XML 47 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2015
Summary of Stock Option Activity

Stock option activity is summarized as follows:

 

 

 

Number of

Outstanding

Options

 

 

Weighted

Average

Price

 

 

Weighted

Remaining Contractual Term

 

 

Aggregate

Intrinsic Value

(in 000s)

 

Outstanding as of December 31, 2014

 

 

1,514,471

 

 

$

4.60

 

 

 

 

 

 

 

 

 

Granted

 

 

1,715,028

 

 

$

11.29

 

 

 

 

 

 

 

 

 

Exercised

 

 

(197,253

)

 

$

2.78

 

 

 

 

 

 

 

 

 

Canceled

 

 

(406,966

)

 

$

6.37

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2015

 

 

2,625,280

 

 

$

8.83

 

 

 

8.02

 

 

$

6,684

 

Options vested and expected to vest as of December 31, 2015

 

 

2,625,280

 

 

$

8.83

 

 

 

8.02

 

 

$

6,684

 

Options exercisable as of December 31, 2015

 

 

899,931

 

 

$

4.91

 

 

 

6.64

 

 

$

5,063

 

 

Summary of Assumptions Used to Determine Fair Value of Employee Stock Purchase Plan

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the ESPP offering were as follows:

 

 

 

Year Ended

 

 

 

December 31, 2015

 

Expected term (in years)

 

 

0.50

 

Risk-free interest rate

 

 

0.33

%

Expected volatility

 

 

67.3

%

Expected dividend yield

 

 

0.0

%

 

Schedule of Allocation of Stock-Based Compensation for All Options Including Performance Options with Market Condition

The allocation of stock-based compensation for all options, including performance options,with market condition is as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Research and development

 

$

2,524

 

 

$

527

 

 

$

96

 

General and administrative

 

 

2,332

 

 

 

1,264

 

 

 

59

 

 

 

$

4,856

 

 

$

1,791

 

 

$

155

 

 

Summary of Warrants Outstanding

Warrants outstanding as of December 31, 2015:

 

 

 

 

 

 

 

 

 

Number

 

 

Exercise Price

 

 

Expiration

Outstanding

 

 

Per Share

 

 

Date

 

9,051

 

 

$

6.63

 

 

September 2017

 

2,006

 

 

$

7.48

 

 

March 2021

 

14,913

 

 

$

20.12

 

 

July 2023

 

25,970

 

 

 

 

 

 

 

 

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance is as follows:

 

 

 

As of December 31,

 

 

 

2015

 

 

2014

 

Conversion of redeemable convertible preferred stock

 

 

 

 

 

9,238,868

 

Conversion of redeemable convertible preferred stock issuable

   upon conversion of promissory note

 

 

 

 

 

94,455

 

Redeemable convertible preferred stock warrants

 

 

 

 

 

25,970

 

Common stock warrants

 

 

25,970

 

 

 

 

Common stock options outstanding

 

 

2,625,280

 

 

 

1,514,471

 

Shares available under the 2014 Plan

 

 

984,357

 

 

 

180,190

 

Shares available under the 2015 Plan

 

 

903,350

 

 

 

 

Shares available under the 2015 ESPP Plan

 

 

227,623

 

 

 

 

 

 

 

4,766,580

 

 

 

11,053,954

 

 

Employee Stock Option [Member]  
Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:

 

 

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Expected term (in years)

 

5.50 – 6.08

 

 

5.77 – 6.56

 

 

6.52 – 6.56

 

Risk-free interest rate

 

1.5% – 1.9%

 

 

1.7% – 2.7%

 

 

2.0% – 2.2%

 

Expected volatility

 

79.2% – 100.9%

 

 

 

111.0

%

 

 

109.0

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

Performance Options with Market Condition [Member]  
Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition

The assumptions used to determine the fair value of the performance options with market condition were as follows:

  

 

 

Year Ended

December 31, 2015

 

Expected term (in years)

 

 

4.8

 

Risk-free interest rate

 

 

2.05

%

Expected volatility

 

 

80.6

%

Expected dividend yield

 

 

0.0

%