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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Summary of allocation of stock-based compensation expense included in operating expenses on condensed statements of operations related to share-based payment awards

 

 

Three Months Ended March 31,

 

(In thousands)

 

2015

 

2014

 

Research and development

 

$
622 

 

$
589 

 

Restructuring charges

 
90 

 

—

 

General and administrative

 
1,301 

 
1,052 

 

Stock-based compensation expense included in operating expenses

 

$
2,013 

 

$
1,641 

 

 

Schedule of assumptions used to estimate the fair value of stock options granted

 

 

Three Months Ended March 31,

 

 

 

2015

 

2014

 

Dividend yield

 

0%

 

0%

 

Expected volatility

 

0.884

 

0.922

 

Risk-free interest rate range

 

1.70%

 

1.64% to 1.92%

 

Expected term

 

5.5 yrs

 

5.5 yrs

 

 

Schedule of assumptions used to estimate the fair value of employee stock purchases under the Purchase Plans

 

 

Three Months Ended March 31,

 

 

 

2015

 

2014

 

Dividend yield

 

0%

 

0%

 

Expected volatility range

 

0.721 to 1.392

 

0.835 to 1.062

 

Risk-free interest rate range

 

0.11% to 0.25%

 

0.09% to 0.15%

 

Expected term range

 

6 – 12 mos

 

6 – 12 mos