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Share-based Compensation
 6 Months Ended
Jun. 30, 2012
Share-based Compensation [Abstract]  
Share-based Compensation

(7) Share-based Compensation

For the three and six month periods ended June 30, 2012 and 2011 and for the period from Inception through June 30, 2012, the Company recognized the following non-cash, share-based compensation expense in the consolidated statement of operations (in thousands):

 

                                         
    Three Months Ended
June 30,		     Six Months Ended
June 30,		     Period from
December 17, 2001
(date of inception)
to June 30, 2012		  
    2012     2011     2012     2011    

Research and Development

   $ 25     $ 30     $ 51     $ 60     $ 547  

Selling, General and Administrative

     53       45       118       93       1,517  

Restructuring

     —         —         —         —         387  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 78     $ 75     $ 169     $ 153     $ 2,451  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

The fair values of employee stock options granted in the three and six month periods ended June 30, 2012 and 2011 were estimated at the date of grant using the Black-Scholes model with the following assumptions:

 

                             
    Three Months Ended June 30,     Six Months Ended June 30,  
            2012           2011     2012     2011  

Expected term

   *     5.8 years       5.3 years       5.8 years  

Expected volatility

   *     110 %      108 %      110 % 

Risk-free interest rate

   *     2.20 %      0.15 %      2.20 % 

Expected dividend yield

   *     0 %      0 %      0 % 

Weighted-average grant date fair value per share

   *   $ 1.83     $ 0.78     $ 1.83  

*No options were granted during the three months ended June 30, 2012.

Stock option transactions for the six month period ended June 30, 2012 under all plans are as follows:

 

                                 
    # of Options     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Term
(in years)		     Aggregate
Intrinsic
Value		  

Options outstanding at December 31, 2011

     864,238     $ 3.20       6.82     $ 23,894  

Changes during the period:

                                

Granted

     35,000       1.00                  

Exercised

     —         —                    

Forfeited, cancelled or expired

     (15,668 )      4.91                  
   

 

 

                          

Options outstanding at June 30, 2012

     883,570     $ 3.08       6.54     $ 461  
   

 

 

    

 

 

    

 

 

    

 

 

  

Options exercisable at June 30, 2012

     692,698     $ 3.20       6.12     $ 461  
                           

 

 

  

Options vested and expected to vest

     872,641     $ 3.09       6.53     $ 461