• Filing Date: 2020-08-04
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2020
Aug. 03, 2020
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2020  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2020  
Document Transition Report false  
Entity File Number 001-34703  
Entity Registrant Name Alimera Sciences, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-0028718  
Entity Address, Address Line One 6120 Windward Parkway  
Entity Address, Address Line Two Suite 290  
Entity Address, City or Town Alpharetta  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30005  
City Area Code 678  
Local Phone Number 990-5740  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol ALIM  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Smaller Reporting Company true  
Emerging Growth Company false  
Entity Shell Company false  
Entity common stock, shares outstanding (in shares)   5,031,745
Entity Central Index Key 0001267602  
Amendment Flag false  
Document Fiscal Period Focus Q2  
v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 13,496 $ 9,426
Restricted cash 31 33
Accounts receivable, net 14,034 19,331
Prepaid expenses and other current assets 2,942 2,565
Inventory (Note 7) 1,968 1,390
Total current assets 32,471 32,745
NON-CURRENT ASSETS:    
Property and equipment, net 1,205 940
Right of use assets, net 867 1,107
Intangible asset, net (Note 8) 13,816 14,783
Deferred tax asset 735 734
TOTAL ASSETS 49,094 50,309
CURRENT LIABILITIES:    
Accounts payable 5,884 7,077
Accrued expenses 3,140 4,716
Notes payable 889  
Finance lease obligations 226 255
Total current liabilities 10,139 12,048
NON-CURRENT LIABILITIES:    
Note payable, net of discount (Note 10) 42,510 38,658
Finance lease obligations — less current portion 311 94
Other non-current liabilities 3,664 3,954
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT:    
Common stock, $.01 par value — 150,000,000 shares authorized, 5,031,745 shares issued and outstanding at June 30, 2020 and 4,965,949 shares issued and outstanding at December 31, 2019 50 50
Additional paid-in capital 350,769 350,117
Common stock warrants 3,707 3,707
Accumulated deficit (391,314) (387,570)
Accumulated other comprehensive loss (1,086) (1,093)
TOTAL STOCKHOLDERS’ DEFICIT (7,530) (4,445)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 49,094 50,309
Series A convertible preferred stock    
STOCKHOLDERS’ DEFICIT:    
Preferred stock 19,227 19,227
Series C convertible preferred stock    
STOCKHOLDERS’ DEFICIT:    
Preferred stock $ 11,117 $ 11,117
v3.20.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Preferred stock, par value (usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares issued (in shares) 5,031,745 4,965,949
Common stock, shares outstanding (in shares) 5,031,745 4,965,949
Series A convertible preferred stock    
Preferred stock, shares authorized (in shares) 1,300,000 1,300,000
Preferred stock, shares issued (in shares) 600,000 600,000
Preferred stock, shares outstanding (in shares) 600,000 600,000
Preferred stock, liquidation preference $ 24,000,000 $ 24,000,000
Series C convertible preferred stock    
Preferred stock, shares issued (in shares) 10,150 10,150
Preferred stock, shares outstanding (in shares) 10,150 10,150
Preferred stock, liquidation preference $ 10,150,000 $ 10,150,000
v3.20.2
Condensed Consolidated Statements Of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
NET REVENUE $ 10,038 $ 10,855 $ 24,573 $ 23,745
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION (1,485) (1,174) (3,412) (2,774)
GROSS PROFIT 8,553 9,681 21,161 20,971
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES 1,810 2,834 4,693 5,561
GENERAL AND ADMINISTRATIVE EXPENSES 2,975 3,675 6,156 7,068
SALES AND MARKETING EXPENSES 4,382 6,108 10,054 12,021
DEPRECIATION AND AMORTIZATION 685 654 1,339 1,306
OPERATING EXPENSES 9,852 13,271 22,242 25,956
NET LOSS FROM OPERATIONS (1,299) (3,590) (1,081) (4,985)
INTEREST EXPENSE AND OTHER (1,351) (1,236) (2,643) (2,464)
UNREALIZED FOREIGN CURRENCY GAIN (LOSS), NET 109 49 28 (20)
NET LOSS BEFORE TAXES (2,541) (4,777) (3,696) (7,469)
PROVISION FOR TAXES (5) (261) (48) (332)
NET LOSS $ (2,546) $ (5,038) $ (3,744) $ (7,801)
NET (LOSS) INCOME PER COMMON SHARE — Basic and diluted (in dollars per share) $ (0.51) $ (1.06) $ (0.75) $ (1.65)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING — Basic and diluted (in shares) 5,030,833 4,732,687 5,005,777 4,724,417
v3.20.2
Condensed Consolidated Statements Of Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement of Comprehensive Income [Abstract]        
NET LOSS $ (2,546) $ (5,038) $ (3,744) $ (7,801)
OTHER COMPREHENSIVE LOSS        
Foreign currency translation adjustments 93 55 7 (27)
TOTAL OTHER COMPREHENSIVE LOSS 93 55 7 (27)
COMPREHENSIVE LOSS $ (2,453) $ (4,983) $ (3,737) $ (7,828)
v3.20.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,744,000) $ (7,801,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,339,000 1,306,000
Unrealized foreign currency transaction (gain) loss (28,000) 20,000
Amortization of debt discount 481,000 415,000
Stock-based compensation expense 757,000 1,399,000
Changes in assets and liabilities:    
Accounts receivable 5,305,000 3,332,000
Prepaid expenses and other current assets (238,000) (963,000)
Inventory (582,000) 256,000
Accounts payable (1,211,000) 1,532,000
Accrued expenses and other current liabilities (1,568,000) (603,000)
Other long-term liabilities (293,000) 431,000
Net cash provided by (used in) operating activities 218,000 (676,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (217,000) (39,000)
Net cash used in investing activities (217,000) (39,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 10,000 26,000
Issuance of debt 4,278,000  
Payment of debt costs (19,000)  
Payment of finance lease obligations (231,000) (168,000)
Net cash provided by (used in) financing activities 4,038,000 (142,000)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 29,000 (29,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,068,000 (886,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 9,459,000 13,075,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of period 13,527,000 12,189,000
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 1,084,000 2,048,000
Cash paid for income taxes 30,000 7,000
Supplemental schedule of non-cash investing and financing activities:    
Property and equipment acquired under finance leases 495,000 64,000
Property and equipment acquired under operating leases 0 676,000
Note payable end of term payment accrued but unpaid $ 1,800,000 $ 1,800,000
v3.20.2
Condensed Consolidated Statements Of Changes in Shareholders' (Deficit) Equity - USD ($)
$ in Thousands
Common Stock
Preferred Stock
Series A convertible preferred stock
Preferred Stock
Series C convertible preferred stock
Additional Paid-In Capital
Common Stock Warrants
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total
Beginning balance (in shares) at Dec. 31, 2018 4,671,921 600,000 10,150          
Beginning balance at Dec. 31, 2018 $ 47 $ 19,227 $ 11,117 $ 346,762 $ 3,707 $ (377,127) $ (1,011) $ 2,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs (in shares) 59,319              
Issuance of common stock, net of issuance costs
Stock-based compensation 770 770
Net loss (2,763) (2,763)
Foreign currency translation adjustments (83) (83)
Ending balance (in shares) at Mar. 31, 2019 4,731,240 600,000 10,150          
Ending balance at Mar. 31, 2019 $ 47 $ 19,227 $ 11,117 347,532 3,707 (379,890) (1,094) 646
Beginning balance (in shares) at Dec. 31, 2018 4,671,921 600,000 10,150          
Beginning balance at Dec. 31, 2018 $ 47 $ 19,227 $ 11,117 346,762 3,707 (377,127) (1,011) 2,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss               (7,801)
Foreign currency translation adjustments               (27)
Ending balance (in shares) at Jun. 30, 2019 4,733,364 600,000 10,150          
Ending balance at Jun. 30, 2019 $ 47 $ 19,227 $ 11,117 348,187 3,707 (384,928) (1,039) (3,682)
Beginning balance (in shares) at Mar. 31, 2019 4,731,240 600,000 10,150          
Beginning balance at Mar. 31, 2019 $ 47 $ 19,227 $ 11,117 347,532 3,707 (379,890) (1,094) 646
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs (in shares) 2,124              
Issuance of common stock, net of issuance costs
Stock-based compensation 655 655
Net loss (5,038) (5,038)
Foreign currency translation adjustments 55 55
Ending balance (in shares) at Jun. 30, 2019 4,733,364 600,000 10,150          
Ending balance at Jun. 30, 2019 $ 47 $ 19,227 $ 11,117 348,187 3,707 (384,928) (1,039) (3,682)
Beginning balance (in shares) at Dec. 31, 2019 4,965,949 600,000 10,150          
Beginning balance at Dec. 31, 2019 $ 50 $ 19,227 $ 11,117 350,117 3,707 (387,570) (1,093) (4,445)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs (in shares) 62,933              
Issuance of common stock, net of issuance costs
Stock-based compensation 440 440
Other (115) (115)
Net loss (1,198) (1,198)
Foreign currency translation adjustments (86) (86)
Ending balance (in shares) at Mar. 31, 2020 5,028,882 600,000 10,150          
Ending balance at Mar. 31, 2020 $ 50 $ 19,227 $ 11,117 350,442 3,707 (388,768) (1,179) (5,404)
Beginning balance (in shares) at Dec. 31, 2019 4,965,949 600,000 10,150          
Beginning balance at Dec. 31, 2019 $ 50 $ 19,227 $ 11,117 350,117 3,707 (387,570) (1,093) (4,445)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss               (3,744)
Foreign currency translation adjustments               7
Ending balance (in shares) at Jun. 30, 2020 5,031,745 600,000 10,150          
Ending balance at Jun. 30, 2020 $ 50 $ 19,227 $ 11,117 350,769 3,707 (391,314) (1,086) (7,530)
Beginning balance (in shares) at Mar. 31, 2020 5,028,882 600,000 10,150          
Beginning balance at Mar. 31, 2020 $ 50 $ 19,227 $ 11,117 350,442 3,707 (388,768) (1,179) (5,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs (in shares) 2,863              
Issuance of common stock, net of issuance costs 10 10
Stock-based compensation 317 317
Net loss (2,546) (2,546)
Foreign currency translation adjustments 93 93
Ending balance (in shares) at Jun. 30, 2020 5,031,745 600,000 10,150          
Ending balance at Jun. 30, 2020 $ 50 $ 19,227 $ 11,117 $ 350,769 $ 3,707 $ (391,314) $ (1,086) $ (7,530)
v3.20.2
Nature Of Operations
6 Months Ended
Jun. 30, 2020
Nature Of Operations [Abstract]  
Nature Of Operations 1. NATURE OF OPERATIONS

Alimera Sciences, Inc., together with its wholly owned subsidiaries (the Company), is a pharmaceutical company that specializes in the commercialization and development of ophthalmic pharmaceuticals. The Company presently focuses on diseases affecting the back of the eye, or retina, because the Company believes these diseases are not well treated with current therapies and affect millions of people globally. The Company’s only product is ILUVIEN®, which has received marketing authorization and reimbursement approval in numerous countries for the treatment of diabetic macular edema (DME). In addition, ILUVIEN has received marketing authorization in 16 European countries and has obtained reimbursement approval in two countries, Germany and the U.K., for the prevention of relapse in recurrent non-infectious uveitis affecting the posterior segment (NIU-PS).

The Company markets ILUVIEN directly in the U.S., Germany, the U.K., Portugal, Austria and Ireland. In addition, the Company has entered into various agreements under which distributors are providing or will provide regulatory, reimbursement and sales and marketing support for ILUVIEN in Belgium, France, Italy, Luxembourg, the Netherlands, Spain, Australia, New Zealand, Canada and several countries in the Middle East. As of June 30, 2020, the Company has recognized sales of ILUVIEN to the Company’s international distributors in the Middle East, France, Italy and Spain.

 
v3.20.2
Basis Of Presentation
6 Months Ended
Jun. 30, 2020
Basis Of Presentation [Abstract]  
Basis Of Presentation 2. BASIS OF PRESENTATION

The Company has prepared the accompanying unaudited interim condensed consolidated financial statements and notes thereto (Interim Financial Statements) in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, these Interim Financial Statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying Interim Financial Statements reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the Company’s interim financial information.

The accompanying Interim Financial Statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2019 and related notes included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 2, 2020. The financial results for any interim period are not necessarily indicative of the expected financial results for the full year.

Effects of the COVID-19 Pandemic

The public health crisis caused by the COVID-19 pandemic and the measures being taken by governments, businesses, and the public at large to limit the COVID-19 pandemic’s spread have had, and the Company expects will continue to have, certain negative effects on, and present certain risks to, the Company’s business. The Company is currently unable to fully determine its future impact on the Company’s business. These limitations and other effects of the COVID-19 pandemic had an adverse impact on the Company’s revenues late in the first quarter of 2020 and throughout the second quarter of 2020. The Company expects these factors to continue to adversely impact the Company’s revenue, and the extent and duration of that impact is uncertain at this time. The Company is monitoring the pandemic and its potential effect on the Company’s financial position, results of operations and cash flows. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s quarterly financial results, including impairment of intangible assets, the income tax provision and realizability of certain receivables. Should the pandemic continue for an extended period, the impact on the Company’s operations could have an adverse effect on the Company’s revenue, financial condition and cash flows.
v3.20.2
Summary Of Significant Accounting Policies
6 Months Ended
Jun. 30, 2020
Summary Of Significant Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019.

Reverse Stock Split

On November 14, 2019, the Company filed a certificate of amendment to its restated certificate of incorporation with the Secretary of State of the State of Delaware, which effected a one-for-15 reverse stock split (the “reverse split”) of its issued and outstanding shares of common stock at 5:01 PM Eastern Time on that date. As a result of the reverse split, every 15 shares of common stock issued and outstanding were converted into one share of common stock. The Company paid cash in lieu of fractional shares, and accordingly, no fractional shares were issued in connection with the reverse split.

The reverse split did not change the par value of the common stock or the authorized number of shares of common stock. All outstanding options, preferred stock, restricted stock units, warrants and other securities entitling their holders to purchase or otherwise receive shares of Alimera’s common stock have been adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under the 2019 Omnibus Incentive Plan and the number of shares that are purchasable under the 2010 Employee Stock Purchase Plan have also been appropriately adjusted.

Accounting Standards Issued but Not Yet Effective

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Accounting Standards Codification (ASC 326)): Measurement of Credit Losses on Financial Instruments. This ASU replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. The standard becomes effective for the Company on January 1, 2023. The Company does not anticipate the adoption of this ASU will have a material impact on its financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes. The standard eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax and (4) enacted changes in tax laws in interim periods. The standard becomes effective for the Company on January 1, 2021. The Company is in the process of determining the effect that the adoption will have on its financial statements.

 
v3.20.2
Revenue Recognition
6 Months Ended
Jun. 30, 2020
Revenue Recognition [Abstract]  
Revenue Recognition 4. REVENUE RECOGNITION

Net Revenue

The Company sells its products to major pharmaceutical distributors, pharmacies, hospitals and wholesalers (collectively, its Customers). In addition to distribution agreements with Customers, the Company enters into arrangements with healthcare providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. All of the Company’s current contracts have a single performance obligation, as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct.

All of the Company’s revenue is derived from product sales. The Company recognizes revenues from product sales at a point in time when the Customer obtains control, typically upon delivery. The Company accrues for fulfillment costs when the related revenue is recognized. Taxes collected from Customers relating to product sales and remitted to governmental authorities are excluded from revenues.

As of June 30, 2020, the Company had received a total of $1,000,000 of milestone payments in connection with the Company’s Canadian distributor that it has not recognized as revenue based on the Company’s analysis in connection with ASU 2014-09, Revenue from Contracts with Customers (ASC 606). These deferred revenues are included as a component of other non-current liabilities on the Company’s balance sheets.

Estimates of Variable Consideration

Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for reserves related to statutory rebates to State Medicaid and other government agencies; commercial rebates and fees to Managed Care Organizations (MCOs), Group Purchasing Organizations (GPOs), distributors, and specialty pharmacies; product returns; sales discounts (including trade discounts); distributor costs; wholesaler chargebacks; and allowances for patient assistance programs relating to the Company’s sales of its products.

These reserves are based on estimates of the amounts earned or to be claimed on the related sales. Management’s estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends, industry data, and Customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration included in the net sales price is limited to the amount that is probable not to result in a significant reversal in the amount of the cumulative revenue recognized in a future period. If actual results vary, the Company may adjust these estimates, which could have an effect on earnings in the period of adjustment.

With respect to the Company’s international contracts with third party distributors, certain contracts have elements of variable consideration, and management reviews those contracts on a regular basis and makes estimates of revenue based on historical ordering patterns and known market events and data. The amount of variable consideration included in net sales in each period could vary depending on the terms of these contracts and the probability of reversal in future periods.

Consideration Payable to Customers

Distribution service fees are payments issued to distributors for compliance with various contractually-defined inventory management practices or services provided to support patient access to a product. Distribution service fees reserves are based on the terms of each individual contract and are classified within accrued expenses and are recorded as a reduction of revenue.

Product Returns

The Company’s policies provide for product returns in the following circumstances: (a) expiration of shelf life on certain products; (b) product damaged while in the Customer’s possession; and (c) following product recalls. Generally, returns for expired product are accepted three months before and up to one year after the expiration date of the related product, and the related product is destroyed after it is returned. The Company may either refund the sales price paid by the Customer by issuing a credit or exchanging the returned product for replacement inventory. The Company typically does not provide cash refunds. The Company estimates the proportion of recorded revenue that will result in a return by considering relevant factors, including historical returns experience, the estimated level of inventory in the distribution channel, the shelf life of products and product recalls, if any.

The estimation process for product returns involves, in each case, several interrelating assumptions, which vary for each Customer. The Company estimates the amount of its product sales that may be returned by its Customers and records this estimate as a reduction of revenue from product sales in the period the related revenue is recognized, and because this returned product cannot be resold, there is no corresponding asset for product returns. To date, product returns have been minimal.

Other Revenue

The Company enters into agreements in which it licenses certain rights to its products to partner companies that act as distributors. The terms of these arrangements may include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; payments for manufacturing supply services the Company provides; and a revenue share on net sales of licensed products. Each of these payments is recognized as other revenues.

As part of the accounting for these arrangements, the Company must develop estimates that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. Performance obligations are promises in a contract to transfer a distinct good or service to the Customer, and the Company recognizes revenue when, or as, performance obligations are satisfied. The Company uses key assumptions to determine the stand-alone selling price; these assumptions may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical, regulatory and commercial success.

Certain of these agreements include consideration in the form of milestone payments. At the inception of each arrangement that includes milestone payments, the Company evaluates the recognition of milestone payments. Typically, milestone payments are associated with

events that are not entirely within the control of the Company or the licensee, such as regulatory approvals, are included in the transaction price, and are subject to a constraint until it is probable that there will not be a significant revenue reversal, typically upon achievement of the milestone. At the end of each reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price.

Customer Payment Obligations

The Company receives payments from its Customers based on billing schedules established in each contract, which vary across the Company’s locations, but generally range between 30 to 120 days. Occasionally, the timing of receipt of payment for the Company’s international Customers can be extended. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation is that the Customer will pay for the product or services in one year or less of receiving those products or services.

 
v3.20.2
Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases 5. LEASES

The Company evaluates all of its contracts to determine whether it is or contains a lease at inception. The Company reviews its contracts for options to extend, terminate or purchase any right of use assets and accounts for these, as applicable, at inception of the contract. Lease renewal options are not recognized as part of the lease liability until the Company determines it is reasonably certain it will exercise any applicable renewal options. The Company has not recorded any liability for renewal options in these Interim Financial Statements. The useful lives of leased assets as well as leasehold improvements, if any, are limited by the expected lease term.

Operating Leases

The Company’s operating lease activities primarily consist of leases for office space in the U.S., the United Kingdom and Germany. Most of these leases include options to renew, with renewal terms generally ranging from one to seven years. The exercise of lease renewal options is at the Company’s sole discretion. Certain of the Company’s operating lease agreements include variable lease costs that are based on common area maintenance and property taxes. The Company expenses these payments as incurred. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information as of June 30, 2020 for the Company’s operating leases is as follows:

(In thousands)

NON-CURRENT ASSETS:

Right of use assets, net

$

867

Total lease assets

$

867

CURRENT LIABILITIES:

Accrued expenses

$

486

NON-CURRENT LIABILITIES:

Other non-current liabilities

537

Total lease liabilities

$

1,023

The Company’s operating lease cost for the three and six months ended June 30, 2020 was $96,000 and $223,000, respectively, and is included in general and administrative expenses in its condensed consolidated statement of operations.

As of June 30, 2020, a schedule of maturity of lease liabilities under all of the Company’s operating leases is as follows:

Years Ending December 31

(In thousands)

2020

$

284

2021

451

2022

152

2023

152

2024

152

Thereafter

Total

1,191

Less amount representing interest

(168)

Present value of minimum lease payments

1,023

Less current portion

(486)

Non-current portion

$

537

Cash paid for operating leases was $216,000 during the six months ended June 30, 2020. No right of use assets were obtained in exchange for operating leases for the six months ended June 30, 2020.

As of June 30, 2020, the weighted average remaining lease terms of the Company’s operating leases was 3.1 years. The weighted average discount rate used to determine the lease liabilities was 10.1%.

Finance Leases

The Company’s finance lease activities primarily consist of leases for office equipment and automobiles. Property and equipment leases are capitalized at the lesser of fair market value or the present value of the minimum lease payments at the inception of the leases using the Company’s incremental borrowing rate. The Company’s finance lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information as of June 30, 2020 and December 31, 2019 for the Company’s finance leases is as follows:

June 30,

December 31,

2020

2019

(In thousands)

NON-CURRENT ASSETS:

Property and equipment, net

$

641

$

414

Total lease assets

$

641

$

414

CURRENT LIABILITIES:

Finance lease obligations

$

226

$

255

NON-CURRENT LIABILITIES:

Finance lease obligations — less current portion

311

94

Total lease liabilities

$

537

$

349

Depreciation expense associated with property and equipment under finance leases was approximately $112,000 and $77,000 for the three months ended June 30, 2020 and 2019, respectively. Depreciation expense associated with property and equipment under finance leases was approximately $193,000 and $153,000 for the six months ended June 30, 2020 and 2019, respectively. Interest expense associated with finance leases was $13,000 and $8,000 for the three months ended June 30, 2020 and 2019, respectively. Interest expense associated with finance leases was $19,000 and $17,000 for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, a schedule of maturity of lease liabilities under finance leases, together with the present value of minimum lease payments, is as follows:

Years Ending December 31

(In thousands)

2020

$

191

2021

252

2022

110

2023

18

Total

571

Less amount representing interest

(34)

Present value of minimum lease payments

537

Less current portion

(226)

Non-current portion

$

311

Cash paid for finance leases was $210,000 during the six months ended June 30, 2020. The Company acquired $495,000 of property and equipment in exchange for finance leases during the six months ended June 30, 2020.

As of June 30, 2020, the weighted average remaining lease terms of the Company’s financing leases was 1.3 years. The weighted average discount rate used to determine the financing lease liabilities was 8.2%.

 
v3.20.2
Going Concern
6 Months Ended
Jun. 30, 2020
Going Concern [Abstract]  
Going Concern 6. GOING CONCERN

The accompanying Interim Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Interim Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.

To date, the Company has incurred recurring losses and negative cash flow from operations and has accumulated a deficit of $391,314,000 from inception through June 30, 2020. As of June 30, 2020, the Company had approximately $13,496,000 in cash and cash equivalents. The Company’s ability to avoid depleting its cash depends upon its ability to maintain revenue and contain its expenses. Should the impact of the COVID-19 pandemic be extended, the Company has plans in place to reduce its expenses further in the future.

Further, the Company must maintain compliance with the debt covenants of its $45,000,000 Loan and Security Agreement with Solar Capital Ltd., as amended (see Note 10). In management’s opinion, the uncertainty regarding future revenues raises substantial doubt about the Company’s ability to continue as a going concern without access to additional debt and/or equity financing over the course of the next twelve months.

To meet the Company’s future working capital needs, the Company may need to raise additional debt or equity financing. While the Company has from time to time been able to raise additional capital through issuance of equity and/or debt financing, and while the Company has implemented a plan to control its expenses to satisfy its obligations due within one year from the date of issuance of these Interim Financial Statements, the Company cannot guarantee that it will be able to maintain debt compliance, raise additional equity, contain expenses, or increase revenue. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern within one year after these Interim Financial Statements are issued.

 
v3.20.2
Inventory
6 Months Ended
Jun. 30, 2020
Inventory [Abstract]  
Inventory 7. INVENTORY

Inventory consisted of the following:

June 30,

December 31,

2020

2019

(In thousands)

Component parts (1)

$

420

$

389

Work-in-process (2)

600

399

Finished goods

948

602

Total Inventory

$

1,968

$

1,390

(1)    Component parts inventory consists of manufactured components of the ILUVIEN applicator.

(2)    Work-in-process consists of completed units of ILUVIEN that are undergoing, but have not completed, quality assurance testing or stability testing as required by U.S. or EEA regulatory authorities.

 
v3.20.2
Intangible Asset
6 Months Ended
Jun. 30, 2020
Intangible Asset [Abstract]  
Intangible Asset 8. INTANGIBLE ASSET

As a result of the approval of ILUVIEN by the U.S. Food and Drug Administration (FDA) in 2014, the Company was required to pay EyePoint Pharmaceuticals, Inc. (EyePoint) a milestone payment of $25,000,000 (see Note 9).

The gross carrying amount of the intangible asset is $25,000,000, which is being amortized over approximately 13 years from the acquisition date. The amortization expense related to the intangible asset was approximately $484,000 for both the three months ended June 30, 2020 and 2019, respectively. The amortization expense related to the intangible asset was approximately $967,000 and $962,000 for the six months ended June 30, 2020 and 2019, respectively. The net book value of the intangible asset was $13,816,000 and $14,783,000 as of June 30, 2020 and December 31, 2019, respectively.

The estimated future amortization expense as of June 30, 2020 for the remaining periods in the next five years and thereafter is as follows:

Years Ending December 31

(In thousands)

2020

$

978

2021

1,940

2022

1,940

2023

1,940

2024

1,946

Thereafter

5,072

Total

$

13,816

Property and equipment and definite lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators of impairment are present, the Company evaluates the carrying amount of such assets in relation to the operating performance and future estimated undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The assessment of the recoverability of assets will be impacted if estimated future operating cash flows are not achieved.

In April of 2020, as a result of the potential impact of the COVID-19 pandemic on the Company’s statements of operations, the Company performed an asset impairment analysis by comparing future undiscounted cash flows of the identified asset group to the carrying value of that asset group. The Company concluded no impairment was necessary.

 
v3.20.2
License Agreements
6 Months Ended
Jun. 30, 2020
License Agreements [Abstract]  
License Agreements 9. LICENSE AGREEMENTS

EyePoint Agreement

In February 2005, the Company entered into an agreement with EyePoint (formerly known as pSivida US, Inc.) for the use of fluocinolone acetonide (FAc) in EyePoint’s proprietary insert technology. This agreement was subsequently amended a number of times (as

amended, the EyePoint Agreement). The EyePoint Agreement provides the Company with a worldwide exclusive license to utilize certain underlying technology used in the development and commercialization of ILUVIEN.

In July 2017, the Company amended and restated its license agreement with EyePoint, which was made effective July 1, 2017 (the New Collaboration Agreement). Under the New Collaboration Agreement, the Company has the right to the technology underlying ILUVIEN for the treatment of uveitis, including NIU-PS, in Europe, the Middle East and Africa. The New Collaboration Agreement converted the Company’s previous profit share obligation to a royalty payable on global net revenues of ILUVIEN. The Company began paying a 2% royalty on net revenues and other related consideration to EyePoint on July 1, 2017. The royalty amount increased to 6% effective December 12, 2018. The Company is required to pay an additional 2% royalty on global net revenues and other related consideration in excess of $75,000,000 in any year. During the three and six months ended June 30, 2020, the Company recognized approximately $401,000 and $982,000 of royalty expense, respectively, which is included in cost of goods sold, excluding depreciation and amortization. As of June 30, 2020, approximately $401,000 of this royalty expense was included in the Company’s accounts payable. During the three and six months ended June 30, 2019, the Company recognized approximately $434,000 and $950,000 of royalty expense, respectively, which is included in cost of goods sold, excluding depreciation and amortization.

Following the signing of the New Collaboration Agreement, the Company retained a right to recover up to $15,000,000 of commercialization costs that were incurred prior to profitability of ILUVIEN and to offset a portion of future payments owed to EyePoint with these accumulated commercialization costs, referred to as the Future Offset. Due to the uncertainty of future net profits, the Company has fully reserved the Future Offset in the accompanying Interim Financial Statements. In March 2019, pursuant to the New Collaboration Agreement, the Company forgave $5,000,000 of the Future Offset in connection with the approval of ILUVIEN for NIU-PS in the U.K. As of June 30, 2020, the balance of the Future Offset was approximately $8,367,000.

 
v3.20.2
Loan Agreements
6 Months Ended
Jun. 30, 2020
Loan Agreements [Abstract]  
Loan Agreements 10. LOAN AGREEMENTS

Hercules Loan Agreement

In April 2014, Alimera Sciences Limited (Alimera UK), a subsidiary of the Company, entered into a loan and security agreement (Hercules Loan Agreement) with Hercules Capital, Inc. (Hercules) providing for a term loan of up to $35,000,000 (Hercules Loan). The Company amended the Hercules Loan Agreement several times. On January 5, 2018, the Company paid off the Hercules Loan on behalf of Alimera UK, using the proceeds of the 2018 Solar Loan Agreement described below.

2014 Warrant

In connection with Alimera UK entering into the Hercules Loan Agreement, the Company issued a warrant that granted Hercules the right to purchase up to 19,002 shares of the Company’s common stock at an exercise price of $92.10 per share (the 2014 Warrant). The Company amended the 2014 Warrant a number of times to increase the number of shares issuable upon exercise to 83,933 and decrease the exercise price to $20.85 per share. The right to exercise this warrant expires on November 2, 2020.

2016 Warrant

In connection with Alimera UK entering into an amendment to the Hercules Loan Agreement on October 20, 2016, the Company agreed to issue a new warrant to Hercules (the 2016 Warrant) that granted Hercules the right to purchase up to 30,582 shares of the Company’s common stock at an exercise price of $16.35 per share. The right to exercise this warrant expires on October 20, 2021.

2018 Solar Capital Loan Agreement

On January 5, 2018, the Company entered into a $40,000,000 Loan and Security Agreement (the 2018 Solar Loan Agreement) with Solar Capital Ltd. (Solar Capital), as Collateral Agent (Agent), and the parties signing the 2018 Solar Loan Agreement from time to time as Lenders, including Solar Capital in its capacity as a Lender (collectively, the Lenders). Under the 2018 Solar Loan Agreement, the Company borrowed the entire $40,000,000 as a term loan (the 2018 Solar Loan) that was scheduled to mature on July 1, 2022. The Company paid Solar Capital a $400,000 fee at the closing of the 2018 Solar Loan Agreement. The Company repaid the 2018 Solar Loan on December 31, 2019 with a new loan agreement with Solar Capital as described below.

The Company used the proceeds of the 2018 Solar Loan to extinguish (prepay) the Hercules Loan Agreement and pay related expenses. The Company used the remaining loan proceeds to provide additional working capital for general corporate purposes.

Interest on the 2018 Solar Loan was payable at one-month LIBOR plus 7.65% per annum. The 2018 Solar Loan Agreement provided for interest only payments through the date of repayment. As of the final interest payment on the 2018 Solar Loan, the interest rate was approximately 9.3%.

The Company agreed, for itself and its subsidiaries, to customary affirmative and negative covenants and events of default in connection with the 2018 Solar Loan Agreement.

2018 Exit Fee Agreement

Notwithstanding the repayment of the 2018 Solar Loan, the Company remains obligated to pay additional fees under the Exit Fee Agreement (2018 Exit Fee Agreement) dated as of January 5, 2018 by and among the Company, Solar Capital as Agent, and the Lenders. The 2018 Exit Fee Agreement survived the termination of the 2018 Solar Loan Agreement upon the repayment of the 2018 Solar Loan and has a term of 10 years. The Company is obligated to pay up to, but no more than, $2,000,000 in fees under the 2018 Exit Fee Agreement.

2019 Solar Capital Loan Agreement

On December 31, 2019, the Company entered into a $45,000,000 Loan and Security Agreement (the 2019 Solar Loan Agreement) with Solar Capital, as Agent, and the parties signing the 2019 Solar Loan Agreement from time to time as Lenders, including Solar Capital in its capacity as a Lender (collectively, the Lenders). Under the 2019 Solar Loan Agreement, the Company borrowed $42,500,000 on December 31, 2019 and subsequent to December 31, 2019, the Company borrowed the remaining $2,500,000 on February 21, 2020 (the two borrowings totaling $45,000,000 are referred to as the 2019 Solar Loan). The 2019 Solar Loan matures on July 1, 2024.

As noted above, the Company used the initial proceeds of the 2019 Solar Loan to pay off the 2018 Solar Loan, along with related prepayment, legal and other fees and expenses of approximately $2,278,000, which included a $1.8 million fee to Solar Capital upon repayment of the 2018 Solar Loan that was previously accrued and a $400,000 prepayment fee to Solar Capital that was capitalized as deferred financing costs. The Company expects to use the remaining loan proceeds to provide additional working capital for general corporate purposes.

Interest on the 2019 Solar Loan is payable at the greater of (i) one-month LIBOR or (ii) 1.78%, plus 7.65% per annum. As of December 31, 2019, the 2019 Solar Loan’s interest rate is 9.43%. The 2019 Solar Loan provides for interest only payments until January 1, 2023. If the Company meets certain revenue thresholds and no event of default shall have occurred and is continuing, the Company can extend the interest only period an additional six months, ending on June 30, 2023, followed by one year of monthly payments of principal and interest.

The Company paid the Lenders a non-refundable facility fee in the amount of $25,000 on February 21, 2020. In addition, the Company is obligated to pay a $2,250,000 fee upon repayment of the 2019 Solar Loan.

First Amendment to 2019 Solar Capital Loan Agreement

On May 1, 2020, the Company entered into a First Amendment (the Amendment) to its 2019 Solar Loan Agreement with Solar Capital. The Amendment, among other things:

(a)eliminates the previous requirement that the following covenant (the Revenue Covenant) be measured at June 30, 2020 and September 30, 2020: the Company shall not permit revenues (under U.S. GAAP) from the sale of ILUVIEN in the ordinary course of business to third party customers, on a trailing six-month basis, to be less than a specified minimum revenue amount for each such date;

(b)requires that the Revenue Covenant be measured at November 30, 2020 and specifies a new minimum revenue amount in that regard;

(c)requires that the Revenue Covenant be measured at December 31, 2020 and specifies a new minimum revenue amount in that regard; and

(d)requires that the Revenue Covenant be measured at March 31, 2021 and at the last day of each quarter thereafter, with the minimum revenue amount equal to a percentage of the Company’s projected revenues in accordance with an annual plan submitted by the Company to Agent by January 15th of such year, such plan to be approved by the Company’s board of directors and Agent in its sole discretion.

The Amendment also adds the following new minimum liquidity requirement that is in effect from May 1, 2020 until the Company notifies Agent that it has met the Revenue Covenant at November 30, 2020: the Company shall not permit the aggregate amount of unrestricted cash and cash equivalents to be less than the sum of (i) $8,500,000 plus (ii) the amount of the Company’s accounts payable that have not been paid within 90 days from the invoice date of the relevant account payable. The Company paid no fees to Solar Capital; however, the Company agreed to reimburse Agent for its legal fees.

Paycheck Protection Program

On April 22, 2020, the Company received approximately $1,778,000 in support in the form of a loan from the U.S. federal government under the Paycheck Protection Program established as part of the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act (the PPP Loan). The PPP Loan is unsecured and is evidenced by a note (the Note) in favor of HSBC Bank USA, National Association (HSBC) as the lender and is governed by a Loan Agreement with HSBC.

The interest rate on the Note is 1.0% per annum. The Note has a two-year term and is payable in 18 equal monthly payments of principal and interest beginning on the 180th day following the disbursement of the loan proceeds, subject to forgiveness as described below. The Paycheck Protection Program provides a mechanism for forgiveness of up to the full amount borrowed as long as the Company uses the loan proceeds during the 24-week period following disbursement for eligible purposes as described in the CARES Act and related guidance. The Company used all of the proceeds from the PPP Loan to pay expenses during the applicable period that the Company believes were for eligible purposes. On July 21, 2020, the Company submitted an application to HSBC for forgiveness of the PPP Loan.

In connection with the PPP Loan, the Company entered into a Consent to Loan and Security Agreement (the Consent) under the 2019 Solar Loan Agreement. In the Consent, Solar Capital consented as Collateral Agent and a Lender, and the other Lenders consented as Lenders, to the indebtedness incurred under the PPP Loan, subject to certain conditions, including the Company’s covenant to comply with specified provisions of the CARES Act, the Company’s confirmation of the accuracy of its representations and warranties in the 2019 Solar Loan Agreement and related documents and a release in favor of the Collateral Agent and the Lenders.

The Company accounted for the PPP Loan in the same manner as it has for its other loan agreements. Payments that are due within 12 months of balance sheet dates are shown as current liabilities and payments due thereafter are shown as non-current liabilities. The Company incurred and capitalized insignificant costs with third parties as deferred financing costs associated with the PPP Loan and is expensing these costs to interest expense over the life of the loan using the effective interest method. If the Company’s application for forgiveness were to be approved, the Company will recognize a gain on extinguishment of debt at the time of forgiveness. As of the date of this filing, the application for forgiveness is still pending review.

Modification of Debt

In accordance with the guidance in ASC 470-50, Debt, the Company entered into and accounted for the 2019 Solar Loan Agreement as a modification and capitalized approximately $427,000 of costs as additional deferred financing costs and expensed approximately $76,000 of costs incurred with third parties within the consolidated statements of operations for the year ended December 31, 2019.

In accordance with the guidance in ASC 470-50, Debt, the Company entered into and accounted for the May 1, 2020 Amendment to its 2019 Solar Loan Agreement as a modification, capitalized no additional costs and expensed approximately $76,000 of costs incurred with third parties within the consolidated statements of operations for the three and six months ended June 30, 2020.

Fair Value of Debt

The weighted average interest rates of the Company’s notes payable approximate the rate at which the Company could obtain alternative financing. Therefore, the carrying amount of the notes approximated their fair value at June 30, 2020 and December 31, 2019.

 
v3.20.2
Earnings (Loss) Per Sare (EPS)
6 Months Ended
Jun. 30, 2020
Earnings (Loss) Per Sare (EPS) [Abstract]  
Earnings (Loss) Per Sare (EPS) 11. EARNINGS (LOSS) PER SHARE (EPS)

The Company follows ASC 260, Earnings Per Share (ASC 260), which requires the reporting of both basic and diluted earnings per share. Because the Company’s preferred stockholders participate in dividends equally with common stockholders (if the Company were to declare and pay dividends), the Company uses the two-class method to calculate EPS. However, the Company’s preferred stockholders are not contractually obligated to share in losses.

Basic EPS is computed by dividing net income (loss) available to stockholders by the weighted average number of shares outstanding for the period. Diluted EPS is calculated in accordance with ASC 260 by adjusting weighted average shares outstanding for the dilutive effect of common stock options, restricted stock units and warrants. In periods where a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be anti-dilutive.

Common stock equivalent securities that would potentially dilute basic EPS in the future, but were not included in the computation of diluted EPS because they were either classified as participating or would have been anti-dilutive, were as follows:

Three and Six Months Ended

June 30,

2020

2019

Series A convertible preferred stock

601,504

601,504

Series C convertible preferred stock

676,667

676,667

Common stock warrants

119,712

119,712

Stock options

1,043,297

912,430

Restricted stock & RSUs outstanding at period end

30,086

36,763

Total

2,471,266

2,347,076

 
v3.20.2
Stock Incentive Plans
6 Months Ended
Jun. 30, 2020
Stock Incentive Plans [Abstract]  
Stock Incentive Plans 12. STOCK INCENTIVE PLANS

Stock Option Plans

During the three months ended June 30, 2020 and 2019, the Company recorded compensation expense related to stock options of approximately $279,000 and $463,000, respectively. During the six months ended June 30, 2020 and 2019, the Company recorded compensation expense related to stock options of approximately $571,000 and $1,062,000, respectively. As of June 30, 2020, the total unrecognized compensation cost related to non-vested stock options granted was $1,997,000 and is expected to be recognized over a weighted average period of 2.42 years. The following table presents a summary of stock option activity for the three months ended June 30, 2020 and 2019:

Three Months Ended

June 30,

2020

2019

Weighted

Weighted

Average

Average

Exercise

Exercise

Options

Price ($)

Options

Price ($)

Options outstanding at beginning of period

1,036,484

30.84

894,106

37.25

Grants

27,431

6.54

43,212

14.2

Forfeitures

(20,618)

49.07

(24,888)

41.80

Exercises

Options outstanding at period end

1,043,297

29.84

912,430

36.04

Options exercisable at period end

730,712

38.14

648,373

43.90

Weighted average per share fair value of options granted during the period

$

4.16

$

8.66

The following table presents a summary of stock option activity for the six months ended June 30, 2020 and 2019:

Six Months Ended

June 30,

2020

2019

Weighted

Weighted

Average

Average

Exercise

Exercise

Options

Price ($)

Options

Price ($)

Options outstanding at beginning of period

871,472

35.46

830,100

39.41

Grants

196,281

6.72

121,536

13.5

Forfeitures

(24,456)

44.67

(39,206)

37.46

Exercises

Options outstanding at period end

1,043,297

29.84

912,430

36.04

Options exercisable at period end

730,712

38.14

648,373

43.90

Weighted average per share fair value of options granted during the period

$

4.17

$

8.37

The following table provides additional information related to outstanding stock options, exercisable stock options and stock options that were expected to vest as of June 30, 2020:

Weighted

Weighted

Average

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Shares

Price ($)

Term

Value ($)

(In thousands)

Outstanding

1,043,297

29.84

6.17 years

5

Exercisable

730,712

38.14

4.98 years

Outstanding, vested and expected to vest

1,003,528

30.65

6.05 years

4

The following table provides additional information related to outstanding stock options, exercisable stock options and stock options that were expected to vest as of December 31, 2019: