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Accounting for Shared-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2013
Accounting for Shared-Based Payments  
Schedule of stock-based compensation expense

 

 

 

 

Years Ended December 31,

 

November 15, 2005
(inception) to

 

 

 

2013

 

2012

 

2011

 

December 31, 2013

 

 

 

( dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees—included in research and development

 

$

1,319

 

$

975

 

$

107

 

$

2,920

 

Employees—included in general and administrative

 

1,531

 

635

 

93

 

2,941

 

 

 

 

 

 

 

 

 

 

 

Subtotal employee stock based compensation

 

2,850

 

1,610

 

200

 

5,861

 

Non-employees—included in research and development

 

146

 

128

 

73

 

443

 

Non-employees—included in general and administrative

 

1,618

 

777

 

549

 

3,794

 

 

 

 

 

 

 

 

 

 

 

Subtotal non-employee stock based compensation

 

1,764

 

905

 

622

 

4,237

 

 

 

 

 

 

 

 

 

 

 

Total stock-based compensation expense

 

$

4,614

 

$

2,515

 

$

822

 

$

10,098

 

 
Schedule of weighted-average assumptions used to estimate fair value of stock option awards using the Black-Scholes option valuation model

 

 

 

 

Years Ended December 31,

 

 

 

2013

 

2012

 

2011

 

Risk-free interest rate

 

0.66%-2.75%

 

0.85%-1.5%

 

0.88%-1.25%

 

Dividend yield

 

—

 

—

 

—

 

Expected volatility

 

60%

 

60%

 

70%

 

Expected term (in years)

 

6.0-9.53 yrs.

 

6.0 yrs.

 

6.0 yrs.

 

 
Summary of stock option activity and of changes in stock options outstanding under the Plan

 

 

 

 

Number of
Options

 

Exercise Price
Per Share

 

Weighted Average
Exercise Price
Per Share

 

Intrinsic
Value
(in thousands)

 

Balance outstanding, January 1, 2011

 

4,302,008

 

$

0.50-1.90

 

$

1.04

 

$

25,763

 

Granted

 

1,807,000

 

$

3.35-4.30

 

$

3.50

 

 

 

Exercised

 

—

 

—

 

—

 

 

 

Forfeited

 

(144,969

)

$

0.50-1.40

 

$

1.04

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance outstanding, December 31, 2011

 

5,964,039

 

$

0.50-4.30

 

$

1.77

 

$

6,027

 

Granted

 

3,875,229

 

$

3.40-5.20

 

$

4.29

 

 

 

Exercised

 

—

 

—

 

—

 

 

 

Forfeited

 

(105,000

)

$

3.40-4.38

 

$

4.10

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance outstanding, December 31, 2012

 

9,734,268

 

$

0.50-5.20

 

$

2.75

 

$

24,482

 

Granted

 

2,545,965

 

$

0.44 -20.01

 

$

6.41

 

 

 

Exercised

 

(61,787

)

$

0.50-4.28

 

$

1.91

 

$

221

 

Forfeited

 

(894,397

)

$

4.42-13.90

 

$

6.05

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance outstanding, December 31, 2013 (1)

 

11,324,049

 

$

0.44-20.01

 

$

3.31

 

$

37,521

 

Exercisable at December 31, 2013

 

5,028,448

 

$

0.44-20.01

 

$

3.03

 

$

15,221

 

 

 

(1)         Number of shares represented above include contingent vesting shares upon change of control. The Fair Value at the date of grant was approximately $28,918,822 determined using the Black-Scholes option valuation model assumptions discussed above. No stock based compensation expense associated with these options was recognized since the grant date.