Employee and Consultant Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option Activity

The following table summarizes option activity under all plans during the three-month period ending March 31, 2016:

Stock Option Activity
	Number of Shares		Weighted Average Exercise Price per Share
Options Outstanding January 1, 2015	6,167,170		6.91
Granted	700,161		13.02
Forfeited	(98,001	)	20.65
Exercised	(8,833	)	3.15
Options Outstanding March 31, 2016	6,760,497		7.34

Black-Scholes Assumptions for Option Granted

The table below summarizes the resulting weighted average inputs used to calculate the estimated fair value of options awarded for during the periods shown below:

Black-Scholes Assumptions for Options Granted
	Three Months Ended
	3/31/2016	3/31/2015
Expected term (in years)	6.48	8.19
Volatility	87%	89%
Expected dividends	—	—
Risk free interest rates	1.61%	1.78%
Weighted average fair value	$9.68	$17.46

Stock Option Supplemental Information

The following table shows summary information for outstanding options, options that are exercisable (vested) and outstanding options that are either vested or expected to vest as of March 31, 2016:

Stock Option Supplemental Information
	Options Outstanding		Options Exercisable		Options Vested and Expected to Vest
Number of options	6,760,497		4,051,836		6,587,029
Weighted average remaining contractual term (in years)	7.23		6.64		7.18
Weighted average exercise price	$	7.34	$	4.93	$	7.16
Weighted average fair value	$	5.70	$	3.71	$	5.55
Aggregate intrinsic value (in thousands)	$	37,463	$	33,324	$	37,845

Restricted Stock Activity

The following table summarizes restricted stock unit activity during the three-month period ending March 31, 2016:

Restricted Stock Unit (RSU) Activity
	Number of Shares	Weighted Average Grant Date Fair Value per Share
RSU's Outstanding January 1, 2015	40,250	20.91
Granted	—	—
Forfeited	—	—
Vested/released	—	—
RSU's outstanding March 31, 2016	40,250	20.91

Equity-Based Compensation Expense and Tax Benefit

The expense recognized on Company’s Statements of Operations and Comprehensive Loss related to options is summarized below (in thousands):

Equity-Based Compensation Expenses (in thousands)
	Three Months Ended
	3/31/2016		3/31/2015
Research and development	$	202	$	688
Sales, general and administrative	1,484		969
Equity-based compensation expense	1,686		1,657