,000 vest in equal quantities through August 2017.

No options were issued in the year ended December 31, 2014.

The Company recognized compensation expense related to the issued option grants of E97 and E71 for the years ended December 31, 2014 and 2013, respectively. These amounts were recognized as research and development expense and general and administrative expense based on the specific recipient of the award for the years ended December 31, 2014. As of December 31, 2014, a total of 12,975,000 shares of common stock with unrecognized compensation cost of E89 are unvested. The cost is expected to be recognized ratably through August 2017.

A summary of activity related to stock options under the 2001, 2009 and 2013 Stock Option Plans is represented below:

	Number of Shares			Exercise Price Range		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2012		3,682,500		$	0.12 to $3.50	$	0.17
Granted		20,600,000		$	0.02	$	0.02
Exercised		(3,100,000	)	$	0.02	$	0.02
Expired/forfeited		(332,500	)	$	0.12 to $3.50	$	0.33
Outstanding, December 31, 2013		20,850,000		$	0.02 to $3.50	$	0.04
Granted		--			--		--
Exercised		--			--		--
Expired/forfeited		--			--		--
Outstanding, December 31, 2014		20,850,000		$	0.02 to $3.50	$	0.04		8.21	$	--
Exercisable, December 31, 2014		7,875,000		$	0.02 to $0.19	$	0.08		7.24	$	--

The aggregate intrinsic value of the stock options fluctuates in relation to the market price of the Company’s common stock. There was no intrinsic value associated with options exercised during the year at the time of exercise.

Outstanding and exercisable options by price range as of December 31, 2014, were as follows:

		Outstanding options						Exercisable Options
				Weighted		Weighted				Weighted
				Average		Average				Average
Range of Exercise		Number		Remaining		Exercise		Number		Exercise
Prices per Share		Outstanding		Life (Years)		Price		Exercisable		Price
$	0.14		2,350,000		5.0	$	0.14		2,350,000	$	0.14
$	0.19		1,000,000		5.5	$	0.19		1,000,000	$	0.19
$	0.02		17,500,000		8.8	$	0.02		4,525,000	$	0.02
$	0.02 - $ 0.19		20,850,000			$	0.04		7,875,000	$	0.08

The fair value of the options at the grant date is determined under the Black Scholes option pricing model. The weighted-average grant-date fair value of options granted during the year ended December 31, 2013 was E0.02 per share. During the year ended December 31, 2013, the following weighted-average assumptions were used:

Estimated volatility		157.63	%
Risk free interest rate		0.32	%
Expected dividend rate		--
Expected life	6 years

As of December 31, 2014, the 2013 Stock Option Plan has 8,400,500 shares available for future grants of stock options.

The Company will issue new shares upon the exercise of any options.