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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Option Activity Plan

A summary of option activity under the Plans for the three months ended March 31, 2020 follows:

2006 and 2016 Plans  (in thousands, except for share and per share amounts)	Number of Shares			Weighted Average Exercise Price at Grant Date				Weighted Average Remaining Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2019	4,495,145			$	12.21			5.58		$	21,148
Granted	487,500			11.42
Forfeited	(225,000	)		18.83
Expired	(10,104	)		11.78
Exercised	(172,500	)		4.96						890
Outstanding at March 31, 2020	4,575,041			12.07				5.81		4,818
Exercisable at March 31, 2020	3,379,139			11.02				4.63		4,818
Vested and expected to vest at March 31, 2020	4,340,916			11.99				5.60		4,818

Summary of RSU Activity for 2006 Plan and 2016 Plan

A summary of RSU activity under the Plans for the three months ended March 31, 2020 follows:

2006 and 2016 Plans	Number of Shares Underlying RSUs			Weighted Average Grant Date Fair Value
Unvested at December 31, 2019	1,649,285			$	18.04
Granted	745,818			11.32
Forfeited	(136,091	)		18.65
Vested	(498,505	)		16.73
Unvested at March 31, 2020	1,760,507			15.52

Stock-Based Compensation Expense

Stock-based compensation expense recognized for the three months ended March 31, 2020 and 2019 was comprised of the following:

	Three Months Ended
(in thousands)	March 31, 2020				March 31, 2019
Research and development	$	1,111			$	728
Selling, general and administrative	2,833				2,554
Total stock-based compensation expense	$	3,944			$	3,282

Black-Scholes-Merton Option Pricing Model for Employee and Director Stock Options Granted

Assumptions used in the Black-Scholes-Merton option pricing model for employee and director stock options granted during the three months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended
	March 31, 2020			March 31, 2019
Expected dividend yield	0	%		0	%
Weighted average expected volatility	52	%		58	%
Weighted average expected term (years)	6.09			5.92
Weighted average risk-free rate	1.37	%		2.51	%

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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