STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes the Company’s stock awards granted for each of the periods indicated:

	For the Three Months Ended March 31,
	2017				2016
	Grants		Weighted Average Grant Date Fair Value		Grants		Weighted Average Grant Date Fair Value
Stock options		877,492	$	16.30		1,205,776	$	11.92
Restricted stock units (1)		161,029	$	32.63		—	$	—
Restricted stock awards		6,500	$	31.06		25,775	$	13.71

(1)

The Company granted certain executives 156,029 restricted stock units (“RSU”) with certain sales target and regulatory milestones. As of March 31, 2017, the performance conditions of these RSUs were not probable of being achieved. If and when deemed probable that such performance milestones may be achieved within the required time frame, the Company may recognize up to $5.1 million of stock-based compensation related to these grants. The remaining RSUs are service-based awards granted to the members of the board of directors.

Summary of Stock-Based Compensation Expense by Function Included within Condensed Consolidated Statement of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by function included within the unaudited condensed consolidated statements of operations and comprehensive loss:

	For the Three Months Ended March 31,
	2017		2016
	(in thousands)
Research and development		1,874		2,449
General and administrative		3,838		4,241
Total stock-based compensation expense	$	5,712	$	6,690

Summary of Stock-Based Compensation Expense by Grant Type Included within Condensed Consolidated Statement of Operations and Comprehensive Loss

The following table summarizes stock-based compensation expense by grant type included within the unaudited condensed consolidated statements of operations and comprehensive loss:

	For the Three Months Ended March 31,
	2017		2016
	(in thousands)
Stock options	$	5,038	$	5,698
Restricted stock awards/units		204		184
Stock appreciation rights		—		115
Employee stock purchase plan		470		693
Total stock-based compensation expense	$	5,712	$	6,690