Stock-Based Compensation

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Stock Compensation Plans

In January 2017, the common stock available for issuance under the 2014 Equity Incentive Plan (the “2014 Plan”) automatically increased by 4% of the total number of shares of the Company’s capital stock outstanding on December 31, 2016, or 880,362 shares.

In March 2016, the Company’s board of directors approved the 2016 Inducement Plan (the “Inducement Plan”) under which 450,000 shares of the Company’s common stock were made available for issuance. In January 2017, an amendment to the Inducement Plan was approved to increase the number of shares available for issuance an additional 450,000 shares for a total of 900,000 shares.

Employee Stock Purchase Plan

In January 2017, the common stock available for issuance under the 2014 Employee Stock Purchase Plan (the “ESPP”) automatically increased by 1% of the total number of shares of the Company’s capital stock outstanding on December 31, 2016, or 220,090 shares.

Stock-Based Compensation Expense

The following table reflects stock-based compensation expense recognized for the three and nine months ended September 30, 2017 and 2016 (in thousands):

	Three Months Ended  September 30,				Nine Months Ended  September 30,
	2017		2016		2017		2016
Research and development	$	837	$	738	$	2,553	$	2,136
Selling, general and administrative	2,425		1,860		7,358		5,646
Total stock-based compensation expense	$	3,262	$	2,598	$	9,911	$	7,782

Stock-based compensation of $13,000 was capitalized into inventory for the three and nine months ended September 30, 2017. Stock-based compensation capitalized into inventory is recognized as cost of sales when the related product is sold.