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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The effect of recording stock-based compensation for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Stock-based compensation expense by type of award:
Employee stock options	$	218	$	216	$	694	$	617
Scientific Advisory Board stock options		3		22		5		56

Total stock-based compensation expense	$	221	$	238	$	699	$	673

Stock-Based Compensation Expenses

Stock-based compensation included in expense line items in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012 was as follows (in thousands):


	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Research and development	$	82	$	70	$	249	$	199
General and administrative		139		168		450		474

	$	221	$	238	$	699	$	673

Weighted-Average Fair Value Assumptions of Stock Options

The Company estimates the fair value of stock options using a Black-Scholes valuation model using the graded-vesting method with the following weighted-average assumptions:


	Three months ended September 30,			Nine months ended September 30,
Stock Options	2013			2013			2012
Risk-free interest rate		1.5	%		0.9	%		0.8	%
Expected term (years)		5			5			5
Expected dividends		0.0	%		0.0	%		0.0	%
Volatility		92.3	%		77.1	%		90.7	%

Summary of Stock Option Activity

The following is a summary of activity for the indicated periods:


	Number of shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2012		13,365,522		$	0.42
Granted		3,374,374			0.32
Exercised		—			0.00
Forfeited		(225,000	)		0.33
Expired		(43,433	)		0.75

Outstanding at September 30, 2013		16,471,463		$	0.40		7.38	$	11

Options vested and expected to vest at September 30, 2013		15,924,041		$	0.40		7.32	$	11
Options exercisable at September 30, 2013		9,856,362		$	0.42		6.56	$	11

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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