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(5) STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2012
STOCK-BASED COMPENSATION  
(5) 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   Six Months Ended
    June 30,   June 30,    
    2012   2011   2012   2011
                 
Operating expenses:                                
Research and development   $ 360     $ 73     $ 664     $ 148  
General and administrative     655       33       1,129       197  
Total stock-based compensation expense   $ 1,015     $ 106     $ 1,793     $ 345  
                                 
Impact on basic and diluted net loss per common share   $ 0.01     $ —       $ 0.01     $ 0.01  

The following table summarizes stock option activity for the six months ended June 30, 2012:

 

          Weighted-
         Average
     Weighted-  Remaining
      Average  Contractual
  Shares  Exercise  Term
  (in thousands)  Price  (Years)
          
Outstanding at January 1, 2012   50,106   $0.31    9.42 
Granted   14,650   $0.56      
Exercised   —             
Expired and forfeited   (1,094)  $0.81      
Outstanding at June 30, 2012   63,662   $0.36    8.34 

 

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 June 30, 2012. 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 six months ended June 30, 2012 and 2011 consisted of 58,571 and 49,486 shares at an average price of $0.21 and $0.20, respectively. Shares available for future purchase under the Purchase Plan were 472,605 at June 30, 2012.