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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2017
Stock-Based Compensation |
Stock-Based Compensation | (8) Stock-Based Compensation A summary of stock option activity for the six months ended June 30, 2017 is as follows:
|  | Shares |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (In Years) |
Options Outstanding at December 31, 2016 |  | 10,218,710 |  | $ | 11.14 |  | 6.5 |
Granted |  | 2,283,100 |  | $ | 2.34 |  |  |
Exercised |  | — |  | $ | — |  |  |
Canceled |  | (413,100 | ) | $ | 10.66 |  |  |
Options Outstanding at June 30, 2017 |  | 12,088,710 |  | $ | 9.49 |  | 6.5 |
Options Vested and Expected to Vest at June 30, 2017 |  | 11,931,869 |  | $ | 9.54 |  | 6.5 |
Options Exercisable at June 30, 2017 |  | 7,085,429 |  | $ | 10.93 |  | 4.7 |
Shares Available for Grant under the 2008 Plan |  | 7,292,650 |  |  |  |  |
The weighted average grant-date fair value of stock options granted during the six month period ended June 30, 2017 was $1.57. Stock-based compensation expense for the three and six months ended June 30, 2017 and 2016 was recorded as follows:
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | (In thousands) |
Research and development |  | $ | 1,871 |  | $ | 2,008 |  | $ | 3,764 |  | $ | 3,824 |
General and administrative |  | 1,579 |  | 1,965 |  | 3,225 |  | 4,089 |
Total stock-based compensation expense |  | $ | 3,450 |  | $ | 3,973 |  | $ | 6,989 |  | $ | 7,913 |
The fair value of employee and director stock options granted during the three and six month periods ended June 30, 2017 and 2016 were valued using the Black-Scholes option-pricing model with the following assumptions:
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Expected stock price volatility |  | 76% |  | 77% |  | 76 – 77% |  | 70 – 77% |
Expected option term |  | 6.0 years |  | 6.0 years |  | 6.0 years |  | 6.0 years |
Risk-free interest rate |  | 2.0 – 2.1% |  | 1.5% |  | 2.0 – 2.3% |  | 1.5 – 1.6% |
Expected dividend yield |  | None |  | None |  | None |  | None |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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