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Stock-Based Compensation
9 Months Ended
Sep. 30, 2011
Stock-Based Compensation 
Stock-Based Compensation

 (5) STOCK-BASED COMPENSATION

The following table summarizes the stock-based compensation expense for all awards (in thousands, except per share amounts):

 

    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2011    2010    2011    2010 
Operating expenses:                    
Research and development  $324   $55   $473   $194 
General and administrative   427    142    624    1,192 
Total stock-based compensation expense  $751   $197   $1,097   $1,386 
                     
Impact on basic and diluted net loss per common share  $0.00     $0.01   $0.01   $0.04 

 

The following table summarizes option activity for the nine months ended September 30, 2011:

  

             Weighted 
               Average 
         Weighted Average Exercise    Remaining Contractual Term 
    Shares     Price    (Years) 
Outstanding at January 1, 2011   3,217,240   $1.49    5.42 
Granted   47,720,000   $0.26      
Exercised   —      —        
Expired and forfeited   (1,163,453)  $1.50      
Outstanding at September 30, 2011   49,773,787   $0.31    9.66 

  

 

The following table summarizes restricted stock award activity for the nine months ended September 30, 2011:

 

        Weighted 
         Average 
    Shares    Grant Date Fair Value 
Outstanding at January 1, 2011   318,758   $0.85 
Awarded   —      —   
Released   (143,835)  $0.73 
Forfeited   (174,923)  $0.94 
Outstanding at September 30, 2011   —     $— 

 

Employee Stock Purchase Plan. We adopted an Employee Stock Purchase Plan (Purchase Plan) in 1997. Qualified employees may elect to have a certain percentage of their salary withheld to purchase shares of our common stock under the Purchase Plan. In June 2011, our stockholders authorized an increase in the number of shares reserved for issuance under the Purchase Plan by 500,000, for a total of 1,000,000 shares reserved at September 30, 2011. The purchase price per share is equal to 85% of the fair market value of the stock on specified dates. Sales under the Purchase Plan during the nine months ended September 30, 2011 and 2010 were 49,486 and 25,567 shares at an average price of $0.20 and $0.68, respectively. Shares available for future purchase under the Purchase Plan are 559,672 at September 30, 2011.