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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2016
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)

 

2016

 

2015

 

Research and development

 

$
332 

 

$
622 

 

Restructuring charges

 

—

 
90 

 

General and administrative

 
1,687 

 
1,301 

 

 

 

 

 

 

 

Stock-based compensation expense included in operating expenses

 

$
2,019 

 

$
2,013 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

2015

 

Dividend yield

 

0%

 

0%

 

Expected volatility

 

0.890

 

0.884

 

Risk-free interest rate

 

1.21%

 

1.70%

 

Expected term

 

5.5 yrs

 

5.5 yrs

 

 

Schedule of assumptions used to estimate the fair value of employee stock purchases under the purchase plan

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

2015

 

Dividend yield

 

0%

 

0%

 

Expected volatility range

 

0.684

 

0.721 to 1.392

 

Risk-free interest rate range

 

0.28%

 

0.11% to 0.25%

 

Expected term range

 

12 mos

 

6 – 12 mos