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Share-based compensation (Tables)
6 Months Ended
Jun. 30, 2017
Share-based compensation  
Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

Three months ended June 30, 

 

Six months ended June 30, 

 

    

2017

    

2016

 

2017

 

2016

 

 

in thousands

Research and development - employees

 

$

794

 

$

918

 

$

1,481

 

$

1,777

Selling, general and administrative - employees

 

 

1,132

 

 

531

 

 

2,050

 

 

1,650

Research and development - non-employees

 

 

 —

 

 

 —

 

 

 —

 

 

670

Total

 

$

1,926

 

$

1,449

 

$

3,531

 

$

4,097

 

Schedule of share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

 

    

2017

    

2016

 

2017

 

2016

Award type

 

in thousands

Share options

 

$

883

 

$

1,306

 

$

1,709

 

$

3,690

Restricted share units ("RSUs")

 

 

716

 

 

82

 

 

1,232

 

 

235

Performance share units ("PSUs")

 

 

327

 

 

61

 

 

590

 

 

172

Total

 

$

1,926

 

$

1,449

 

$

3,531

 

$

4,097

 

Schedule of unrecognized compensation cost related to unvested awards

 

 

 

 

 

 

 

 

 

 

 

Weighted-average

 

 

 

 

 

remaining

 

    

Unrecognized

    

period for

 

 

compensation

 

     recognition     

 

 

costs

 

 (in years)

Award type

 

in thousands

 

 

Share options

 

$

7,520

 

2.74

Restricted share units

 

 

4,169

 

1.87

Performance share units

 

 

2,556

 

2.39

Total

 

$

14,245

 

2.42

 

2012 Plan  
Share-based compensation  
Summary of option activity

 

 

 

 

 

 

 

 

2012 plan

 

 

 

 

Weighted average

 

    

Options

    

exercise price

 

 

 

 

 

 

Outstanding at December 31, 2016

 

483,006

 

5.13

Exercised

 

(286,304)

 

3.07

Outstanding, fully vested and exercisable at June 30, 2017

 

196,702

 

8.12

 

2014 Plan  
Share-based compensation  
Summary of option activity

 

 

 

 

 

 

 

 

2014 plan

 

 

 

 

Weighted average

 

    

Options

    

exercise price

 

 

 

 

 

 

Outstanding at December 31, 2016

 

1,812,766

 

$

12.47

Granted

 

714,600

 

$

5.59

Forfeited

 

(118,739)

 

$

9.76

Expired

 

(55,764)

 

$

15.42

Outstanding at June 30, 2017

 

2,352,863

 

$

10.45

Fully vested and exercisable

 

816,586

 

$

12.93

Outstanding and expected to vest

 

1,536,277

 

$

9.12

 

Schedule of weighted-average assumptions for fair value of option issued

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

Assumptions

    

2017

    

2016

 

2017

 

2016

Expected volatility

 

75%

 

75%

 

75%

 

75%

Expected terms (in years)

 

10 years

 

10 years

 

10 years

 

10 years

Risk free interest rate

 

2.43%

 

1.58% - 1.96%

 

2.43% - 2.81%

 

0.16% - 1.96%

Expected dividends

 

0%

 

0%

 

0%

 

0%

 

Summary of RSUs activity

 

 

 

 

 

 

 

 

 

 

RSU

 

 

 

 

 

Weighted average

 

 

 

 

 

grant-date fair

 

    

Number of shares

    

value

Undistributed at December 31, 2016

 

 

307,063

 

$

9.11

Granted

 

 

408,350

 

$

5.83

Distributed

 

 

(25,000)

 

$

18.21

Forfeited

 

 

(2,275)

 

$

7.98

Undistributed at June 30, 2017

 

 

688,138

 

$

6.84

 

Summary of PSUs activity

 

 

 

 

 

 

 

 

 

 

PSU

 

 

 

 

 

Weighted average

 

 

 

 

 

grant-date fair

 

    

Number of shares

    

value

Undistributed at December 31, 2016

 

 

111,564

 

$

5.76

Retired

 

 

(12,000)

 

$

5.76

Granted

 

 

13,000

 

$

4.99

Distributed

 

 

(58,500)

 

$

5.76

Undistributed at June 30, 2017

 

 

54,064

 

$

5.57

 

Other Plans  
Share-based compensation  
Summary of option activity

 

 

 

 

 

 

 

 

 

Other plans

 

 

 

 

 

Weighted average

 

    

Options

    

exercise price

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

 

187,500

 

$

17.93

Granted

 

 

150,000

 

$

5.31

Expired

 

 

(62,500)

 

$

27.82

Outstanding at June 30, 2017

 

 

275,000

 

$

8.80

Fully vested and exercisable

 

 

31,250

 

$

12.98

Outstanding and expected to vest

 

 

243,750

 

$

8.26