Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.5.0.2
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Weighted Average Assumptions

  The fair value of the stock options granted during the three and six months ended June 30, 2016 and 2015, was estimated based on the following weighted average assumptions:

 

 

 

Three  Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

 

107

%

 

 

81

%

 

 

107

%

 

 

82

%

Risk-free interest rate

 

 

1.01

%

 

 

1.65

%

 

 

1.18

%

 

 

1.40

%

Expected term

 

5.6 years

 

 

5.6 years

 

 

5.6 years

 

 

5.6 years

 

 
Stock Option Activity

Stock option activity for the six months ended June 30, 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

 

 

99,300

 

 

 

0.93

 

 

 

 

 

 

 

 

 

Forfeited, expired or cancelled

 

 

(628,182

)

 

 

6.48

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2016

 

 

7,161,415

 

 

$

6.24

 

 

 

6.17

 

 

$

—

 

Vested and expected to vest at June 30, 2016

 

 

7,026,845

 

 

$

6.28

 

 

6.11

 

 

$

—

 

Exercisable at June 30, 2016

 

 

5,775,398

 

 

$

6.59

 

 

 

5.65

 

 

$

—

 

 
Unvested RSU Activity

Unvested RSU activity for the six months ended June 30, 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

 

 

2,302,944

 

 

 

0.76

 

Vested

 

 

(1,132,525

)

 

 

3.27

 

Forfeited

 

 

(298,228

)

 

 

2.87

 

Unvested balance at June 30, 2016

 

 

2,997,952

 

 

$

1.95

 

 
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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Research and development

 

$

857

 

 

$

1,399

 

 

$

1,994

 

 

$

3,595

 

Selling, general and administrative

 

 

1,308

 

 

 

1,290

 

 

 

2,477

 

 

 

2,759

 

Total stock-based compensation expense

 

$

2,165

 

 

$

2,689

 

 

$

4,471

 

 

$

6,354