Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.4.0.3
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Weighted Average Assumptions

Stock Options

The stock options generally vest monthly over four years for employees and one year for directors. Stock options held by employees who qualify for retirement age (defined as employees that are a minimum of 55 years of  age and the sum of their age plus years of full-time employment with the Company exceeds 70 years) vest on the earlier of scheduled vest date or the date of retirement.

 

The fair value of the stock options granted during the three months ended March 31, 2016 and 2015, was estimated based on the following weighted average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

 

2015

 

Dividend yield

 

 

0

%

 

 

0

%

Expected volatility

 

 

106

%

 

 

82

%

Risk-free interest rate

 

 

1.27

%

 

 

1.34

%

Expected term

 

5.6 years

 

 

5.6 years

 

 
Stock Option Activity

Stock option activity for the three months ended March 31, 2016, was as follows:

 

 

 

Options

 

 

Weighted

Average Exercise Price Per Share

 

 

Weighted

Average

Remaining

Contractual

Life

(in years)

 

 

Aggregate

Intrinsic Value

(in thousands)

 

Outstanding at January 1, 2016

 

 

7,690,297

 

 

$

6.33

 

 

 

 

 

 

 

 

 

Granted

 

 

65,900

 

 

 

1.04

 

 

 

 

 

 

 

 

 

Forfeited, expired or cancelled

 

 

(330,940

)

 

 

8.71

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2016

 

 

7,425,257

 

 

$

6.18

 

 

 

6.43

 

 

$

—

 

Vested and expected to vest at March 31, 2016

 

 

7,255,365

 

 

$

6.21

 

 

6.37

 

 

$

—

 

Exercisable at March 31, 2016

 

 

5,739,469

 

 

$

6.58

 

 

 

5.84

 

 

$

—

 

 
Unvested RSU Activity

Unvested RSU activity for the three months ended March 31, 2016, is summarized below:

 

 

 

 

 

 

Weighted-

 

 

 

Number of

 

 

Average Grant-

 

 

 

Shares

 

 

Date Fair Value

 

Unvested balance at January 1, 2016

 

 

2,125,761

 

 

$

4.07

 

Granted

 

 

2,290,344

 

 

 

0.76

 

Vested

 

 

(1,052,929

)

 

 

3.24

 

Forfeited

 

 

(117,627

)

 

 

3.52

 

Unvested balance at March 31, 2016

 

 

3,245,549

 

 

$

2.03

 

 
Stock-based Compensation expense

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

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

 

2015

 

Research and development

 

$

1,137

 

 

$

2,196

 

Selling, general and administrative

 

 

1,169

 

 

 

1,469

 

Total stock-based compensation expense

 

$

2,306

 

 

$

3,665