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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The following stock-based compensation amounts were recognized for the periods indicated (in thousands):

	Three Months Ended March 31,
	2016				2015
Research and development		$	1,396			$	810
General and administrative			1,605				821
Total stock-based compensation expense		$	3,001			$	1,631

Valuation Assumptions Using the Black-Scholes Option-Pricing Model

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table:

	Three Months Ended March 31,
	2016		2015
Expected dividend yield	0%		0%
Expected volatility	64 %		74 %
Risk-free interest rate	1.5% - 2.1%		1.6% - 2.0%
Expected term	6.25 years		6.25 years

Stock Option Activity

The following table summarizes stock option and restricted stock unit (RSU) activity during the three months ended March 31, 2016:

		Shares				Weighted- Average Exercise Price				Weighted-Average Remaining Contractual Term (Years)			Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2015			4,146,064			$	16.90				7.4
Granted			110,125				14.42
Exercised			(190,867	)			1.18
Forfeited or expired			(46,598	)			29.07
Outstanding, March 31, 2016			4,018,724				17.44				7.4			$	27,049
As of March 31, 2016:
Exercisable			1,984,117				9.50				5.9				22,670
Vested and expected to vest			3,782,077				17.06				7.3				26,382

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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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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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.

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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.

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