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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2015
Activity Under Equity Incentive Plans Related to Stock Options | Activity under the Company’s equity incentive plans related to stock options is set forth below (in thousands except weighted average exercise price):
|  | Number of Options Outstanding |  |  | Weighted Average Exercise Price per Share |
Balances at December 31, 2014 |  |  | 11,323 |  |  | $ | 4.13 |
Granted |  |  | 3,730 |  |  |  | 4.58 |
Forfeited |  |  | (225 | ) |  |  | 5.12 |
Expired |  |  | (223 | ) |  |  | 8.55 |
Exercised |  |  | (486 | ) |  |  | 2.74 |
Balances at December 31, 2015 |  |  | 14,119 |  |  |  | 4.21 |
Information Regarding Stock Options Outstanding Stock Options Vested and Expected to Vest and Stock Options Exercisable | Information regarding the Company’s stock options outstanding, stock options vested and expected to vest, and stock options exercisable at December 31, 2015, was as follows (in thousands except weighted average exercise price and contractual term):
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Balances at December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options outstanding |  |  | 14,119 |  |  | $ | 4.21 |  |  |  | 6.9 |  |  | $ | 30,746 |
Stock options vested and expected to vest |  |  | 13,606 |  |  |  | 4.19 |  |  |  | 6.8 |  |  |  | 29,973 |
Stock options exercisable |  |  | 8,693 |  |  |  | 3.81 |  |  |  | 5.7 |  |  |  | 22,754 |
Recognition of Stock-Based Compensation Expense | Stock-based compensation expense recognized on the Company’s consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013, was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Stock-based compensation expense by caption: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 1,260 |  |  | $ | 998 |  |  | $ | 482 |
Selling, general and administrative |  |  | 5,470 |  |  |  | 4,155 |  |  |  | 2,786 |
Total stock-based compensation expense |  | $ | 6,730 |  |  | $ | 5,153 |  |  | $ | 3,268 |
Weighted Average Assumptions Used to Value Stock-Based Awards | The weighted average assumptions used to value the Company’s stock-based awards for the years ended December 31, 2015, 2014 and 2013, was as follows:
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Stock Options: |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 5.66 |  |  |  | 5.71 |  |  |  | 5.59 |
Estimated volatility |  |  | 56 | % |  |  | 61 | % |  |  | 60 | %
Risk-free interest rate |  |  | 1.55 | % |  |  | 1.73 | % |  |  | 0.87 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Employee Stock Purchase Plan Rights: |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 0.75 |  |  |  | 0.76 |  |  |  | 0.50 |
Estimated volatility |  |  | 53 | % |  |  | 52 | % |  |  | 39 | %
Risk-free interest rate |  |  | 0.28 | % |  |  | 0.10 | % |  |  | 0.10 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

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