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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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 March 31,  
(in thousands)    2017      2016  

Research and development

    $ 560      $ 417  

General and administrative

      1,464        1,592  
  

 

 

     

 

 

  

Stock-based compensation expense

    $ 2,024      $ 2,009  
  

 

 

     

 

 

  

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

For the three months ended March 31, 2017 and 2016, 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 March 31,
     2017    2016

Risk-free interest rate

    2.04 - 2.23%    1.58 - 1.90%

Expected life in years

    6    6

Expected volatility

    80.31 - 80.90%    79.15 - 79.69%

Expected dividend yield

    0    0
Stock Option Activity Under Stock Option Plan

Stock option activity under the Company’s stock option plan for the three months ended March 31, 2017 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, 2016

      3,465,335     $ 5.07        

Granted

      117,000       6.42        

Exercised

      (5,000 )      4.89        

Cancelled

      (37,666 )      6.25        
  

 

 

    

 

 

        

Outstanding, March 31, 2017

      3,539,669     $ 5.10        6.55      $ 6,295  
  

 

 

    

 

 

     

 

 

     

 

 

  

Options exercisable, March 31, 2017

      2,673,668     $ 4.41        5.63      $ 5,795  
  

 

 

    

 

 

     

 

 

     

 

 

  

Options exercisable, December 31, 2016

      2,671,835     $ 4.40        5.88      $ 3,383  
  

 

 

    

 

 

     

 

 

     

 

 

  

Options available for future grant

      1,698,426          
  

 

 

          

Summary of Unvested Restricted Stock

A summary of the status of unvested restricted stock for the three months ended March 31, 2017 is as follows:

 

     Number of Shares      Weighted-Average
Grant Date Fair Value		  

Non-vested, December 31, 2016

      1,680,492      $ 7.49  

Granted

      —          —    

Vested

      —          —    

Cancelled

      —          —    
  

 

 

     

 

 

  

Non-vested, March 31, 2017

      1,680,492      $ 7.49