Annual report pursuant to Section 13 and 15(d)

Stock Plans and Stock-Based Compensation (Tables)

v3.3.1.900
Stock Plans and Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity:

 

     Shares
Subject to
Outstanding
Options
     Weighted-
Average
Exercise
Price of
Options
     Weighted-
Average
Remaining
Contractual
Term
(Years)
     Aggregate
Intrinsic
Value (in
thousands)
 

Outstanding as of December 31, 2014

     991,010       $ 6.09         

Options granted

     845,703         9.00         

Options exercised

     —           0         

Options forfeited

     (15,631      4.75         

Options expired

     (16,999      12.31         
  

 

 

          

Outstanding as of December 31, 2015

     1,804,083       $ 7.41         8.24       $ —     
  

 

 

          

Vested and expected to vest as of December 31, 2015

     1,757,991       $ 7.38         8.22       $ —     
  

 

 

          

Exercisable as of December 31, 2015

     783,856       $ 6.28         7.81       $ —     
  

 

 

          
Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding as of December 31, 2015:

 

     Options Outstanding      Options Exercisable  

Exercise Price

   Number
of
Shares
     Weighted-
Average
Remaining
Contractual
Term
(Years)
     Number of Shares  

$1.98 – $4.77

     108,483         8.95         65,800   

$5.00

     858,442         7.57         617,070   

$5.23

     10,000         8.65         3,333   

$5.90

     18,000         9.29         18,000   

$6.85

     12,000         8.73         4,500   

$7.00

     77,000         8.28         32,083   

$7.99

     6,500         8.36         2,594   

$10.00 – $10.49

     710,203         8.93         37,021   

$238.50

     3,455         0.73         3,455   
  

 

 

    

 

 

    

 

 

 
     1,804,083         8.24         783,856   
  

 

 

    

 

 

    

 

 

 
Estimated Weighted-Average Grant Date Fair Value

The following table presents the weighted-average assumptions the Company used in the Black-Scholes valuation model to derive the grant date fair value-based measurements of employee and director stock options and the resulting estimated weighted-average grant date fair-value-based measurements per share:

 

     Year Ended December 31,  
         2015             2014      

Weighted-average assumptions:

    

Expected term

     6.1 yrs        6.0 yrs   

Expected volatility

     78     90

Risk-free interest rate

     1.65     2.02

Expected dividend yield

     0     0

Weighted-average grant date fair value per share

   $ 6.13      $ 4.06   
Summary of Stock-Based Compensation Expense

Employee and director stock-based compensation expense recorded was as follows (in thousands):

 

     Year Ended
December 31,
 
     2015      2014  

Research and development

   $ 823       $ 332   

General and administrative

     1,643         952   
  

 

 

    

 

 

 

Total

   $ 2,466       $ 1,284