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Share-based compensation (Tables)
3 Months Ended
Mar. 31, 2017
Share-based compensation  
Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss

 

 

Three months ended March 31,

 

 

 

2017

 

2016

 

 

 

in thousands

 

Research and development - employees

 

$

687

 

$

859

 

Selling, general and administrative - employees

 

918

 

1,119

 

Research and development - non-employees

 

 

670

 

 

 

 

 

 

 

Total

 

$

1,605

 

$

2,648

 

 

 

 

 

 

 

 

 

 

Schedule of share-based compensation expense

 

 

 

Three months ended March 31,

 

 

 

2017

 

2016

 

 

 

in thousands

 

Award type

 

 

 

 

 

Share options

 

$

826

 

$

2,384

 

Restricted share units (“RSUs”)

 

516

 

152

 

Performance share units (“PSUs”)

 

263

 

112

 

 

 

 

 

 

 

Total

 

$

1,605

 

$

2,648

 

 

 

 

 

 

 

 

 

 

Schedule of unrecognized compensation cost related to unvested awards

 

 

 

Unrecognized
compensation costs

 

Weighted-average
remaining period
for recognition (in
years)

 

 

 

in thousands

 

 

 

Award type

 

 

 

 

 

Stock options

 

$

8,324

 

2.85

 

Restricted stock units

 

3,369

 

2.22

 

Performance stock units

 

2,703

 

2.60

 

 

 

 

 

 

 

Total

 

$

14,396

 

2.66

 

 

 

 

 

 

 

 

 

2012 Plan  
Share-based compensation  
Summary of option activity

 

 

 

2012 Plan

 

 

 

Options

 

Weighted average
exercise price

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

483,006

 

5.13

 

Exercised

 

(134,974

)

3.07

 

 

 

 

 

 

 

 

Outstanding, fully vested and exercisable at March 31, 2017

 

348,032

 

5.92

 

 

 

 

 

 

 

 

 

2014 Plan  
Share-based compensation  
Summary of option activity

 

 

 

2014 plan

 

 

 

Options

 

Weighted average
exercise price

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

1,812,766

 

$

12.47

 

Granted

 

508,500

 

$

5.63

 

Forfeited

 

(40,371

)

$

12.76

 

Expired

 

(12,952

)

$

18.30

 

 

 

 

 

 

 

 

Outstanding at March 31, 2017

 

2,267,943

 

$

10.90

 

Fully vested and exercisable

 

746,557

 

$

13.01

 

 

 

 

 

 

 

 

Outstanding and expected to vest

 

1,521,386

 

$

9.86

 

 

 

 

 

 

 

 

 

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

 

 

 

Three months ended March 31,

 

 

 

2017

 

2016

 

Assumptions

 

 

 

 

 

Expected volatility

 

75%

 

75%

 

Expected terms (in years)

 

10 years

 

10 years

 

Risk free interest rate

 

2.53% - 2.70%

 

0.16% - 0.54%

 

Expected dividends

 

0%

 

0%

 

 

Summary of RSUs activity

 

 

 

Number of shares

 

Weighted average
grant-date fair
value

 

Undistributed at December 31, 2016

 

307,063

 

$

9.11

 

Granted

 

285,500

 

$

5.95

 

Distributed

 

(25,000

)

$

18.21

 

Forfeited

 

(375

)

$

13.03

 

 

 

 

 

 

 

 

Undistributed at March 31, 2017

 

567,188

 

$

7.12

 

 

 

 

 

 

 

 

 

Summary of PSUs activity

 

 

 

Number of shares

 

Weighted average
grant-date fair
value

 

Undistributed at December 31, 2016

 

111,564

 

$

5.76

 

Distributed

 

(58,500

)

$

5.76

 

 

 

 

 

 

 

 

Undistributed at March 31, 2017

 

53,064

 

$

5.76

 

 

 

 

 

 

 

 

 

Other Plans  
Share-based compensation  
Summary of option activity

 

 

 

Other plans

 

 

 

Options

 

Weighted average
exercise price

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

187,500

 

$

17.93

 

Granted

 

150,000

 

$

5.31

 

 

 

 

 

 

 

 

Outstanding at March 31, 2017

 

337,500

 

$

12.32

 

Fully vested and exercisable

 

62,500

 

$

27.82

 

 

 

 

 

 

 

 

Outstanding and expected to vest

 

275,000

 

$

8.80