Annual report pursuant to Section 13 and 15(d)

STOCK BASED COMPENSATION (Tables)

v2.4.0.8
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2013
STOCK BASED COMPENSATION  
Schedule of stock-based compensation expense related to all of the entity's stock-based awards

 Total stock-based compensation expense related to all of our stock-based awards was as follows (in thousands):

 
   Year Ended December 31,  
 
   2013   2012   2011  

Research and development

   $ 3,930   $ 7,050   $ 9,277  

General and administrative

     2,997     5,567     3,891  

Restructuring charges

     239     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total stock-based compensation expense

   $ 7,166   $ 12,617   $ 13,168  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Summary of weighted-average assumptions relating to options granted pursuant to equity incentive plans

 

 

 
   Equity Incentive
Plans		  
 
   Year Ended
December 31,		  
 
   2013   2012   2011  

Risk-free interest rate

     1.1 %   0.9 %   2.1 %

Expected term (in years)

     5.4     5.5     5.2  

Dividend yield

     0.0 %   0.0 %   0.0 %

Expected volatility

     72.2 %   81.5 %   84.2 %
Schedule of option activity under equity incentive plans

 

 

 
   Shares Available
For Grant		   Number of Shares
Underlying Options		   Weighted-Average
Exercise Price		   Weighted-
Average
Remaining
Contractual Term
(in years)		   Aggregate
Intrinsic Value		  

Outstanding at January 1, 2011

     2,528,099     9,694,001   $ 13.22              
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Authorized for grant

     4,350,000     —                    

Granted

     (2,236,270 )   2,236,270   $ 6.80              

Exercised

     —     (114,988 ) $ 6.67              

Cancelled

     65,924     (65,924 ) $ 10.95              
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 31, 2011

     4,707,753     11,749,359   $ 12.07              
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Authorized for grant

     600,000     —                    

Granted

     (2,149,266 )   2,149,266   $ 8.13              

Exercised

     —     (254,149 ) $ 7.08              

Cancelled

     40,099     (40,099 ) $ 19.60              
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 31, 2012

     3,198,586     13,604,377   $ 11.52              
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             

Authorized for grant

     7,775,000     —                    

Granted

     (3,140,956 )   3,140,956   $ 5.46              

Exercised

     —     —   $ —              

Cancelled

     1,213,131     (1,213,131 ) $ 8.26              
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Outstanding at December 31, 2013

     9,045,761     15,532,202   $ 10.55     5.71   $ 13,845  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             

Vested and expected to vest at December 31, 2013

           15,432,482   $ 10.58              
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Exercisable at December 31, 2013

           13,246,612   $ 11.44     5.12   $ —  
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Exercisable at December 31, 2012

           12,841,378   $ 11.75              
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               

Exercisable at December 31, 2011

           10,982,934   $ 12.38              
                               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                               
Schedule of stock options by exercise price

 Details of our stock options by exercise price are as follows as of December 31, 2013:

 
   Options Outstanding   Options Exercisable  
Exercise Price
  Number of
Outstanding
Options		   Weighted-Average
Remaining
Contractual Life (in years)		   Weighted-Average
Exercise Price		   Number of
Options		   Weighted-Average
Exercise Price		  

$2.72 - $6.49

     2,768,133     6.90   $ 5.32     1,820,354   $ 6.26  

$6.51 - $6.55

     2,324,035     8.44     6.52     1,207,475     6.52  

$6.73 - $7.15

     2,219,353     6.23     6.76     2,109,238     6.77  

$7.40 - $8.15

     2,584,871     6.64     8.03     2,488,854     8.03  

$8.27 - $11.73

     2,694,603     4.47     10.22     2,679,484     10.23  

$15.49 - $25.36

     1,707,314     1.44     22.27     1,707,314     22.27  

$26.45

     1,233,893     3.87     26.45     1,233,893     26.45  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

$2.72 - $26.45

     15,532,202     5.73   $ 10.55     13,246,612   $ 11.44  
                             
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                             
Summary of weighted-average assumptions used to calculate fair value of purchase rights granted under Employee Stock Purchase Plan

 

 

 
   Employee Stock
Purchase Plan		  
 
   Year Ended
December 31,		  
 
   2013   2012   2011  

Risk-free interest rate

     0.2 %   0.2 %   0.3 %

Expected term (in years)

     1.4     1.2     1.0  

Dividend yield

     0.0 %   0.0 %   0.0 %

Expected volatility

     64.4 %   47.4 %   61.4 %