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Accounting for Shared-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2015
Accounting for Shared-Based Payments  
Schedule of stock-based compensation expense

 

 

 

Year Ended

 

 

 

December 31,

 

($ in thousands)

 

2015

 

2014

 

2013

 

Included in research and development expense

 

$
2,452 

 

$
1,914 

 

$
1,465 

 

Included in selling, general and administrative

 
7,272 

 
2,808 

 
3,149 

 

 

 

 

 

 

 

 

 

Total stock-based compensation expense

 

$
9,724 

 

$
4,722 

 

$
4,614 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Year Ended

 

 

 

December 31,

 

($ in thousands)

 

2015

 

2014

 

2013

 

Risk-free interest rate

 

1.46%-2.02%

 

1.78%-2.30%

 

0.66%-2.75%

 

Dividend yield

 

—

 

—

 

—

 

Expected volatility

 

50%-80%

 

52%-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

 

 

 

 

 

 

 

Weighted Average

 

Intrinsic

 

Weighted Average

 

 

 

Number of

 

Exercise Price

 

Exercise Price

 

Value

 

Remaining

 

 

 

Options

 

Per Share

 

Per Share

 

($ in thousands)

 

Contractual Term

 

Balance outstanding, December 31, 2012

 
9,734,268

 

$

0.50-5.20

 

$
2.75

 

$
24,482

 

8.10 years

 

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

 

6.94 years

 

Granted

 
5,528,000

 

$

2.83-4.24

 

$
3.47

 

—

 

 

 

Exercised

 
(9,999

)

$

3.40-3.95

 

$
3.58

 

$
25

 

 

 

Forfeited

 
(275,030

)

$

4.24-20.01

 

$
13.42

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance outstanding, December 31, 2014

 
16,567,020

 

$

0.44-17.79

 

$
3.20

 

$
8,949

 

7.29 years

 

Granted

 
4,961,112

 

$

2.94-9.33

 

$
6.51

 

—

 

 

 

Exercised

 
(269,720

)

$

2.98-6.28

 

$
4.24

 

$
904

 

 

 

Forfeited

 
(305,037

)

$

2.98-9.45

 

$
6.22

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance outstanding, December 31, 2015 (1)

 
20,953,375

 

$

0.44-9.12

 

$
3.86

 

$
42,438

 

7.15 years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2015

 
9,858,717

 

$

0.44-7.91

 

$
3.28

 

$
23,668

 

6.02 years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The number of options represented above includes 2,159,500 options with vesting contingent upon change of control granted on November 20, 2009. The fair value at the date of grant was approximately $28,564,103 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.