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Share-Based Payments (Tables)
12 Months Ended
Dec. 31, 2014
Share-Based Payments  
Schedule of share-based compensation recognized related to the grant of employee and non-employee stock options, SARS and non-vested stock

Share-based compensation recognized related to the grant of employee and non-employee stock options, SAR, and non-vested stock was as follows, in thousands:

 
  Year Ended December 31,  
 
  2014   2013   2012  

Research and development

  $ 728   $ 493   $ 263  

Selling, general and administrative

    1,988     1,420     180  

Total

  $ 2,716   $ 1,913   $ 443  
Schedule of assumptions used in estimation of fair value of each award option on the date of grant using Black-Scholes option-pricing model

 

                                                                                                                                                                                    

 

 

Year Ended December 31,

 

 

2014

 

2013

 

2012

Fair value of common stock

 

$7.63 - $10.02

 

$5.40 - $7.90

 

$5.07 - $12.92

Expected volatility

 

64.5% - 68.3%

 

69.5% - 70.9%

 

68.3% - 71.6%

Dividend Yield

 

0%

 

0%

 

0%

Expected term

 

6.25 years

 

6.25 - 9.60 years

 

6.25 years

Risk-free interest rate

 

1.67% - 1.97%

 

1.20% - 2.94%

 

0.89% - 1.14%

Expected forfeiture rate

 

5%

 

5%

 

0% - 5%

 

Summary of stock option and SAR activity

                                                                                                                                                                                    

 

 

Number of
Options

 

Weighted-
Average Exercise
Price

 

Weighted-Average
Remaining
Contractual
Term
(in years)

 

Outstanding, December 31, 2012

 

 

569,911

 

$

5.72

 

 

7.88

 

Granted

 

 

974,582

 

$

7.79

 

 

 

 

Exercised

 

 

(62,513

)

$

1.25

 

 

 

 

Forfeited or expired

 

 

(18,937

)

$

6.47

 

 

 

 

​  

​  

Outstanding, December 31, 2013

 

 

1,463,043

 

$

7.27

 

 

8.51

 

Granted

 

 

686,235

 

$

9.20

 

 

 

 

Exercised

 

 

(17,627

)

$

3.08

 

 

 

 

Forfeited or expired

 

 

(50,902

)

$

7.79

 

 

 

 

​  

​  

Outstanding, December 31, 2014

 

 

2,080,749

 

$

7.93

 

 

8.04

 

​  

​  

​  

​  

​  

As of December 31, 2014:

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest

 

 

2,041,026

 

$

7.91

 

 

8.03

 

Exercisable

 

 

626,548

 

$

6.40

 

 

6.91