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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2012
Stock-Based Compensation  
Summary of stock option activity

 

 

 

 

Shares

 

Weighted average
exercise price

 

Outstanding at January 1

 

5,821,073

 

$

7.54

 

Options granted

 

1,736,256

 

5.05

 

Options exercised

 

(269,344

)

3.35

 

Options cancelled

 

(1,280,862

)

8.83

 

Outstanding at September 30

 

6,007,123

 

$

6.73

 

Exercisable at September 30

 

3,502,865

 

$

7.96

 

Summary unvested restricted shares

 

 

 

 

Shares

 

Weighted
average
grant date
fair value

 

Outstanding at January 1

 

82,450

 

$

4.94

 

Vested

 

(68,757

)

5.27

 

Granted

 

45,243

 

5.47

 

Outstanding at September 30

 

58,936

 

$

4.95

 

Schedule of weighted average assumptions used to estimate fair value of each employee stock option award

 

 

 

 

Three Months
Ended September 30,

 

Nine Months
Ended September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Risk-free interest rate

 

.92

%

2.05

%

1.11

%

2.49

%

Expected life in years

 

6.23

 

6.25

 

6.24

 

6.25

 

Volatility

 

102

%

100

%

101

%

101

%

Expected dividend yield

 

 

 

 

 

Schedule of stock-based compensation expense

 

 

 

 

Three Months
Ended September 30,

 

Nine Months
Ended September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Stock-based compensation expense by type of award:

 

 

 

 

 

 

 

 

 

Employee stock options

 

$

765

 

$

774

 

$

2,222

 

$

2,196

 

Restricted stock

 

36

 

93

 

137

 

310

 

Total stock-based compensation expense

 

$

801

 

$

867

 

$

2,359

 

$

2,506

 

 

 

 

 

 

 

 

 

 

 

Effect of stock-based compensation expense by line item:

 

 

 

 

 

 

 

 

 

Research and development

 

$

612

 

$

648

 

$

1,797

 

$

1,861

 

General and administrative

 

189

 

219

 

562

 

645

 

Total stock-based compensation expense included in net loss

 

$

801

 

$

867

 

$

2,359

 

$

2,506

 

Schedule of unrecognized stock-based compensation expense

 

 

 

 

Unrecognized
stock
compensation
expense as of
September 30,

2012

 

Weighted
average
remaining
period

(in years)

 

Employee stock options

 

$

8,305

 

2.76

 

Restricted stock

 

278

 

0.87

 

Total

 

$

8,583

 

2.71