Share-Based Awards (Tables)

6 Months Ended

Jun. 30, 2018

Share-Based Awards [Abstract]

Weighted-Average Assumptions for Stock Options

The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to employees and directors were as follows:

	Six Months Ended June 30,
	2018			2017
Risk-free interest rate		2.60	%		2.02	%
Expected term (in years)		5.78			5.74
Expected volatility		88.6	%		91.9	%
Expected dividend yield		0.00	%		0	%
Exercise price	$	17.63		$	2.14
Fair value of common stock	$	17.63		$	1.63

The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to non-employees were as follows:

	Six Months Ended June 30, 2018
Risk-free interest rate		2.74	%
Expected term (in years)		10.0
Expected volatility		83.79	%
Expected dividend yield		0.00	%
Exercise price	$	18.75
Fair value of common stock	$	18.75

Stock Option Activity

A summary of activity under the Company’s equity plans is as follows:

		Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2017	*		6,959,347		$	1.06		8.17	$	27,175
Assumed as part of merger with Inotek			523,456			2.01		7.28
Granted			1,368,378			17.63		9.72
Exercised			61,536					-
Forfeited			(42,713	)		1.35		-
Outstanding as of June 30, 2018			8,870,004		$	3.90		7.96	$	137,631
Options vested and exercisable as of June 30, 2018			6,476,383		$	1.17		6.90	$	119,582

* Affected by Exchange Ratio

RSU Activity

The following table summarizes the RSU activity for the six months ended June 30, 2018 under the 2014 Stock Option and Incentive Plan:

	Number of Shares
Outstanding as of December 31, 2017		-
Assumed as part of merger with Inotek		271,719
Settled		(42,968	)
Outstanding as of June 30, 2018		228,751

Stock-Based Compensation Expense

Share-based compensation expense is reflected in the consolidated statements of operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Research and development	$	1,403	$	91	$	3,610	$	153
General and administrative		1,382		69		4,558		108
Total share based compensation expense	$	2,785	$	160	$	8,168	$	261