XOMA Royalty Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

The fair value of the stock options granted during the three and six months ended June 30, 2020 and 2019, was estimated based on the following weighted average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Dividend yield	0	%	0	%	0	%	0	%
Expected volatility	100	%	102	%	100	%	103	%
Risk-free interest rate	0.40	%	2.21	%	0.77	%	2.51	%
Expected term	5.93 years		5.60 years		5.66 years		5.60 years

Stock Option Activity

Stock option activity for the six months ended June 30, 2020, was as follows:


		Weighted		Weighted	Aggregate
		Average		Average	Intrinsic
		Exercise		Contractual	Value
	Number of	Price		Term	(in
	shares	Per Share		(in years)	thousands)
Outstanding at beginning of year	1,839,623	$	20.42	6.88	$	26,829
Granted	187,811		21.12
Exercised	(2,000)		4.77
Forfeited, expired or cancelled	(17,036)		147.00
Outstanding at end of period	2,008,398	$	19.43	6.75	$	16,254
Exercisable at end of period	1,604,258	$	19.70	6.18	$	15,169

Stock-based Compensation Expense

The following table shows total stock-based compensation expense for stock options and ESPP in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development	$	—	$	59	$	—	$	108
General and administrative		773		952		2,561		2,631
Total stock-based compensation expense	$	773	$	1,011	$	2,561	$	2,739