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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Stock-Based Compensation  
Schedule of stock-based compensation expense attributable to share-based payments made to employees and directors and included in operating expenses

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

2019

    

2018

    

2017

Stock-based compensation:

 

 

 

    

 

 

    

 

 

Research and development

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plans

 

$

36

    

$

71

    

$

96

Equity Incentive Plans (1)

 

 

1,312

    

 

1,780

    

 

6,398

 

 

$

1,348

    

$

1,851

    

$

6,494

General and administrative

 

 

 

 

 

 

 

 

 

Employee Stock Purchase Plans

 

$

20

    

$

48

    

$

63

Equity Incentive Plans

 

 

2,477

    

 

3,751

    

 

4,163

 

 

$

2,497

    

$

3,799

    

$

4,226

Restructuring costs

 

 

 

 

 

 

 

 

 

Equity Incentive Plans

 

$

 —

 

$

24

 

$

 —

 

 

$

 —

 

$

24

 

$

 —

Total stock-based compensation expense

 

$

3,845

    

$

5,674

    

$

10,720

(1)

The 2017 charge includes approximately $4.3 million of additional stock-based compensation recognized as a result of modifications to previously issued stock option awards in connection with the resignation of an executive.
Schedule of weighted average assumptions applied to options

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

    

 

 

 

 

 

2019

 

2018

 

2017

 

Average risk-free interest rate

 

 
2.1%

 

 
2.5%

 

 
1.7%

 

Expected dividend yield

 

 

 —

 

 

 —

 

 

 —

 

Expected lives (years)

 

 

3.7

 

 

3.7

 

 

4.0

 

Expected volatility

 

 
84%

 

 
74%

 

 
86%

 

Weighted average exercise price (per share)

 

$

2.75

 

$

12.63

 

$

12.96

 

 

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, 2018

 

3,304,531

 

$

18.41

 

6.6

 

$

 

 

Granted

 

1,279,016

 

 

2.75

 

 

 

 

 

 

Exercised

 

 —

 

 

 —

 

 

 

 

 

 

Forfeited

 

(143,874)

 

 

12.95

 

 

 

 

 

 

Expired

 

(219,256)

 

 

31.29

 

 

 

 

 

 

Outstanding at December 31, 2019 (1)

 

4,220,417

 

$

13.08

 

6.6

 

$

 —

 

Exercisable at December 31, 2019

 

2,292,157

 

$

19.20

 

4.7

 

$

 —

 

(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.
Schedule of summary of restricted stock activity

 

 

 

 

 

 

($ in thousands, except per share data)

 

Number of Shares

 

Weighted-Average
Grant Date
Fair Value

Nonvested shares at December 31, 2018

 

 —

 

$

 —

Granted

 

194,550

 

 

3.14

Cancelled

 

(925)

 

 

3.14

Vested

 

 —

 

 

 —

Nonvested shares at December 31, 2019

 

193,625

 

$

3.14