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Share-based compensation (Tables)
12 Months Ended
Dec. 31, 2016
Share-based compensation  
Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss

                                                                                                                                                                                    

 

 

Years ended December 31,

 

 

 

2016

 

2015

 

2014

 

 

 

 

 

in thousands

 

 

 

Research and development

 

$

3,972 

 

$

8,591 

 

$

6,563 

 

Selling, general and administrative

 

 

2,242 

 

 

3,026 

 

 

1,833 

 

​  

​  

​  

​  

​  

​  

Total

 

$

6,214 

 

$

11,617 

 

$

8,396 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Research and development, excluding 4D

 

 

3,302 

 

 

2,162 

 

 

2,476 

 

 

Schedule of share-based compensation expense

                                                                                                                                                                                    

 

 

Years ended December 31,

 

 

 

2016

 

2015

 

2014

 

 

 

in thousands

 

Award type

 

 

 

 

 

 

 

 

 

 

Share options

 

$

5,187 

 

$

10,469 

 

$

7,966 

 

Restricted share units ("RSUs")

 

 

528 

 

 

1,148 

 

 

430 

 

Performance share units ("PSUs")

 

 

499 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

Total

 

$

6,214 

 

$

11,617 

 

$

8,396 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of unrecognized compensation cost related to unvested awards

                                                                                                                                                                                    

 

 

Unrecognized
compensation costs

 

Weighted-average
remaining period for
recognition (in years)

 

 

 

in thousands

 

 

 

Award type

 

 

 

 

 

 

 

Share options

 

$

7,370 

 

 

2.81 

 

Restricted share units

 

 

2,119 

 

 

1.79 

 

Performance share units

 

 

488 

 

 

1.48 

 

​  

​  

​  

​  

Total

 

$

9,977 

 

 

2.53 

 

​  

​  

​  

​  

​  

​  

​  

​  

 

2012 Plan  
Share-based compensation  
Summary of option activity

                                                                                                                                                                                    

 

 

2012 Plan

 

 

 

Options

 

Weighted average
exercise price

 

Weighted average
remaining contractual
life (in years)

 

Aggregate intrinsic
value

 

 

 

 

 

 

 

 

 

in thousands

 

Outstanding at January 1, 2016

 

 

1,077,944

 

4.02

 

 

4.15

 

$

13,114

 

Exercised

 

 

(510,547

)

3.12

 

 

 

 

 

 

 

Expired

 

 

(84,391

)

3.07

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Outstanding, fully vested and exercisable at December 31, 2016

 

 

483,006

 

5.13

 

 

4.13

 

$

810

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of information about options exercised

                                                                                                                                                                                    

 

 

Exercised
during the year

 

Intrinsic value

 

 

 

 

 

in thousands

 

2016

 

 

510,547 

 

$

4,381 

 

2015

 

 

449,838 

 

 

9,272 

 

2014

 

 

152,724 

 

 

1,357 

 

 

2014 Plan  
Share-based compensation  
Summary of option activity

                                                                                                                                                                                    

 

 

2014 plan

 

 

 

Options

 

Weighted average
exercise price

 

Weighted average
remaining contractual
life (in years)

 

Aggregate intrinsic
value

 

 

 

 

 

 

 

 

 

in thousands

 

Outstanding at January 1, 2016

 

 

1,448,226

 

$

14.05

 

 

8.19

 

$

6,522

 

Granted

 

 

899,178

 

$

11.44

 

 

 

 

 

 

 

Exercised

 

 

(87,425

)

$

9.36

 

 

 

 

 

 

 

Forfeited

 

 

(407,577

)

$

16.50

 

 

 

 

 

 

 

Expired

 

 

(39,636

)

$

12.26

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Outstanding at December 31, 2016

 

 

1,812,766

 

$

12.47

 

 

7.92

 

$

 

Fully vested and exercisable

 

 

640,389

 

$

12.57

 

 

6.31

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Outstanding and expected to vest

 

 

1,172,377

 

$

12.41

 

 

8.81

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of information about weighted average grant-date fair value of options granted

                                                                                                                                                                                    

 

 

Granted
during the year

 

Weighted average
grant-date fair value

 

2016

 

 

899,178 

 

$

6.54 

 

2015

 

 

566,500 

 

$

12.19 

 

2014

 

 

1,115,000 

 

$

5.36 

 

 

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

                                                                                                                                                                                    

 

 

Years ended December 31,

 

Assumptions

 

2016

 

2015

 

2014

 

Expected volatility

 

 

75%

 

 

75%

 

 

70%

 

Expected terms (in years)

 

 

10 years

 

 

6.11 and 10 years

 

 

6.11 years

 

Risk free interest rate

 

 

0.16% - 2.67%

 

 

0.57% - 0.62%

 

 

0.23%

 

Expected dividends

 

 

0%

 

 

0%

 

 

0%

 

 

Summary of information about options exercised

                                                                                                                                                                                    

 

 

Exercised
during the year

 

Intrinsic value

 

 

 

 

 

in thousands

 

2016

 

 

87,425 

 

$

345 

 

2015

 

 

92,932 

 

 

1,697 

 

2014

 

 

 

 

 

 

Summary of RSUs activity

                                                                                                                                                                                    

 

 

Number of shares

 

Weighted average
grant-date fair value

 

Undistributed at January 1, 2016

 

 

179,068

 

$

9.99

 

Granted

 

 

358,678

 

$

9.05

 

Distributed

 

 

(179,068

)

$

9.99

 

Forfeited

 

 

(51,615

)

$

8.67

 

​  

​  

​  

​  

Undistributed at December 31, 2016

 

 

307,063

 

$

9.11

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of information about weighted average grant-date fair value of RSUs

                                                                                                                                                                                    

 

 

Granted
during the year

 

Weighted average
grant-date fair value

 

2016

 

 

358,678 

 

$

9.05 

 

2015

 

 

 

 

N/A

 

2014

 

 

179,068 

 

$

9.99 

 

 

Summary of PSUs activity

                                                                                                                                                                                    

 

 

Number of shares

 

Weighted average
grant-date fair value

 

Undistributed at January 1, 2016

 

 

 

$

0.00 

 

Granted

 

 

111,564 

 

$

5.76 

 

​  

​  

​  

​  

Undistributed at December 31, 2016

 

 

111,564 

 

$

5.76 

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Other Plans  
Share-based compensation  
Summary of option activity

                                                                                                                                                                                    

 

 

Other plans

 

 

 

Options

 

Weighted average
exercise price

 

Weighted average
remaining contractual
life (in years)

 

Aggregate intrinsic
value

 

 

 

 

 

 

 

 

 

in thousands

 

Outstanding at January 1, 2016

 

 

1,152,436

 

0.05 / $18.36

 

 

8.71

 

$

2,513

 

Granted

 

 

125,000

 

$

12.98

 

 

 

 

 

 

 

Exercised

 

 

(152,436

)

0.05

 

 

 

 

 

 

 

Forfeited

 

 

(937,500

)

$

17.73

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Outstanding at December 31, 2016

 

 

187,500

 

$

17.93

 

 

6.39

 

$

 

Fully vested and exercisable

 

 

62,500

 

$

27.82

 

 

0.50

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Outstanding and expected to vest

 

 

125,000

 

$

12.98

 

 

9.33

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of information about weighted average grant-date fair value of options granted

                                                                                                                                                                                    

 

 

Granted
during the year

 

Weighted average
grant-date fair value

 

2016

 

 

125,000 

 

$

7.63 

 

2015

 

 

1,000,000 

 

$

10.60 

 

2014

 

 

609,744 

 

12.55 

 

 

Summary of information about options exercised

                                                                                                                                                                                    

 

 

Exercised
during the year

 

Intrinsic value

 

 

 

 

 

in thousands

 

2016

 

 

152,436 

 

$

2,694 

 

2015

 

 

304,872 

 

 

6,155 

 

2014

 

 

152,436 

 

 

2,459