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Accounting for Shared-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2014
Accounting for Shared-Based Payments  
Schedule of stock-based compensation expense

 

 

 

Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Included in research and development expense

 

$
1,914 

 

$
1,465 

 

$
1,103 

 

Included in general and administrative

 
2,808 

 
3,149 

 
1,412 

 

 

 

 

 

 

 

 

 

Total stock-based compensation expense

 

$
4,722 

 

$
4,614 

 

$
2,515 

 

 

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,

 

 

 

2014

 

2013

 

2012

 

Risk-free interest rate

 

1.78%-2.30%

 

0.66%-2.75%

 

0.85%-1.5%

 

Dividend yield

 

—

 

—

 

—

 

Expected volatility

 

52%-60%

 

60%

 

60%

 

Expected term (in years)

 

6.0 years

 

6.0 years

 

6.0 years

 

 

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, 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

 
11,324,049

 

$

0.44-20.01

 

$
3.31

 

$
37,521

 

Granted

 
5,528,000

 

$

2.83-4.24

 

$
3.47

 

 

 

Exercised

 
(9,999

)

$

3.40-3.95

 
3.58

 

—

 

Forfeited

 
(275,030

)

$

4.24-20.01

 

$
13.42

 

 

 

Balance outstanding, December 31, 2014 (1)

 
16,567,020

 

$

0.44-17.79

 

$
3.20

 

$
8,949

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2014

 
7,028,499

 

$

0.44-17.79

 

$
3.13

 

$
5,071

 

 

(1)

Number of options represented above include contingent vesting options upon change of control granted on 11/20/2009. 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.