Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Stockholders' Equity

Stockholders' Equity

9. Stockholders’ Equity

2012 Equity Incentive Plan

As of March 31, 2014, under the 2012 Equity Incentive Plan, the Company may grant shares, stock units, stock appreciation rights, performance cash awards and/or options to employees, directors, consultants, and other service providers. For options, the per share exercise price may not be less than the fair market value of a Company common share on the date of grant. Awards generally vest over four years and expire 10 years from the date of grant. Options generally become exercisable as they vest following the date of grant.

A summary of stock option activity for the three months ended March 31, 2014 under all of the Company’s options plans is as follows:

(in thousands)	Options		Weighted Average Exercise Price
Outstanding at December 31, 2013	1,820,784		$	4.46
Granted	876,500		5.37
Exercised	(50,304	)	1.18
Cancelled	(98,666	)	6.35
Outstanding at March 31, 2014	2,548,314		$	4.77
Weighted-average fair value of options granted during the period			$	3.45

Stock-Based Compensation

The Company recorded stock-based compensation expense in the condensed consolidated statements of comprehensive loss as follows:

	Three Months
	Ended March 31,
(in thousands)	2014		2013
General and administrative	$	226	$	85
Research and development	265		96
	$	491	$	181

At March 31, 2014, the Company had $4.7 million of total unrecognized compensation expense, net of estimated forfeitures, related to outstanding stock options that will be recognized over a weighted-average period of 3.2 years.