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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation Expense from All Stock Options Granted Charged to Consolidated Statements of Operations

The share-based compensation expense from all stock options granted that has been charged to our consolidated statements of operations and comprehensive loss in those periods was as follows (in thousands):

 

 

 

Years ended December 31,

 

 

 

2015

 

 

2014

 

Selling, general and administrative expense

 

$

2,077

 

 

$

1,607

 

Research and development expense

 

 

598

 

 

 

425

 

Share-based compensation expense

 

$

2,675

 

 

$

2,032

 

 

Summary of Option Activity

The following table summarizes our stock option activity for the year ended December 31, 2015:

 

 

 

Shares

Underlying

Option

Awards

 

 

Weighted-Average

Exercise

Price

 

 

Weighted-Average

Remaining

Contractual Years

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Outstanding at January 1, 2015

 

 

13,616,137

 

 

$

1.00

 

 

 

 

 

 

 

 

 

Granted

 

 

13,114,372

 

 

$

0.55

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

$

 

 

 

 

 

 

 

 

 

Expired/cancelled/forfeited

 

 

(3,827,782

)

 

$

0.65

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

22,902,727

 

 

$

0.80

 

 

 

7.46

 

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at December 31, 2015

 

 

10,428,421

 

 

$

1.10

 

 

 

5.72

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest at December 31, 2015

 

 

21,897,047

 

 

$

0.81

 

 

 

7.38

 

 

$

3

 

 

Black-Scholes Option-Valuation Model and the Calculation of Share-based Compensation for Option Grants to Employees and Non-Employee Directors

The assumptions used in the Black-Scholes option-valuation model and the calculation of share-based compensation for option grants to employees and non-employee directors during the years ended December 31, 2015 and 2014 are as follows:

 

 

 

Years ended December 31,

 

 

2015

 

 

2014

Risk-free interest rate

 

1.6 - 1.9%

 

 

1.9 - 2.1%

Dividend yield

 

0.0%

 

 

0.0%

Expected volatility

 

78 - 99%

 

 

104 - 112%

Expected term (in years)

 

5.3 - 6.2 years

 

 

5.4 - 6.2 years

Forfeiture rate

 

 

7

%

 

9%