Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
6 Months Ended
Sep. 30, 2021
Stock-Based Compensation  
Stock-Based Compensation

7.    Stock-Based Compensation

Total stock-based compensation expense for the three months ended September 30, 2021 and September 30, 2020 was $20,000 and $0.2 million, respectively. Total stock-based compensation expense for the six months ended September 30, 2021 and September 30, 2020 was $0.1 million and $0.6 million, respectively.

Bionik did not grant any stock options during the six months ended September 30, 2021 and 2020. Stock options granted to employees or non-employees typically vest over a 1 to 5 year period.

Performance Based Units (“PSUs”) granted to employees vest annually based on time and continued performance and the achievement of performance goals as determined by the board of directors.

The Company uses the Black-Scholes option pricing model to determine the estimated grant date fair values for stock-based awards. The Black-Scholes option pricing model requires the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The Company’s assumptions do not include an estimated forfeiture rate.

Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. As it relates to grants previously issued, Bionik’s estimated expected stock price volatility is based on past grants that have been made. Bionik’s expected term of options granted was derived from looking at the Company’s exercise history of its awards granted. The risk-free rate for the expected term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant.

As of September 30, 2021, the total unrecognized compensation cost related to outstanding stock options and PSUs expected to vest was $0.2 million, which the Company expects to recognize over a weighted-average period of 1.60 years.