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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-based Compensation | 11. Stock-based Compensation In February 2016, the Company’s Board of Directors approved an amendment to the 2010 Long Term Incentive and Stock Award Plan (“2010 Plan”) to, among other things, allow for an increase in the number of shares of common stock reserved for issuance and recommended that the amendment be submitted to the Company’s shareholders for approval at the 2016 annual meeting. At the May 2016 annual meeting, the shareholders approved an amendment to the 2010 Plan to, among other things, increase the aggregate number of shares authorized for issuance by 3,400,000 shares to an aggregate of 22,171,206 shares. The Company grants qualified and non-qualified stock options, RSUs, common stock and other stock-based awards under various plans to directors, officers, employees and other individuals. Stock options are granted at exercise prices of not less than the fair market value of the Company’s common stock on the date of grant. Additionally, the Company has an Employee Stock Purchase Plan (“ESPP”) that allows employees to purchase Company shares at a purchase price equal to 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last day of the offering period. Stock Options The stock options generally vest monthly over four years for employees and one year for directors. Stock options held by employees who qualify for retirement age (defined as employees that are a minimum of 55 years of age and the sum of their age plus years of full-time employment with the Company exceeds 70 years) vest on the earlier of scheduled vest date or the date of retirement. The fair value of the stock options granted during the three and six months ended June 30, 2016 and 2015, was estimated based on the following weighted average assumptions:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 107 | % |  |  | 81 | % |  |  | 107 | % |  |  | 82 | %
Risk-free interest rate |  |  | 1.01 | % |  |  | 1.65 | % |  |  | 1.18 | % |  |  | 1.40 | %
Expected term |  | 5.6 years |  |  | 5.6 years |  |  | 5.6 years |  |  | 5.6 years |
Stock option activity for the six months ended June 30, 2016, was as follows:
|  | Options |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2016 |  |  | 7,690,297 |  |  | $ | 6.33 |  |  |  |  |  |  |  |  |
Granted |  |  | 99,300 |  |  |  | 0.93 |  |  |  |  |  |  |  |  |
Forfeited, expired or cancelled |  |  | (628,182 | ) |  |  | 6.48 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2016 |  |  | 7,161,415 |  |  | $ | 6.24 |  |  |  | 6.17 |  |  | $ | — |
Vested and expected to vest at June 30, 2016 |  |  | 7,026,845 |  |  | $ | 6.28 |  |  | 6.11 |  |  | $ | — |
Exercisable at June 30, 2016 |  |  | 5,775,398 |  |  | $ | 6.59 |  |  |  | 5.65 |  |  | $ | — |
Restricted Stock Units RSUs generally vest over three years for employees and one year for directors. In February 2016, the Company granted 2.3 million RSUs to employees that will vest one year from the date of grant. RSUs held by employees who qualify for retirement age (defined as employees that are a minimum of 55 years of age and the sum of their age plus years of full-time employment with the Company exceeds 70 years) vest on the earlier of scheduled vest date or the date of retirement. The valuation of RSUs is determined at the date of grant using the closing stock price. Unvested RSU activity for the six months ended June 30, 2016, is summarized below:
|  |  |  |  |  | Weighted- |
|  | Number of |  |  | Average Grant- |
|  | Shares |  |  | Date Fair Value |
Unvested balance at January 1, 2016 |  |  | 2,125,761 |  |  | $ | 4.07 |
Granted |  |  | 2,302,944 |  |  |  | 0.76 |
Vested |  |  | (1,132,525 | ) |  |  | 3.27 |
Forfeited |  |  | (298,228 | ) |  |  | 2.87 |
Unvested balance at June 30, 2016 |  |  | 2,997,952 |  |  | $ | 1.95 |
Stock-based Compensation Expense The following table shows total stock-based compensation expense for stock options, RSUs and ESPP in the condensed consolidated statements of comprehensive loss (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Research and development |  | $ | 857 |  |  | $ | 1,399 |  |  | $ | 1,994 |  |  | $ | 3,595 |
Selling, general and administrative |  |  | 1,308 |  |  |  | 1,290 |  |  |  | 2,477 |  |  |  | 2,759 |
Total stock-based compensation expense |  | $ | 2,165 |  |  | $ | 2,689 |  |  | $ | 4,471 |  |  | $ | 6,354 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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