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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Stock-Based Compensation Expense on All Employee and Non-Employee Awards

The Company recognized stock-based compensation expense on all employee and non-employee awards as follows:

 

     For the three
months ended
June 30,		      For the six months
ended June 30,		  
(in thousands)    2016      2015      2016      2015  

Research and development

    $ 476       $ 316       $ 893       $ 610   

General and administrative

      1,590         3,169         3,182         3,967   
  

 

 

     

 

 

     

 

 

     

 

 

  

Stock-based compensation expense

    $ 2,066       $ 3,485       $ 4,075       $ 4,577   
  

 

 

     

 

 

     

 

 

     

 

 

  
Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model

For the three months ended June 30, 2016 and 2015, the fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions:

 

     For the three months ended
June 30,
     2016    2015

Risk-free interest rate

    1.38 - 1.54%    1.69%

Expected life in years

    6    6

Expected volatility

    80.70 - 80.81%    85.57%

Expected dividend yield

    0    0
Stock Option Activity Under Stock Option Plan

Stock option activity under the Company’s stock option plan for the six months ended June 30, 2016 is as follows:

 

(in thousands, except share and per share data)

    Number of
Shares		      Weighted-
Average
Exercise
Price		      Weighted-
Average
Contractual
Term
(Years)		      Aggregate
Intrinsic
Value		  

Outstanding, December 31, 2015

      3,481,469       $ 4.96         

Granted

      136,000         8.13         

Exercised

      (169,000 )       4.81         

Cancelled

      (10,366 )       6.48         
  

 

 

     

 

 

        

Outstanding, June 30, 2016

      3,438,103       $ 5.08         6.75       $ 4,046   
  

 

 

     

 

 

     

 

 

     

 

 

  

Vested and unvested expected to vest at June 30, 2016

      3,353,760       $ 5.08         5.71       $ 3,947   
  

 

 

     

 

 

     

 

 

     

 

 

  

Options exercisable, June 30, 2016

      2,237,935       $ 5.08         5.71       $ 3,430   
  

 

 

     

 

 

     

 

 

     

 

 

  

Options exercisable, December 31, 2015

      2,120,834       $ 4.24         5.84       $ 8,622   
  

 

 

     

 

 

     

 

 

     

 

 

  

Options available for future grant

      2,642,596            
  

 

 

           
Summary of Unvested Restricted Stock

A summary of the status of unvested restricted stock for the six months ended June 30, 2016 is as follows:

 

     Number of
Shares		      Weighted-
Average
Grant
Date Fair
Value		  

Non-vested, December 31, 2015

      1,586,388       $ 9.00   

Granted

      —           —     

Vested

      (350,000 )       9.35   

Cancelled

      —           —     
  

 

 

     

 

 

  

Non-vested, June 30, 2016

      1,236,388       $ 9.00