Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation (Tables)

v3.8.0.1
Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017 and 2016, was estimated based on the following weighted average assumptions:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

 

100

%

 

 

102

%

 

 

100

%

 

 

103

%

Risk-free interest rate

 

 

1.88

%

 

 

1.13

%

 

 

1.79

%

 

 

1.14

%

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, 2017, 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, 2017

 

 

568,292

 

 

$

77.70

 

 

 

 

 

 

 

 

 

Granted

 

 

1,095,722

 

 

 

5.08

 

 

 

 

 

 

 

 

 

Exercised

 

 

(6,458

)

 

 

4.50

 

 

 

 

 

 

 

 

 

Forfeited, expired or cancelled

 

 

(189,141

)

 

 

58.28

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2017

 

 

1,468,415

 

 

$

26.33

 

 

$

8.56

 

 

$

17,448

 

Exercisable at September 30, 2017

 

 

399,969

 

 

$

81.48

 

 

$

6.39

 

 

$

2,120

 

 
RSU Activity

RSU activity for the nine months ended September 30, 2017, is summarized below:

 

 

 

 

 

 

Weighted-

 

 

 

Number of

 

 

Average Grant-

 

 

 

Shares

 

 

Date Fair Value

 

Unvested at January 1, 2017

 

 

91,228

 

 

$

39.82

 

Granted

 

 

11,799

 

 

$

4.67

 

Vested

 

 

(60,886

)

 

$

37.12

 

Forfeited

 

 

(22,142

)

 

$

45.45

 

Unvested at September 30, 2017

 

 

19,999

 

 

$

21.04

 

 
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 income (loss) (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Research and development

 

$

102

 

 

$

802

 

 

$

774

 

 

$

2,796

 

General and administrative

 

 

1,936

 

 

 

927

 

 

 

4,119

 

 

 

3,404

 

Total stock-based compensation expense

 

$

2,038

 

 

$

1,729

 

 

$

4,893

 

 

$

6,200