Share- based Compensation

3 Months Ended

Mar. 31, 2014

Share-based Compensation

(8) Share-based Compensation

For the three month period ended March 31, 2014 and 2013 and for the period from Inception through March 31, 2014, the Company recognized the following non-cash, share-based compensation expense in the consolidated statement of operations (in thousands):

	Three Months Ended March 31,				Period from December 17, 2001 (date of inception) to March 31,
	2014		2013		2014
Research and Development	$	40	$	15	$	707
Selling, General and Administrative		118		27		1,935
Restructuring Expense		—		—		387
Total	$	158	$	42	$	3,029

Stock option and stock award transactions for the three month period ended March 31, 2014 under the Company’s stock incentive plans were as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Options outstanding at December 31, 2013		843,442		$	3.76		8.94
Granted		200,079			1.91
Exercised	—			—
Forfeited and cancelled		(27	)		1,908.00
Options outstanding at March 31, 2014		1,043,494		$	3.35		8.93
Options exercisable at March 31, 2014		266,655		$	8.42		7.13
Options vested and expected to vest		1,031,382		$	3.37		8.92

	Number of Shares		Weighted Average Grant Date Fair Value
Restricted stock units outstanding at December 31, 2013		419,000	$	1.39
Granted		191,700		1.95
Vested and released	—		—
Forfeited and cancelled	—		—
Restricted stock units outstanding at March 31, 2014		610,700	$	1.57