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Stock Incentive Plans and Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2014
Stock Option Activity

The following table summarizes all stock option activity for the year ended December 31, 2014 (in thousands, except for per share amounts):

 

     Number of
Shares
    Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Term
     Aggregate
Intrinsic
Value
 

Outstanding January 1, 2014

     9,330      $ 6.64         

Granted

     3,271        1.99         

Cancelled/Expired

     (1,696     9.02         

Exercised

     (235     1.31         
  

 

 

   

 

 

       

Outstanding, December 31, 2014

     10,670        4.95         7.7 years       $ —    
  

 

 

   

 

 

       

Exercisable, December 31, 2014

     7,263        5.33         7.3 years       $ —    
  

 

 

   

 

 

       

Vested and Expected to Vest, December 31, 2014

     1,630        6.03         8.2 years       $ —    
  

 

 

   

 

 

       

Available for future grant at December 31, 2014

     5,578           
  

 

 

         
Assumptions Used to Estimate Fair Value of Share-Based Payment Awards

For 2014, 2013 and 2012, the Company used the following assumptions to estimate the fair value of share-based payment awards:

 

     2014    2013    2012

Risk free interest rate

   1.37% - 1.68%    0.91% - 2.07%    0.81% - 1.39%

Expected dividend yield

   0.00%    0.00%    0.00%

Expected option life (years)

   6.25    6.25    6.25

Expected volatility

   97% - 109%    91% - 110%    109% - 111%
Restricted Stock Unit Activity

The following table presents the restricted stock unit activity for the years ended December 31, 2014 and 2013 (in thousands, except for weighted average amounts):

 

     Shares      Weighted Average
Grant Date Fair
Value
 

Outstanding—as of January 1, 2013

     465         8.86   

Granted

     553         7.75   

Vested

     (93      8.86   

Forfeited

     (729      8.21   
  

 

 

    

 

 

 

Outstanding—as of December 31, 2013

     196         6.96   

Granted

     2,255         2.03   

Vested

     —          —    

Forfeited

     (195      3.17   
  

 

 

    

 

 

 

Outstanding—as of December 31, 2014

     2,256         2.03   
  

 

 

    

 

 

 
Stock-Based Compensation Expense Related to Option Awards

The following table presents the stock-based compensation expense related to stock based awards for the period ended December 31, 2014, 2013 and 2012 (in thousands):

 

     2014      2013      2012  

Research and development

   $ 2,701       $ 2,837       $ 3,700   

Selling, general and administrative

     6,321         11,848         14,375   
  

 

 

    

 

 

    

 

 

 

Stock-based compensation expense

   $ 9,022       $ 14,685       $ 18,075