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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of allocation of stock-based compensation expense included in operating expenses on condensed statements of operations related to share-based payment awards

The following table summarizes the stock-based compensation expense included in operating expenses on our condensed statements of operations related to stock options and employee stock purchases for the three months ended March 31, 2018 and 2017 which was allocated as follows:

	Three Months Ended March 31,
(In thousands)	2018		2017
Research and development	$	155	$	291
General and administrative		1,459		1,692
Stock-based compensation expense included in operating expenses	$	1,614	$	1,983

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

The fair value of options granted during the three months ended March 31, 2018 and 2017 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:

	Three Months Ended March 31,
	2018		2017
Dividend yield	0%		0%
Expected volatility		0.821		0.892
Risk-free interest rate	2.55%		1.98%
Expected term	5.25 yrs		5.5 yrs

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

The fair value of employees’ purchase rights during the three months ended March 31, 2018 and 2017 has been estimated using the Black Scholes option-pricing model with the following assumptions:

	Three Months Ended March 31,
	2018	2017
Dividend yield	0%	0%
Expected volatility range	0.437 to 0.475	0.577 to 0.641
Risk-free interest rate range	1.53% to 1.76%	0.45% to 0.89%
Expected term range	6 - 12 mos	6 - 12 mos

Schedule of cumulative effect adjustments for the adoption of topic 606 and ASU 2016-01 and ASU 2018-03

The cumulative-effect adjustments to our January 1, 2018 condensed balance sheet for the adoption of Topic 606 and ASU 2016-01 and ASU 2018-03 were as follows (in thousands):

Condensed Balance Sheet	Balance at December 31, 2017			Adjustments Due to Topic 606		Adjustments Due to ASU 2016-01 and ASU 2018-03		Balance at January 1, 2018
Assets:
Interest and other receivables	$	436		$	204	$	-	$	640
Other assets	$	-		$	-	$	1,189	$	1,189
Stockholders’ Equity:
Accumulated deficit	$	(985,840	)	$	204	$	1,189	$	(984,447	)