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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-based Compensation Expense for Employees and Non-employees

In the accompanying condensed consolidated statements of operations, the Company recognized stock-based compensation expense for its employees and non-employees as follows:

 

     Three Months
Ended
September 30,		      Nine Months Ended
September 30,		  
     2016      2015      2016      2015  
     (in thousands)  

Research and development

    $ 863       $ 733       $ 2,624       $ 1,032   

General and administrative

      436         579         1,341         880   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total stock-based compensation

    $ 1,299       $ 1,312       $ 3,965       $ 1,912   
  

 

 

     

 

 

     

 

 

     

 

 

  

 
Schedule of Estimated Grant-date Fair Values of Stock-based Awards Using Black-Scholes Option Pricing Model Assumptions

The estimated grant-date fair values of all of the Company’s stock-based awards were calculated using the Black-Scholes option pricing model, based on assumptions as follows:

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2016     2015     2016     2015  

Expected term (in years)

      5.1–9.9        6.1        5.1–9.9        5.2–10.0   

Expected volatility

      80–86 %      79 %      77–86 %      75–84 % 

Risk-free interest rate

      1.1–1.5 %      1.7–1.9 %      1.1–1.9 %      1.5–2.4 % 

Expected dividend rate

      —   %      —   %      —   %      —   % 

Summary of Stock-Based Compensation Activity

A summary of activity under the 2008 Plan and 2015 Plan and related information is as follows:

 

           Options Outstanding  
     Shares
Available
for Grant		     Number
of Shares
Outstanding		     Weighted-
Average
Exercise
Price Per
Share		      Weighted-
Average
Remaining
Contractual
Term
(Years)		      Aggregate
Intrinsic
Value of
Outstanding
Options
(in thousands)		  

Outstanding — December 31, 2015

      3,523,879        3,522,813      $ 3.81         8.78       $ 40,425   

Awards authorized

      1,202,324             

Options granted

      (3,702,880 )      3,702,880        3.22         

Options exercised

      —        (292,455 )      0.66         

Options forfeited/cancelled

      304,075        (304,075 )      7.89         
  

 

 

    

 

 

          

Outstanding — September 30, 2016

      1,327,398        6,629,163      $ 3.43         9.09       $ 1,443   
  

 

 

    

 

 

          

Exercisable — September 30, 2016

        2,244,374      $ 2.01         8.04       $ 1,443   
    

 

 

          

Vested and expected to vest — September 30, 2016

        6,394,550      $ 3.42         9.08       $ 1,418