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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Our stock-based compensation expense for the three and six months ended June 30 was as follows:


	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Research and development expense	$	39,596		$	373,652		$	225,889		$	717,363
Selling, general and administrative expense		474,064			375,989			808,877			718,860

Total stock-based compensation	$	513,660		$	749,641		$	1,034,766		$	1,436,223

Effect on basic and diluted net loss per share	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.04	)

A summary of our stock option activity for the three months ended June 30, 2014 is as follows:


	Number of options			Weighted-average exercise price ($) per share
Balance at March 31, 2014		381,851			18.05
Granted		—			—
Exercised		—			—
Cancelled		(6,181	)		9.86

Outstanding options at June 30, 2014		375,670			18.18

A summary of changes in unvested options for the three months ended June 30, 2014 is as follows:


	Number of options			Weighted-average exercise price ($) per share		Weighted-average grant date fair value ($) per option
Unvested options at March 31, 2014		7,592			10.27		8.26
Granted		—			—		—
Vested		(7,376	)		10.27		8.26
Cancelled		(209	)		10.20		8.45

Unvested options at June 30, 2014		7			8.90		7.26

A summary of changes in our restricted stock units for the three months ended June 30, 2014 is as follows:


	Number of RSUs			Weighted-average grant date fair value ($) per RSU
Outstanding restricted stock units at March 31, 2014		3,144,940			1.66
Granted(1)		810,000			1.48
Vested and exercised		(442,500	)		2.22
Cancelled		(375,000	)		1.76

Outstanding restricted stock units at June 30, 2014		3,137,440			1.53

(1)	These restricted stock units will vest and convert into shares of our common stock over a four year period from the date of grant; one-fourth of the award will vest on each grant date anniversary following the grant.