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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2012
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Intangible assets | Intangible assets consist of the following (in thousands):
|  | December 31, 2012 |  |  | December 31, 2011 |
|  | Gross carrying value |  |  | Accumulated amortization |  |  | Gross carrying value |  |  | Accumulated amortization |
Amortizable intangible assets - Patents |  | $ | 2,624 |  |  | $ | 2,624 |  |  | $ | 2,624 |  |  | $ | 2,262 |
Estimates related to gross-to-net sales adjustments for product | We believe our estimates related to gross-to-net sales adjustments for MuGard do not have a high degree of estimation complexity or uncertainty as the related amounts are settled within a short period of time. Below is a table showing gross sales and net sales by quarter for the years ended December 31, 2012 and 2011.
(in thousands) |  | Three months ended March 31, 2012 |  |  | Three months ended June 30, 2012 |  |  | Three months ended Sept 30, 2012 |  |  | Three months ended Dec 31, 2012 |  |  | Twelve months ended Dec 31, 2012 |
Gross sales |  |  | $ | 577 |  |  |  | $ | 712 |  |  |  | $ | 877 |  |  |  | $ | 1,048 |  |  |  | $ | 3,214 |
Cash discounts |  | 5 |  |  | 13 |  |  | 7 |  |  | 9 |  |  | 34 |
Contract discounts |  |  |  | 18 |  |  |  |  | 84 |  |  |  |  | 89 |  |  |  |  | 124 |  |  |  |  | 315 |
Net Sales |  |  | $ | 554 |  |  |  | $ | 615 |  |  |  | $ | 781 |  |  |  | $ | 915 |  |  |  | $ | 2,865 |
|  | Three months ended March 31, 2011 |  |  | Three months ended June 30, 2011 |  |  | Three months ended Sept 30, 2011 |  |  | Three months ended Dec 31, 2011 |  |  | Twelve months ended Dec 31, 2011 |
Gross sales |  |  | $ | 13 |  |  |  | $ | 43 |  |  |  | $ | 82 |  |  |  | $ | 410 |  |  |  | $ | 548 |
Cash discounts |  | - |  |  | 1 |  |  | - |  |  | 1 |  |  | 2 |
Contract discounts |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 7 |  |  |  |  | 7 |
Net Sales |  |  | $ | 13 |  |  |  | $ | 42 |  |  |  | $ | 82 |  |  |  | $ | 402 |  |  |  | $ | 539 |
Stock options assumptions | During 2012 and 2011, 1,235,000 stock options and 580,000 stock options, respectively, were granted under the 2005 Equity Incentive Plan. Assumptions for 2012 and 2011 are:
|  | 2012 |  | 2011
Expected volatility assumption was based upon a combination of historical stock price volatility measured on a weekly basis and is considered a reasonable indicator of expected volatility. |  | 98% |  | 117%
Risk-free interest rate assumption is based upon U.S. Treasury bond interest rates appropriate for the term of the our employee stock options. |  | 0.45% |  | 1.42%
Dividend yield assumption is based on our history and expectation of dividend payments. |  | None |  | None
Estimated expected term (average of number years) is based on the simplified method as prescribed by SAB 107/110 as we do not have sufficient information to calculate an expected term. |  | 5.5 years |  | 5.6 years
Stock-based compensation allocation | The following table summarizes stock-based compensation for the years ended December 31, 2012 and 2011 which was allocated as follows (in thousands):
|  | Year ended December 31, 2012 |  |  | Year ended December 31, 2011 |
Research and development |  | $ | 93 |  |  | $ | 377 |
General and administrative |  |  | 297 |  |  |  | 689 |
Stock-based compensation expense included in |  |  | 390 |  |  |  | 1,066 |
operating expense |  |  |  |  |  |  |  |
Total stock-based compensation expense |  |  | 390 |  |  |  | 1,066 |
Tax benefit |  |  | - |  |  |  | - |
Stock-based compensation expense, net of tax |  | $ | 390 |  |  | $ | 1,066 |

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