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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2017
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)

 

2017

 

2016

 

Research and development

 

$
291

 

$
332

 

General and administrative

 
1,692

 
1,687

 

 

 

 

 

 

 

Stock-based compensation expense included in operating expenses

 

$
1,983

 

$
2,019

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

2016

 

Dividend yield

 

0%

 

0%

 

Expected volatility

 

0.892

 

0.890

 

Risk-free interest rate

 

1.98%

 

1.21%

 

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,

 

 

 

2017

 

2016

 

Dividend yield

 

0%

 

0%

 

Expected volatility range

 

0.577 to 0.641

 

0.684

 

Risk-free interest rate range

 

0.45% to 0.89%

 

0.28%

 

Expected term range

 

6 - 12 mos

 

12 mos