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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2019

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 six months ended June 30, 2019 and 2018 which was allocated as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
(In thousands)		2019				2018				2019				2018
Research and development		$	413			$	266			$	653			$	421
General and administrative			1,021				1,279				2,207				2,738
Stock-based compensation expense included in operating expenses		$	1,434			$	1,545			$	2,860			$	3,159

Schedule of assumptions used to estimate the fair value of service-based and performance-based stock options granted

The fair value of service-based and performance-based options granted during the six months ended June 30, 2019 and 2018 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:

		Six Months Ended June 30,
		2019		2018
Dividend yield		0%		0%
Expected volatility range		0.802 to 0.980		0.821 to 0.832
Risk-free interest rate range		1.79% to 2.56%		2.55% to 2.94%
Expected term range		5.25 yrs to 6.44 yrs		5.25 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 six months ended June 30, 2019 and 2018 has been estimated using the Black Scholes option-pricing model with the following assumptions:

		Six Months Ended June 30,
		2019		2018
Dividend yield		0%		0%
Expected volatility range		1.333 to 1.653		0.437 to 0.475
Risk-free interest rate range		2.56% to 2.63%		1.53% to 1.76%
Expected term range		6 mos to 12 mos		6 mos to 12 mos

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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-Name Accounting Standards Codification
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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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-Subparagraph (f)(2)
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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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