Annual report pursuant to Section 13 and 15(d)

Compensation and Other Benefit Plans (Tables)

v3.8.0.1
Compensation and Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2017:

 

 

 

Number of

shares

 

 

Weighted

Average

Exercise

Price

Per Share

 

Outstanding at beginning of year

 

 

568,292

 

 

$

77.70

 

Granted

 

 

1,387,820

 

 

 

10.94

 

Exercised

 

 

(110,400

)

 

 

5.95

 

Forfeited, expired or cancelled

 

 

(223,647

)

 

 

84.40

 

Outstanding at end of year

 

 

1,622,065

 

 

$

24.54

 

Exercisable at end of year

 

 

849,279

 

 

$

32.79

 

 
Unvested RSU Activity

Unvested RSU activity for the year ended December 31, 2017 is summarized below:

 

 

 

 

 

 

 

Weighted-

 

 

 

Number of

 

 

Average Grant-

 

 

 

Shares

 

 

Date Fair Value

 

Unvested balance at January 1, 2017

 

 

91,228

 

 

$

39.82

 

Granted

 

 

11,799

 

 

 

4.67

 

Vested

 

 

(62,405

)

 

 

37.63

 

Forfeited

 

 

(22,142

)

 

 

45.45

 

Unvested balance at December 31, 2017

 

 

18,480

 

 

$

18.00

 

 
Weighted Average Assumptions

The fair value of stock options granted during the years ended December 31, 2017, 2016, and 2015, was estimated based on the following weighted average assumptions for:

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

 

100

%

 

 

101

%

 

 

84

%

Risk-free interest rate

 

 

1.90

%

 

 

1.84

%

 

 

1.40

%

Expected term

 

5.6 years

 

 

5.6 years

 

 

5.6 years

 

 
Stock-based Compensation Expense

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

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Research and development

 

$

876

 

 

$

2,805

 

 

$

5,022

 

General and administrative

 

 

6,425

 

 

 

4,221

 

 

 

4,705

 

Restructuring

 

 

—

 

 

 

619

 

 

—

 

Total stock-based compensation expense

 

$

7,301

 

 

$

7,645

 

 

$

9,727