XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation Expense | Our stock-based compensation expense for the last three fiscal years was as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Research and development expense |  | $ | 1,873,848 |  |  | $ | 608,840 |  |  | $ | 1,219,308 |
General and administrative expense |  |  | 2,370,560 |  |  |  | 1,426,058 |  |  |  | 1,389,362 |
Total stock-based compensation expense and effect on net loss |  | $ | 4,244,408 |  |  | $ | 2,034,898 |  |  | $ | 2,608,670 |
Schedule of Fair Value Option Award, Assumptions | The weighted-average assumptions used for the last three fiscal years are as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Expected term (years)(1) |  |  | 5.7 |  |  |  | 4.2 |  |  |  | 5.1 |
Risk-free interest rate(2) |  |  | 1.8 | % |  |  | 1.3 | % |  |  | 1.2 | %
Expected volatility(3) |  |  | 75.2 | % |  |  | 78.7 | % |  |  | 89.3 | %
Expected dividend yield(4) |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
(1) | The expected term represents the period during which our stock-based awards are expected to be outstanding. We estimated this amount based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements, and expectation of future employee behavior, including post-vesting terminations.
(2) | The risk-free interest rate is based on U.S. Treasury debt securities with maturities close to the expected term of the option as of the date of grant.
(3) | Expected volatility is based on historical volatility over the most recent historical period equal to the length of the expected term of the option as of the date of grant.
(4) | We have neither declared nor paid dividends on any share of common stock and we do not expect to do so in the foreseeable future.
Stock Option Activity | A summary of our stock option activity and related information for the last three fiscal years is as follows:
|  | Outstanding Options |
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value(1) |
Balance at December 31, 2012 |  |  | 447,359 |  |  | $ | 19.59 |  |  |  | 5.1 |  |  | $ | 2,175 |
Granted |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,452 | ) |  | $ | 1.00 |  |  |  |  |  |  | $ | 2,214 |
Cancelled (forfeited and expired) |  |  | (15,649 | ) |  | $ | 13.06 |  |  |  |  |  |  |  |  |
Balance at December 31, 2013 |  |  | 428,258 |  |  | $ | 19.97 |  |  |  | 4.3 |  |  | $ | — |
Granted |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |
Cancelled (forfeited and expired) |  |  | (125,529 | ) |  | $ | 24.30 |  |  |  |  |  |  |  |  |
Balance at December 31, 2014 |  |  | 302,729 |  |  | $ | 18.18 |  |  |  | 3.3 |  |  | $ | — |
Granted |  |  | 2,595,000 |  |  | $ | 0.69 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |
Cancelled (forfeited and expired) |  |  | (818,600 | ) |  | $ | 1.57 |  |  |  |  |  |  |  |  |
Balance at December 31, 2015 |  |  | 2,079,129 |  |  | $ | 2.89 |  |  |  | 8.6 |  |  | $ | 1,800 |
Exercisable at December 31, 2015 |  |  | 399,129 |  |  | $ | 12.14 |  |  |  | 4.9 |  |  | $ | 360 |
Vested and expected to vest(2) |  |  | 1,873,521 |  |  | $ | 3.134 |  |  |  | 8.5 |  |  | $ | 1,620 |
(1) | Aggregate intrinsic value represents the value of the closing price per share of our common stock on the last trading day of the fiscal period in excess of the exercise price multiplied by the number of options outstanding or exercisable, except for the “Exercised” line, which uses the closing price on the date exercised.
(2) | Number of shares includes options vested and those expected to vest net of estimated forfeitures.
Summary of Changes in Unvested Options | The following is a summary of changes in unvested options:
Unvested Options |  | Number of Options |  |  | Weighted Average Grant Date Fair Value |
Unvested options at December 31, 2014 |  |  | — |  |  |  | — |
Granted(1) |  |  | 2,595,000 |  |  | $ | 0.45 |
Vested |  |  | (135,000 | ) |  | $ | 0.44 |
Cancelled |  |  | (38,600 | ) |  | $ | 14.62 |
Unvested options at December 31, 2015 |  |  | 1,680,000 |  |  | $ | 9.97 |
Weighted Average Exercise Price and Remaining Term Information about Significant Option Groups Outstanding | The following table presents weighted average exercise price and remaining term information about significant option groups outstanding at December 31, 2015:
Options Outstanding at December 31, 2015 |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Term (Yrs.) |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value at December 31, 2015 |
Less than $10.00 |  |  | 1,815,300 |  |  |  | 9.5 |  |  | $ | 0.69 |  |  | $ | 1,800 |
$10.00 - $19.99 |  |  | 140,870 |  |  |  | 4.0 |  |  | $ | 11.79 |  |  |  | — |
$20.00 - $29.99 |  |  | 106,159 |  |  |  | 1.1 |  |  | $ | 23.27 |  |  |  | — |
$30.00 - $39.99 |  |  | 16,800 |  |  |  | 0.1 |  |  | $ | 36.95 |  |  |  | — |
|  |  | 2,079,129 |  |  |  | 8.6 |  |  | $ | 2.9 |  |  | $ | 1,800 |
Vested Options Outstanding at December 31, 2015 |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Exercise Price |
Less than $10.00 |  |  | 135,300 |  |  | $ | 0.70 |
$10.00 - $19.99 |  |  | 140,870 |  |  | $ | 11.79 |
$20.00 - $29.99 |  |  | 106,159 |  |  | $ | 23.27 |
$30.00 - $39.99 |  |  | 16,800 |  |  | $ | 36.95 |
|  |  | 399,129 |  |  | $ | 12.14 |
Summary of Restricted Stock Unit Activity | A summary of our restricted stock unit activity for the year ended December 31, 2015 is as follows:
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value |
Unvested at January 1, 2015 |  |  | 3,374,940 |  |  | $ | 1.55 |
Granted(1) |  |  | 7,540,768 |  |  | $ | 1.10 |
Vested |  |  | (1,510,257 | ) |  | $ | 1.41 |
Cancelled |  |  | (1,154,100 | ) |  | $ | 1.22 |
Unvested at December 31, 2015 |  |  | 8,251,351 |  |  | $ | 1.21 |
(1) | All 2,595,000 options granted in 2015 vest upon the attainment of certain performance goals established by the Compensation Committee or the Single Member Committee established under our 2006 Equity Incentive Plan and our 2013 Equity Incentive Plan. A total of 7,540,768 restricted units were granted in 2015. 349,518 of these restricted stock units vest and convert into shares of our common stock after one year from the date of grant. 2,331,250 of these restricted stock units vest and convert into shares of our common stock over a three year period from the date of grant: one-third of the award will vest on each grant date anniversary following the grant. The remaining restricted units granted vest upon the attainment of certain performance goals established by the Compensation Committee or the Single Member Committee established under our 2006 Equity Incentive Plan and our 2013 Equity Incentive Plan.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration