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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2014
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] |
Summary of Option Activity | The following is a summary of option activity under the 2005 Plan and the 1995 Plan for the six months ended September 30, 2014:
|  | 2005 Stock Incentive Plan |  |  | 1995 Stock Option Plan |
|  | Stock Options |  |  | Weighted- Average Exercise Price |  |  | Stock Options |  |  | Weighted- Average Exercise Price |
Outstanding at January 1, 2014 |  |  | 11,788,100 |  |  | $ | 1.87 |  |  |  | 188,150 |  |  | $ | 5.04 |
Granted |  |  | 5,985,500 |  |  | $ | 5.48 |  |  |  | — |  |  | $ | — |
Exercised |  |  | (524,912 | ) |  | $ | 1.90 |  |  |  | (32,450 | ) |  | $ | 4.81 |
Canceled |  |  | (268,775 | ) |  | $ | 3.17 |  |  |  | (149,100 | ) |  | $ | 5.76 |
Outstanding at September 30, 2014 |  |  | 16,979,913 |  |  | $ | 3.12 |  |  |  | 6,600 |  |  | $ | 2.21 |
Shares exercisable at September 30, 2014 |  |  | 6,265,762 |  |  | $ | 2.01 |  |  |  | 6,600 |  |  | $ | 2.21 |
Shares available for grant at September 30, 2014 |  |  | 4,896,344 |  |  |  |  |  |  |  |  |  |  |  |
Assumptions used to Estimate Grant Date Fair Value of Stock Options granted using Black-Scholes Option-Pricing Model | The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
|  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30,
|  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013
Weighted-average Black-Scholes fair value of stock options granted |  |  | $ | 1.92 |  |  |  | $ | 1.41 |  |  |  | $ | 2.41 |  |  |  | $ | 1.02 |
Risk-free interest rate |  |  |  | 1.43%-1.51% |  |  |  |  | 1.12%-1.36% |  |  |  |  | 1.24%-2.22% |  |  |  |  | 0.54%-1.36% |
Dividend yield |  |  |  | 0% |  |  |  | 0% |  |  |  | 0% |  |  |  | 0%
Volatility |  |  |  | 52.75%-54.25% |  |  |  |  | 56.75%-62.51% |  |  |  |  | 52.47%-67.93% |  |  |  |  | 55.81%-73.72% |
Expected term (in years) |  |  |  | 4.10-4.27 |  |  |  |  | 4.25 |  |  |  |  | 4.04-6.96 |  |  |  |  | 3.98-7.05 |
Expected forfeiture rate |  |  |  | 14.18%-16.33% |  |  |  |  | 23.15% |  |  |  |  | 0%-23.15% |  |  |  |  | 0%-23.15% |
Stock-Based Compensation Expense | The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Research and development |  | $ | 780 |  |  | $ | 316 |  |  | $ | 1,955 |  |  | $ | 829 |
General and administrative |  |  | 911 |  |  |  | 347 |  |  |  | 2,628 |  |  |  | 955 |
Total stock-based compensation expense |  | $ | 1,691 |  |  | $ | 663 |  |  | $ | 4,583 |  |  | $ | 1,784 |
Summary of Restricted Stock Awards Activity | The following is a summary of restricted stock awards activity for the nine months ended September 30, 2014:
|  | Number of Shares |  |  | Per Share Weighted- Average Grant-Date Fair Value |
Outstanding and Unvested at January 1, 2014 |  |  | 16,667 |  |  | $ | 1.39 |
Restricted stock granted |  |  | 15,000 |  |  | $ | 4.48 |
Restricted stock vested |  |  | — |  |  | $ | — |
Restricted stock forfeited |  |  | — |  |  | $ | — |
Outstanding and Unvested at September 30, 2014 |  |  | 31,667 |  |  | $ | 2.85 |
Employee Stock Purchase Plan [Member] |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] |
Assumptions used to Estimate Grant Date Fair Value of Stock Options granted using Black-Scholes Option-Pricing Model | The ESPP is considered compensatory for financial reporting purposes. As such, the fair value of ESPP shares was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
|  |  | Three Months Ended September 30, 2014 |  |  | Nine Months Ended September 30, 2014
Range of Black-Scholes fair values of ESPP shares granted |  |  |  | $0.97-$2.08 |  |  |  |  | $0.78-$2.08 |
Risk-free interest rate |  |  |  | 0.05%-0.24% |  |  |  |  | 0.04%-0.24% |
Dividend yield |  |  |  | 0% |  |  |  | 0%
Volatility |  |  |  | 51.10%-67.57% |  |  |  |  | 50.80%-67.57% |
Expected term (in years) |  |  |  | 0.5-1.5 |  |  |  |  | 0.5-1.5 |
Expected forfeiture rate |  |  |  | 5% |  |  |  | 5%

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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