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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2012
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
  March 31,
   2012  2011
Operating expenses:          
Research and development  $304   $75 
General and administrative   474    164 
Total stock-based compensation expense  $778   $239 
Impact on basic and diluted net loss per common share  $0.00   $0.01 

The following table summarizes option activity for the three months ended March 31, 2012:

  Shares  Weighted- Average Exercise Price  Weighted- Average Remaining Contractual Term (Years)
         
Outstanding at January 1, 2012   50,106   $0.31    9.42 
Granted   3,150   $0.33      
Exercised   —             
Expired and Forfeited   (893)  $0.46      
Outstanding at March 31, 2012   52,363   $0.31    8.2 

 

 

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 March 31, 2012. The purchase price per share is equal to 85% of the fair market value of the stock on specified dates. There were no sales under the Purchase Plan during the three months ended March 31, 2012 and 2011.