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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Stock-Based Compensation Expense Related to Common Stock Options, Common Stock, Restricted Common Stock and Common Stock Warrants

Following is the stock-based compensation expense related to common stock options, common stock, restricted common stock and common stock warrants:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2015				2014				2015				2014
		(in thousands)
Research and development		$	237			$	224			$	780			$	1,083
General and administrative			556				653				1,747				2,188
Total stock-based compensation expense		$	793			$	877			$	2,527			$	3,271

Summary of Stock Option Activity

The following table summarizes the stock option activity in the Company’s equity incentive plans from December 31, 2014 through September 30, 2015:

		Shares				Weighted Average Exercise Price
Outstanding, December 31, 2014			3,332,617			$	5.79
Granted			454,000				3.23
Exercised			(95,574	)			1.80
Options forfeited/cancelled			(348,718	)			4.42
Outstanding, September 30, 2015			3,342,325			$	5.70

Weighted Average Assumptions Used to Determine Fair Value of Options Granted

The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:

		Nine Months Ended September 30,
		2015				2014
Risk-free interest rate			1.65	%			1.58	%
Expected life of the options			6.0 years				6.0 years
Expected volatility of the underlying stock			101	%			114	%
Expected dividend rate			0	%			0	%

Summary of Restricted Stock Grant Activity

The following table summarizes the restricted stock grant activity in the Company’s equity incentive plans from December 31, 2014 through September 30, 2015:

		Shares
Outstanding, December 31, 2014			416,670
Granted			337,935
Exercised			—
Options forfeited/cancelled			—
Outstanding, September 30, 2015			754,605

X

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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

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