Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.5.0.2
Stock-based Compensation (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2016 and 2015, was estimated based on the following weighted average assumptions:

 

 

 

Three  Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

 

102

%

 

 

103

%

 

 

103

%

 

 

83

%

Risk-free interest rate

 

 

1.13

%

 

 

1.36

%

 

 

1.14

%

 

 

1.40

%

Expected term

 

5.6 years

 

 

5.6 years

 

 

5.6 years

 

 

5.6 years

 

 
Stock Option Activity

Stock option activity for the nine months ended September 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

 

 

384,382

 

 

$

126.46

 

 

 

 

 

 

 

 

 

Granted

 

 

25,672

 

 

 

12.58

 

 

 

 

 

 

 

 

 

Forfeited, expired or cancelled

 

 

(41,494

)

 

 

121.39

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2016

 

 

368,560

 

 

$

119.10

 

 

 

6.23

 

 

$

—

 

Vested and expected to vest at September 30, 2016

 

 

362,745

 

 

$

119.86

 

 

 

6.19

 

 

$

—

 

Exercisable at September 30, 2016

 

 

293,367

 

 

$

130.02

 

 

 

5.64

 

 

$

—

 

 
Unvested RSU Activity

Unvested RSU activity for the nine months ended September 30, 2016, is summarized below:

 

 

 

 

 

 

Weighted-

 

 

 

Number of

 

 

Average Grant-

 

 

 

Shares

 

 

Date Fair Value

 

Unvested balance at January 1, 2016

 

 

106,205

 

 

$

81.42

 

Granted

 

 

126,067

 

 

 

14.90

 

Vested

 

 

(57,473

)

 

 

65.35

 

Forfeited

 

 

(19,044

)

 

 

52.39

 

Unvested balance at September 30, 2016

 

 

155,755

 

 

$

37.06

 

 
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Research and development

 

$

802

 

 

$

1,047

 

 

$

2,796

 

 

$

4,642

 

Selling, general and administrative

 

 

927

 

 

 

917

 

 

 

3,404

 

 

 

3,676

 

Total stock-based compensation expense

 

$

1,729

 

 

$

1,964

 

 

$

6,200

 

 

$

8,318