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Stock Based Compensation
 6 Months Ended
Jun. 30, 2011
Stock Based Compensation  
Stock Based Compensation
 (5)           Stock Based Compensation

For the three and six months ended June 30, 2011, we recognized stock-based compensation expense of $242,000 and $423,000. For the three and six months ended June 30, 2010 we recognized stock-based compensation expense of $440,000 and $554,000.

The following table summarizes stock-based compensation for the three months ended June 30, 2011 and 2010:


   
Three months ended
June 30,
  
Six months ended
June 30,
 
   
2011
  
2010
  
2011
  
2010
 
Research and development
 $110,000  $291,000  $212,000  $365,000 
General and administrative
  132,000   149,000   211,000   189,000 
Stock-based compensation expense
   included in operating expense
 $242,000  $440,000  $423,000  $554,000 


For the three and six months ended June 30, 2011 we granted 475,000 and 575,000 stock options, respectively. For the three and six months ended June 30, 2010 we granted 410,000 and 640,000 stock options, respectively.

Our weighted average Black-Scholes fair value assumptions used to value the 2011 and 2010 first six months grants are as follows:
 
 
6/30/11
 
6/30/10
 
Expected life(b)
   6.04 yrs
 
  5.7 yrs
 
Risk free interest rate
   2.0
%
  2.3
%
Expected volatility(a)
  119
% 
  123
%
Expected dividend yield
  0.0
%
  0.0
%
(a)
Reflects movements in our stock price over the most recent historical period equivalent to the expected life.
(b)
Based on the simplified method.