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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation Expense Included in Operations Statement

The following table presents stock-based compensation expense included on the Company’s condensed consolidated statement of operations (in thousands):

	Three Months Ended March 31,
	(unaudited)
	2018		2017
Stock-based compensation expense:
Warrants for common stock to an officer	$	7,636	$	8,486
Employee stock options		978		1,351
Employee restricted stock units		392		318
Non-employee restricted stock units		67		(137	)
	$	9,073	$	10,018
Stock-based compensation expense in operating expenses:
Research and development	$	139	$	92
Selling, general and administrative		8,934		9,926
	$	9,073	$	10,018

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2018 (in thousands, except for share and year amounts):

	Number of Shares		Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Life (in years)
Outstanding at December 31, 2017		5,693,250	$	7.71	$	11,920		5.3
Options granted/exercised/forfeited		—	$	-
Outstanding at March 31, 2018		5,693,250	$	7.71	$	8,987		5.0
Vested and Exercisable at March 31, 2018		5,230,375	$	8.20	$	8,192		5.4

Restricted Stock Units Activity

The following table summarizes the activity for restricted stock units:

	Number of Restricted Stock Units Outstanding			Weighted-Average Grant Date Fair Value
Unvested balance at December 31, 2017		888,189		$	8.14
Granted		139,300		$	3.74
Vested		(70,200	)	$	6.31
Forfeited		(83,125	)	$	8.13
Unvested balance at March 31, 2018		874,164		$	7.58

Summary of Warrant Activity

The following table summarizes the warrant activity for the three months ended March 31, 2018:

Outstanding at December 31, 2017	17,721,088
Warrants exercised	(14,270	)
Outstanding at March 31, 2018	17,706,818
Vested and exercisable at March 31, 2018	16,966,218

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details