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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2013
Schedule of Weighted Average Assumptions for Employee Stock Option Grants
The fair value of each employee option grant was estimated on the date of grant using the Black-Scholes option- pricing model with the following assumptions during the periods ended:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June  30,
 
2013
 
2012
 
2013
 
2012
Estimated weighted-average fair value
$
3.57

 
$
7.09

 
$
3.57

 
$
3.28

Weighted-average assumptions
 
 
 
 
 
 
 
Expected volatility
82
%
 
86
%
 
82
%
 
89
%
Expected term, in years
5.5

 
5.5

 
5.5

 
5.7

Risk-free interest rate
1.02
%
 
0.78
%
 
1.02
%
 
1.05
%
Expected dividend yield
—
%
 
—
%
 
—
%
 
—
%
Stock-Based Compensation Expense
Stock-based compensation expense includes amortization of stock options granted to employees and non-employees’ and has been reported in our consolidated statements of operations as follows:
 
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2013
 
2012
 
2013
 
2012
 
(In thousands)
 
(In thousands)
Research and development
$
566

 
$
285

 
$
1,147

 
$
853

Selling, general and administrative
494

 
284

 
1,006

 
847

Total
$
1,060

 
$
569

 
$
2,153

 
$
1,700
Stock Option Activity and Related Information
Stock option activity and related information is as follows:
 
 
Options
Outstanding
 
Weighted-
Average
Exercise
Price per
Share
 
Remaining
Contractual  Life
(in years)
 
Aggregate
Intrinsic
Value
(In thousands)
Balance at December 31, 2012
5,390,582

 
$
5.18

 
 
 
 
Granted
25,000

 
5.30

 
 
 
 
Exercised
(32,284
)
 
1.31

 
 
 
 
Forfeited
(74,437
)
 
7.45

 
 
 
 
Balance at June 30, 2013
5,308,861

 
$
5.18

 
6.76
 
$
7,650

Vested and expected to vest at June 30, 2013
5,142,695

 
$
5.09

 
6.70
 
$
7,604

Exercisable at June 30, 2013
3,540,828

 
$
3.87

 
5.75
 
$
7,191