Stock Options and Stock-Based Employee Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Stock Options and Stock-Based Employee Compensation [Abstract]

Weighted-average assumptions in estimating fair value of options

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula based on the following weighted average assumptions:

	June 30,
	2014	2013
Weighted average expected volatility	100%	110%
Weighted average expected term	5.4 years	4.7 years
Weighted average risk-free interest rate	1.6%	0.74%
Expected dividends	–	–

Employee stock-based compensation

The table below summarizes the total stock-based compensation expense included in the statements of operations for the periods presented:

(in thousands)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Research & Development	$	299	$	200	$	547	$	341
Selling, General & Administrative		482		407		938		622
Total	$	781	$	607	$	1,485	$	963