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STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of aggregate option and award activity

Aggregate option and award activity for the 2002 Plan, 2011 Plan, 2018 Plan, 2006 Directors Plan, Inducement Plan and Directors Market Plan is as follows:

					Outstanding Options
											Weighted Average		Aggregate
	Shares								Weighted Average		Remaining		Intrinsic
	Available				Number of				Exercise Price		Contractual Life		Value
	For Grant				Shares				Per Share		(In years)		(In thousands)
Balance at December 31, 2018		11,964,399				27,285,952			$	2.72
Additional shares authorized		5,000,000				—			$	—
Options granted		(11,735,600	)			11,735,600		⁽¹⁾	$	1.32
Awards granted		(29,150	)			—			$	—
Options exercised		—				(137,333	)		$	1.19
Options cancelled/forfeited/expired		1,207,706				(1,270,206	)		$	3.50
Balance at December 31, 2019		6,407,355		⁽²⁾		37,614,013		⁽³⁾	$	2.26		6.83	$	1,800
Options exercisable at December 31, 2019						19,915,713			$	2.86		4.95	$	359
Options fully vested and expected to vest at December 31, 2019						36,293,713			$	2.29		6.75	$	1,698

(1)	Includes 1,000,000 performance-based stock options granted in 2019 that have not achieved certain strategic milestones.

(2)	In February 2020, our Compensation Committee approved an amendment to increase the reserve for the 2018 Inducement Plan from 8,000,000 to 9,300,000 shares of common stock.

(3)	Includes 1,000,000 and 4,500,000 performance-based stock options granted in 2019 and 2018, respectively, that have not achieved certain strategic milestones.

Schedule of information about stock options outstanding by exercise price range

Information about stock options outstanding as of December 31, 2019 is as follows:

	Options Outstanding
						Weighted Average
				Weighted Average		Remaining
	Number of			Exercise Price		Contractual Life
Exercise Price Range	Shares			Per Share		(In years)
$1.03 - $1.48		9,578,200		$	1.19		8.26
$1.50 - $1.74		10,928,400		$	1.67		7.17
$1.77 - $2.54		9,732,417		$	2.27		6.86
$2.63 - $5.29		7,374,996		$	4.54		4.43
$1.03 - $5.29		37,614,013	⁽¹⁾	$	2.26		6.83

(1)

Includes 1,000,000 and 4,500,000 performance-based stock options granted in 2019 and 2018, respectively, that have not achieved certain strategic milestones.

Summary of allocation of stock-based compensation expense related to share-based payment awards

	Year Ended December 31,
(In thousands)	2019		2018		2017
Research and development	$	1,640	$	949	$	988
General and administrative		4,439		5,419		7,156
Stock-based compensation expense included in operating expenses	$	6,079	$	6,368	$	8,144

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

The fair value of stock options granted in 2019, 2018 and 2017 has been estimated at the date of grant using the Black Scholes option‑pricing model with the following assumptions:

	Year Ended December 31,
	2019	2018	2017
Dividend yield	0%	0%	0%
Expected volatility range	0.792 to 0.980	0.821 to 0.990	0.884 to 0.892
Risk-free interest rate range	1.50% to 2.56%	2.55% to 3.11%	1.98% to 1.99%
Expected term range	5.25 - 6.44 yrs	5.25 - 6.62 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 employee stock purchases in 2019, 2018 and 2017 has been estimated using the Black Scholes option‑pricing model with the following assumptions:

	Year Ended December 31,
	2019	2018	2017
Dividend yield	0%	0%	0%
Expected volatility range	0.646 to 1.653	0.437 to 0.475	0.577 to 0.641
Risk-free interest rate range	1.94% to 2.63%	1.53% to 1.76%	0.45% to 0.89%
Expected term range	6 - 12 mos	6 - 12 mos	6 - 12 mos

Schedule of common stock reserved for future issuance

Common stock reserved for future issuance as of December 31, 2019 is as follows:

Outstanding stock options			37,614,013
Options and awards available for grant			6,407,355
Employee stock purchase plan			836,359
Warrant outstanding			537,893
Total			45,395,620