Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v2.4.0.8
Common Stock (Tables)
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Summary of Fair Value of Option Awards

The estimated fair value of stock options granted in the respective periods was determined using the Black-Scholes option pricing model using the following weighted average assumptions:

 

     2013     2012     2011  

Risk-free interest rates

     1.25     0.96     1.70

Expected dividend yield

     0     0     0

Expected life

     5.8 years        5.9 years        5.9 years   

Expected volatility

     86     95     76
Summary of Share-Based Compensation Expense

The results for the periods set forth below included stock-based compensation expense in the following expense categories of the consolidated statements of loss (in thousands):

 

     Years ended
December 31,
 
     2013      2012      2011  

Research and development

   $ 1,296       $ 899       $ 509   

General and administrative

     1,538         1,276         679   
  

 

 

    

 

 

    

 

 

 

Total stock-based compensation

   $ 2,834       $ 2,175       $ 1,188   
  

 

 

    

 

 

    

 

 

 
Summary of Stock Options Activity

Stock option transactions and the number of stock options outstanding are summarized below:

 

     Number of
Optioned
Common
Shares
    Weighted
Average
Exercise
Price
 

Balance, January 1, 2011

     744,913      $ 8.74   

Option grants

     101,600        15.72   

Option expired

     (22,986     13.95   

Option exercises

     (56,228     3.88   

Option forfeited

     (971     41.91   
  

 

 

   

 

 

 

Balance, December 31, 2011

     766,328      $ 9.82   

Option grants

     172,650        12.97   

Option expired

     (12,309     9.10   

Option exercises

     (117,347     3.94   

Option forfeited

     (4,541     15.26   
  

 

 

   

 

 

 

Balance, December 31, 2012

     804,781      $ 11.34   

Option grants

     239,282        11.32   

Option expired

     (3,061     4.11   

Option exercises

     (3,475     3.00   

Option forfeited

     (30,536     13.87   
  

 

 

   

 

 

 

Balance, December 31, 2013

     1,006,991      $ 11.39   
Summary of Stock Options Outstanding Regarding Number of Ordinary Shares Issuable upon Exercise of Outstanding Options

(1) Number of ordinary shares issuable upon exercise of outstanding options:

 

Exercise Prices

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

$2.69—$2.85

     34,000       $ 2.69         1.82   

$2.86—$4.83

     229,125         3.00         2.00   

$4.84—$11.94

     98,879         9.30         7.78   

$11.95—$11.99

     171,271         11.95         9.19   

$12.00—$12.81

     37,175         12.42         8.12   

$12.82—$13.06

     114,400         13.00         8.35   

$13.07—$15.74

     46,676         14.18         7.58   

$15.75—$16.40

     120,750         15.97         6.95   

$16.41—$21.67

     79,115         17.91         5.67   

$21.68—$22.28

     75,600         22.28         5.92   
  

 

 

    

 

 

    

 

 

 

Total

     1,006,991       $ 11.39         6.21   
Summary of Stock Options Outstanding Regarding Number of Ordinary Shares Issuable upon Exercise of Vested Options

(2) Number of ordinary shares issuable upon exercise of vested options:

 

Exercise Prices

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

$2.69—$2.85

     34,000       $ 2.69         1.82   

$2.86—$4.83

     229,125         3.00         2.00   

$4.84—$11.94

     33,600         8.71         4.64   

$11.95—$11.99

     39,251         11.95         9.19   

$12.00—$12.81

     30,441         12.43         8.05   

$12.82—$13.06

     54,819         13.00         8.35   

$13.07—$15.74

     30,507         14.39         7.08   

$15.75—$16.40

     90,563         15.97         6.95   

$16.41—$21.67

     67,835         18.08         5.43   

$21.68—$22.28

     75,600         22.28         5.92   
  

 

 

    

 

 

    

 

 

 

Total

     685,741       $ 10.95         5.00   
Summary of Restricted Stock Unit Award Activity

The following table summarizes our restricted stock unit award activity during the years ended December 31, 2013, 2012 and 2011:

 

     2013      2012      2011  
     Number
of
Shares
    Weighted-
Average
Grant
Date
Fair
Value
     Number
of
Shares
    Weighted-
Average
Grant
Date
Fair
Value
     Number
of
Shares
     Weighted-
Average
Grant
Date
Fair
Value
 

Outstanding at January 1

     172,085      $ 13.01         —        $ —           —         $ —     

Granted

     255,895        11.64         180,085        13.01         —           —     

Vested

     (50,773     12.95         —          —           —           —     

Forfeited or expired

     (20,618     12.51         (8,000     13.00         —           —     
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Outstanding at December 31

     356,589        12.06         172,085        13.01         —           —     
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 
Summary of Fair Value of Warrants Issued

The estimated fair value of warrants issued is reassessed at each balance sheet date using the Black-Scholes option pricing model. The following assumptions were used to value the warrants on the following year end balance sheet dates:

 

     Years ended December 31,  
     2013     2012     2011  

Risk-free interest rates

     0.33     0.34     0.55

Expected dividend yield

     0     0     0

Expected life

     1.8 years        2.8 years        3.8 years   

Expected volatility

     39     45     76
Computation of Basic and Diluted Net Loss Attributable to Common Shareholders Per Share

The following table presents the computation of basic and diluted net loss attributable to common stockholders per share (in thousands, except per share and share amounts):

 

    Years ended December 31,  
     2013     2012     2011  

Numerator

     

Net loss

  $ (31,849   $ (21,098   $ (14,673

Denominator

     

Weighted average number of common shares outstanding

    14,683,389        13,522,723        9,729,340   

Basic and diluted net loss per common share

  $ (2.17   $ (1.56   $ (1.51