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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2013
Equity [Abstract]  
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,
   2013  2012
       
Operating expenses:          
Research and development  $142   $304 
General and administrative   1,693    474 
Total stock-based compensation expense  $1,835   $778 
           
Impact on basic and diluted net loss per common share  $0.01   $—   

The following table summarizes stock option activity for the three months ended March 31, 2013:

 

   Shares
(in thousands)		  Weighted- Average Exercise
Price		  Weighted-
Average
Remaining Contractual Term
(Years)
          
Outstanding at January 1, 2013   86,283   $0.42    8.2 
Granted   7,518   $0.74      
Exercised   (63)  $0.19      
Expired and forfeited   (4,513)  $0.29      
Outstanding at March 31, 2013   89,225   $0.45    8.5 

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, 2013. 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, 2013 and 2012.