Annual report pursuant to Section 13 and 15(d)

Compensation and Other Benefit Plans (Tables)

v3.6.0.2
Compensation and Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

The following table summarizes the Company’s stock option activity:

 

 

 

2016

 

 

2015

 

 

2014

 

 

 

Number of

shares

 

 

Weighted

Average

Exercise

Price

Per Share

 

 

Number of

shares

 

 

Weighted

Average

Exercise

Price

Per Share

 

 

Number of

shares

 

 

Weighted

Average

Exercise

Price

Per Share

 

Outstanding at beginning of year

 

 

384,382

 

 

$

126.46

 

 

 

384,948

 

 

$

162.88

 

 

 

360,658

 

 

$

168.05

 

Granted

 

 

234,962

 

 

 

6.29

 

 

 

89,844

 

 

 

75.56

 

 

 

94,487

 

 

 

133.88

 

Exercised

 

 

—

 

 

 

—

 

 

 

(8,177

)

 

 

37.89

 

 

 

(45,737

)

 

 

78.18

 

Forfeited, expired or cancelled

 

 

(51,052

)

 

 

116.15

 

 

 

(82,233

)

 

 

250.17

 

 

 

(24,460

)

 

 

285.31

 

Outstanding at end of year

 

 

568,292

 

 

$

77.70

 

 

 

384,382

 

 

$

126.46

 

 

 

384,948

 

 

$

162.88

 

Exercisable at end of year

 

 

315,384

 

 

$

127.08

 

 

 

280,149

 

 

$

138.29

 

 

 

245,346

 

 

$

199.22

 

Weighted-average grant-date fair value

 

 

 

 

 

$

4.90

 

 

 

 

 

 

$

51.92

 

 

 

 

 

 

$

98.85

 

 
Unvested RSU Activity

Unvested RSU activity for the year ended December 31, 2016 is summarized below:

 

 

 

 

 

 

 

Weighted-

 

 

 

Number of

 

 

Average Grant-

 

 

 

Shares

 

 

Date Fair Value

 

Unvested balance at January 1, 2016

 

 

106,205

 

 

$

81.42

 

Granted

 

 

127,367

 

 

 

14.82

 

Vested

 

 

(108,649

)

 

 

49.17

 

Forfeited

 

 

(33,695

)

 

 

46.32

 

Unvested balance at December 31, 2016

 

 

91,228

 

 

$

39.82

 

 
Weighted Average Assumptions

The fair value of stock options granted during the years ended December 31, 2016, 2015, and 2014, was estimated based on the following weighted average assumptions for:

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

 

101

%

 

 

84

%

 

 

92

%

Risk-free interest rate

 

 

1.84

%

 

 

1.40

%

 

 

1.72

%

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 loss (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Research and development

 

$

2,805

 

 

$

5,022

 

 

$

5,557

 

Selling, general and administrative

 

 

4,221

 

 

 

4,705

 

 

 

5,215

 

Restructuring

 

 

619

 

 

 

—

 

 

 

—

 

Total stock-based compensation expense

 

$

7,645

 

 

$

9,727

 

 

$

10,772