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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2017
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, 2017, 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, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options outstanding

 

 

17,138

 

 

$

4.27

 

 

 

6.3

 

 

$

3,691

 

Stock options vested and expected to vest

 

 

16,911

 

 

 

4.27

 

 

 

6.2

 

 

 

3,681

 

Stock options exercisable

 

 

12,109

 

 

 

4.12

 

 

 

5.4

 

 

 

3,487

 

 

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, 2017, 2016 and 2015, was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Stock-based compensation expense by caption:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

1,323

 

 

$

1,091

 

 

$

1,260

 

Selling, general and administrative

 

 

8,032

 

 

 

6,974

 

 

 

5,470

 

Total stock-based compensation expense

 

$

9,355

 

 

$

8,065

 

 

$

6,730

 

 

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, 2017, 2016 and 2015, was as follows:

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.12

 

 

 

5.85

 

 

 

5.66

 

Estimated volatility

 

47%

 

 

49%

 

 

56%

 

Risk-free interest rate

 

2.14%

 

 

1.41%

 

 

1.55%

 

Expected dividend yield

 

0%

 

 

0%

 

 

0%

 

Employee Stock Purchase Plan Rights:

 

 

 

 

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

0.92

 

 

 

0.76

 

 

 

0.75

 

Estimated volatility

 

57%

 

 

47%

 

 

53%

 

Risk-free interest rate

 

1.08%

 

 

0.55%

 

 

0.28%

 

Expected dividend yield

 

0%

 

 

0%

 

 

0%

 

 

2008 Equity Incentive Plan  
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 per share amounts):

 

 

 

Number of Options Outstanding

 

 

Weighted Average

Exercise Price per

Share

 

Balances at December 31, 2016

 

 

15,787

 

 

$

4.39

 

Granted

 

 

3,304

 

 

 

4.14

 

Forfeited

 

 

(1,087

)

 

 

5.18

 

Expired

 

 

(322

)

 

 

7.80

 

Exercised

 

 

(544

)

 

 

3.11

 

Balances at December 31, 2017

 

 

17,138

 

 

 

4.27

 

 

Activity Under Equity Incentive Plans Related to RSUs

Activity under the Company’s equity incentive plans related to RSUs is set forth below (in thousands except per share amounts):

 

 

 

Number of

Shares

Outstanding

 

 

Weighted

Average

Grant Date

Fair Value

per Share

 

Balances at December 31, 2016

 

 

739

 

 

$

5.26

 

Granted

 

 

918

 

 

 

4.18

 

Forfeited

 

 

(132

)

 

 

4.53

 

Vested

 

 

(269

)

 

 

5.35

 

Balances at December 31, 2017

 

 

1,256

 

 

 

4.53