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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2018 and 2017 which was allocated as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)		2018				2017				2018				2017
Research and development		$	269			$	235			$	690			$	776
General and administrative			1,346				1,859				4,084				5,376
Stock-based compensation expense included in operating expenses		$	1,615			$	2,094			$	4,774			$	6,152

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

The fair value of options granted during the nine months ended September 30, 2018 and 2017 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:

		Nine Months Ended September 30,
		2018		2017
Dividend yield		0%		0%
Expected volatility range		0.821 to 0.832		0.884 to 0.892
Risk-free interest rate range		2.55% to 2.94%		1.98% to 1.99%
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 nine months ended September 30, 2018 and 2017 has been estimated using the Black Scholes option-pricing model with the following assumptions:

		Nine Months Ended September 30,
		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	)

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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