XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Based Compensation
 3 Months Ended
Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Based Compensation

6.

Stock Based Compensation

The following table summarizes stock option activity under the Company’s equity incentive plans, including stock options granted to non-employees, and related information:

 

 

 

Number of Shares

Underlying

Outstanding Options

 

 

Weighted-

Average Exercise

Price

 

 

Weighted-Average

Remaining

Contractual Term

(Years)

 

Outstanding — December 31, 2016

 

 

140,990

 

 

$

127.56

 

 

 

3.93

 

Options granted

 

 

—

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(15,495

)

 

$

188.73

 

 

 

 

 

Outstanding — March 31, 2017

 

 

125,495

 

 

$

120.00

 

 

 

4.13

 

Exercisable — March 31, 2017

 

 

93,959

 

 

$

143.44

 

 

 

2.58

 

Vested and expected to vest — March 31, 2017

 

 

125,495

 

 

$

120.00

 

 

 

4.13

 

 

Valuation Assumptions

The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options was estimated using the following weighted-average assumptions for the three months ended March 31, 2016:

 

 

 

Three Months Ended March 31,

 

 

 

2016

 

Employee Stock Options:

 

 

 

 

Risk-free interest rate

 

 

1.57

%

Expected term (in years)

 

 

6.04

 

Dividend yield

 

 

—

 

Volatility

 

 

73.28

%

Weighted-average fair value of stock options granted

 

$

21.15

 

 

Total stock-based compensation recognized was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Research and development

 

$

20

 

 

$

50

 

General and administrative

 

 

100

 

 

 

103

 

Total stock-based compensation

 

$

120

 

 

$

153

 

 

As of March 31, 2017, 101,304 shares of common stock were available for future grant, 44,704 options to purchase shares of common stock were outstanding and the Company had unrecognized employee stock-based compensation expense of $1.0 million, related to unvested stock awards, which is expected to be recognized over an estimated weighted-average period of 2.36 years.