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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2018
Stock-Based Compensation  
Schedule of stock-based compensation expense attributable to share-based payments made to employees and directors and included in operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

(in thousands)

 

2018

    

2017

 

2018

    

2017

Stock-based compensation:

 

 

 

    

 

 

 

 

 

    

 

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plans

 

$

11

    

$

26

 

$

62

    

$

68

Equity Incentive Plans

 

 

303

    

 

563

 

 

1,379

    

 

5,904

 

 

$

314

    

$

589

 

$

1,441

    

$

5,972

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plans

 

$

 8

    

$

18

 

$

40

    

$

48

Equity Incentive Plans

 

 

981

    

 

1,016

 

 

2,949

    

 

3,145

 

 

$

989

    

$

1,034

 

$

2,989

    

$

3,193

Restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plans

 

$

24

 

$

 —

 

$

24

 

$

 —

 

 

$

24

    

$

 —

 

$

24

    

$

 —

Total stock-based compensation expense

 

$

1,327

    

$

1,623

 

$

4,454

    

$

9,165

 

Schedule of weighted average assumptions applied to options

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30, 

 

 

    

2018

    

2017

 

Average risk-free interest rate

 

 
2.5%

 

 
1.7%

 

Expected dividend yield

 

 

—

 

 

—

 

Expected lives (years)

 

 

3.8

 

 

4.0

 

Expected volatility

 

 
74.0%

 

 
86.5%

 

Weighted average exercise price (per share)

 

$

12.91

 

$

12.88

 

 

Schedule of information related to outstanding and exercisable options

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands, except per share data)

 

Stock
Options

 

Weighted-Average
Exercise Price

 

Weighted-Average
Remaining
Contractual Life
(in years)

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2017

 

2,675,184

 

$

23.52

 

6.5

 

$

5,805

 

Granted

 

1,091,474

 

 

12.91

 

 

 

 

 

 

Exercised

 

(858)

 

 

12.77

 

 

 

 

 

 

Forfeited

 

(279,444)

 

 

18.16

 

 

 

 

 

 

Expired

 

(163,181)

 

 

47.56

 

 

 

 

 

 

Outstanding at September 30, 2018 (1)

 

3,323,175

 

$

19.31

 

6.7

 

$

1,249

 

Exercisable at September 30, 2018

 

1,958,773

 

$

22.96

 

5.0

 

$

714

 

 

(1)

Includes both vested stock options as well as unvested stock options for which the requisite service period has not been rendered but that are expected to vest based on achievement of a service condition.