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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2014
Share Based Compensation [Abstract]  
Option Activity under Stock-Based Compensation Plans

Option activity under our stock-based compensation plans during the nine months ended September 30, 2014 was as follows (in thousands except per share amounts):

 

 

Shares Underlying  Outstanding Options

(in thousands)

 

 

Weighted-Average Exercise

Price Per Share

 

 

Weighted-Average Remaining Contractual Term

(years)

 

 

Aggregate Intrinsic Value

(in thousands)

 

Balance at December 31, 2013

 

 

15,765

 

 

$

3.17

 

 

 

 

 

 

 

 

 

Options granted

 

 

5,673

 

 

 

1.68

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(25

)

 

 

0.54

 

 

 

 

 

 

 

 

 

        Options cancelled:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options forfeited (unvested)

 

 

(582

)

 

 

2.69

 

 

 

 

 

 

 

 

 

Options cancelled (vested)

 

 

(2,012

)

 

 

2.90

 

 

 

 

 

 

 

 

 

Balance at September 30, 2014

 

 

18,819

 

 

 

2.77

 

 

 

6.22

 

 

$

444

 

Vested and expected to vest at September 30, 2014

 

 

18,819

 

 

 

2.77

 

 

 

6.22

 

 

$

444

 

Exercisable at September 30, 2014

 

 

10,553

 

 

 

3.34

 

 

 

4.06

 

 

$

421

 

 

Summary of Restricted Stock Units Activity

Restricted stock unit activity under our stock-based compensation plans during the nine months ended September 30, 2014 was as follows (in thousands except per share amounts):

 

 

Number of Shares (In thousands)

 

 

Weighted-Average Grant-Date Fair Value

 

Non-vested as of December 31, 2013

 

1,275

 

 

$

3.93

 

Granted

 

1,555

 

 

$

1.79

 

Vested

 

-

 

 

$

-

 

Forfeited or expired

 

(1,040

)

 

$

4.20

 

Non-vested as of September 30, 2014

 

1,790

 

 

$

1.91

 

 

Fair Value-Based Measurements and Weighted-Average Assumptions

The fair value-based measurements and weighted-average assumptions used in the calculations of these measurements are as follows:

 

 

 

Stock Options

 

 

Stock Options

 

 

Employee Stock Purchase Plan

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Weighted-average fair value

 

$

1.01

 

 

$

1.15

 

 

$

1.52

 

 

$

2.43

 

 

$

0.74

 

 

$

0.93

 

Risk-free interest rate

 

 

1.9

%

 

 

1.9

%

 

 

1.8

%

 

 

1.1

%

 

 

0.2

%

 

 

0.2

%

Expected life (in years)

 

 

5.5

 

 

 

5.6

 

 

 

5.9

 

 

 

5.9

 

 

 

1.2

 

 

 

1.3

 

Volatility

 

 

0.8

 

 

 

1.5

 

 

 

1.4

 

 

 

1.4

 

 

 

0.9

 

 

 

0.8

 

 

Stock-Based Compensation Expense

The components of stock-based compensation expense were (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Research and development

 

$

731

 

 

$

1,001

 

 

$

2,161

 

 

$

3,351

 

General and administrative

 

 

855

 

 

 

1,844

 

 

 

2,371

 

 

 

7,496

 

Total

 

$

1,586

 

 

$

2,845

 

 

$

4,532

 

 

$

10,847