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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense includes amortization of stock options granted to employees and non-employees and has been reported in our Condensed Consolidated Statements of Operations and Comprehensive Loss as follows:
 
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
 
(In thousands)
 
(In thousands)
Research and development
$
1,219

 
$
1,229

 
$
3,374

 
$
2,554

Selling, general and administrative
1,391

 
1,151

 
3,657

 
2,344

Total
$
2,610

 
$
2,380

 
$
7,031

 
$
4,898



In February 2016, in connection with our annual employee review process, we granted qualified employees options to purchase approximately 1.3 million shares of our common stock with an exercise price of $10.27.
The fair value of each option grant to employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to employee and director stock option grants during the periods ended:
 
Three Months Ended  
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2015
 
2016
 
2015
Estimated weighted-average fair value
$
8.50

 
$
12.63

 
$
6.93

 
$
12.97

Weighted-average assumptions
 
 
 
 
 
 
 
Expected volatility
74
%
 
69
%
 
74
%
 
70
%
Expected term, in years
5.8

 
5.9

 
5.7

 
5.9

Risk-free interest rate
1.37
%
 
1.71
%
 
1.40
%
 
1.61
%
Expected dividend yield
—
%
 
—
%
 
—
%
 
—
%


Stock option activity for all stock plans 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, 2015
8,310,235

 
$
7.97

 
 
 
 
   Granted
1,663,155

 
10.84

 
 
 
 
   Exercised
(422,525
)
 
4.42

 
 
 
 
   Forfeited
(49,047
)
 
14.02

 
 
 
 
Balance at June 30, 2016
9,501,818

 
$
8.60

 
6.44
 
$
23,678

Vested and expected to vest at June 30, 2016
9,225,654

 
$
8.51

 
6.36
 
$
23,615

Exercisable at June 30, 2016
6,764,948

 
$
7.41

 
5.45
 
$
23,051


At June 30, 2016, excluding non-employee stock options, the total estimated compensation expense to be recognized in connection with our unvested options is $16.6 million, and 1,896,593 shares were available to grant.