ACHN 2017 Annual Report

Achillion Pharmaceuticals, Inc. Notes to Financial Statements—(Continued) (in thousands, except per share amounts) A summary of the status of the Company’s stock option activity for the year ended December 31, 2017 is presented in the table and narrative below: 2017 Options Weighted Average Exercise Price Outstanding at January 1, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,394 $7.04 Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,055 4.10 Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14) 2.70 Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (801) 6.37 Cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (474) 6.64 Outstanding at December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,160 $6.37 Options exercisable at December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,321 $6.63 Options vested and expected to vest at December 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . 11,758 $6.37 The following table summarizes information about stock options outstanding at December 31, 2017: Options Outstanding Options Vested Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Vested Weighted Average Exercise Price $0.00 – $2.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 1.0 $ 1.05 128 $ 1.05 $2.01 – $4.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,360 4.3 3.08 3,195 3.07 $4.01 – $6.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,487 9.0 4.19 166 4.50 $6.01 – $8.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,526 6.1 7.49 2,581 7.48 $8.01 – $10.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113 5.4 8.71 1,022 8.71 $10.01 – $12.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 6.7 10.50 93 10.55 $12.01 – $14.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,412 6.3 13.44 1,136 13.43 12,160 6.1 $ 6.37 8,321 $ 6.63 As of December 31, 2017, the intrinsic value of the options outstanding was $258, of which $257 related to vested stock options and $1 related to unvested stock options. The intrinsic value for stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date. The total intrinsic value of stock options exercised for the years ended December 31, 2017, 2016 and 2015 was $261, $193 and $5,302, respectively. The weighted-average, grant-date fair value of options granted during the years ended December 31, 2017, 2016 and 2015 was $2.91, $5.56 and $6.66, respectively. The weighted-average, grant-date fair value of options vested at December 31, 2017, 2016 and 2015 was $4.92, $4.67 and $4.64, respectively. The weighted average remaining contractual life is 4.9 years for options exercisable and 4.7 years for options vested and expected to vest. F-22