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Accounting for Shared-Based Payments (Tables)
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock-based compensation expense
Stock-based compensation has been recognized in operating results as follows:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
($ in thousands)
 
2016
 
2015
 
2016
 
2015
Included in research and development
 
784

 
580

 
1,594

 
1,110

Included in general and administrative
 
1,923

 
4,809

 
2,315

 
6,684

Total stock-based compensation expense
 
$
2,707

 
$
5,389

 
$
3,909

 
$
7,794
Schedule of weighted-average assumptions used to estimate fair value of stock option awards using the Black-Scholes option valuation model
The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions during the periods indicated.
 
Six Months Ended
June 30, 2016
 
Six Months Ended
June 30, 2015
Risk-free interest rate
1.22%-1.49%

 
1.46%-2.35%

Dividend yield
—

 
—

Expected volatility
50
%
 
60
%
Expected term (in years)
6 years

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

A summary of stock option activity and of changes in stock options outstanding under the Plan is presented below:
 
Number of
Options
 
Exercise Price
Per Share
 
Weighted Average
Exercise Price
Per Share
 
Intrinsic
Value
(in thousands)
 
Weighted Average
Remaining
Contractual Term
Balance outstanding, December 31, 2015 (1)
20,953,375

 
$0.44-9.12
 
$
3.86

 
$
42,438

 
7.15 years
Granted
5,943,000

 
$2.93-4.14
 
3.70

 
—

 

Exercised
(6,667
)
 
3.33
 
3.33

 
—

 

Forfeited
(533,760
)
 
$2.98-9.12
 
6.04

 
—

 

Balance outstanding, June 30, 2016 (1)
26,355,948

 
$0.44-9.12
 
$
3.77

 
$
—

 
7.39 years
Exercisable, at June 30, 2016
10,715,881

 
$0.44-9.12
 
$
3.39

 
$
8,607

 
5.74 years
__________________________
(1)  Number of options represented above includes 2,159,500 options vesting upon a change of control, granted between November 20, 2009 and June 22, 2010. The fair value at the date of grant was approximately $28.6 million. Because the probability of a change of control transaction is not predictable no stock based compensation expense associated with these options has been recognized since the grant date.