EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of details regarding stock options granted under equity incentive plans

The following table summarizes details regarding stock options granted under our equity incentive plans for the year ended December 31, 2019:

	December 31, 2019
	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($ in thousands)
Outstanding at beginning of year	3,716,579		$	24.81	7.3	$	—
Granted	1,061,587		12.71		—	—
Exercised	(2,025	)	14.56		—	—
Expired and/or forfeited	(890,324	)	22.93		—	—
Outstanding at end of year	3,885,817		$	21.94	6.8	$	776
Outstanding at end of year - vested and unvested expected to vest	3,799,575		$	22.12	6.8	$	701
Exercisable at end of year	2,242,727		$	25.76	5.5	$	116

The following table summarizes stock option activity during 2019:

	2019 Equity		2007 Equity		2013 Lumara		Inducement
	Plan		Plan		Equity Plan		Grants		Total
Outstanding at December 31, 2018	—		2,781,786		124,450		810,343		3,716,579
Granted	479,212		465,009		37,000		80,366		1,061,587
Exercised	—		(2,025	)	—		—		(2,025	)
Expired or terminated	(6,800	)	(659,304	)	(29,675	)	(194,545	)	(890,324	)
Outstanding at December 31, 2019	472,412		2,585,466		131,775		696,164		3,885,817

Summary of details regarding restricted stock units granted under equity incentive plans

The following table summarizes details regarding RSUs granted under our equity incentive plans for the year ended December 31, 2019:

	December 31, 2019
	Restricted Stock Units		Weighted Average Grant Date Fair Value
Outstanding at beginning of year	1,128,535		$	23.42
Granted	1,186,874		15.65
Vested	(404,305	)	22.49
Forfeited	(331,667	)	19.71
Outstanding at end of year	1,579,437		$	18.60
Outstanding at end of year and expected to vest	1,462,952		$	18.88

The following table summarizes RSU activity during 2019:

	2019 Equity		2007 Equity		2013 Lumara		Inducement
	Plan		Plan		Equity Plan		Grants		Total
Outstanding at December 31, 2018	—		1,041,141		2,101		85,293		1,128,535
Granted	132,542		1,023,847		1,100		29,385		1,186,874
Vested	—		(358,362	)	(1,034	)	(44,909	)	(404,305	)
Expired or terminated	(3,800	)	(299,321	)	—		(28,546	)	(331,667	)
Outstanding at December 31, 2019	128,742		1,407,305		2,167		41,223		1,579,437

Schedule of equity-based compensation expense

Equity-based compensation expense for 2019, 2018 and 2017 consisted of the following (in thousands):

	Years Ended December 31,
	2019		2018		2017
Cost of product sales	$	871	$	802	$	884
Research and development	2,844		2,533		3,225
Selling, general and administrative	14,818		16,614		16,187
Total equity-based compensation expense	18,533		19,949		20,296
Income tax effect	—		—		(6,188		)
After-tax effect of equity-based compensation expense	$	18,533	$	19,949	$	14,108

Schedule of share-based payment award, stock options, valuation assumptions

The following table summarizes the weighted average assumptions we utilized for purposes of valuing grants of options to our employees and non-employee directors:

	Years Ended December 31,
	2019		2018		2017
		Non-Employee		Non-Employee		Non-Employee
	Employees	Directors	Employees	Directors	Employees	Directors
Risk free interest rate (%)	2.12	2.04	2.75	2.70	1.86	1.61
Expected volatility (%)	57	59	57	59	53	57
Expected option term (years)	5.0	4.0	5.0	4.0	5.0	4.0
Dividend yield	none	none	none	none	none	none