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Equity Plans (Tables)
 9 Months Ended
Sep. 30, 2018
Schedule of activity under equity incentive plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

Weighted-

 

 

 

 

 

 

Average

 

Average

 

 

 

 

 

 

Exercise

 

Remaining

 

Aggregate

 

 

Options

 

Price Per

 

Contractual

 

Intrinsic

 

    

Outstanding

    

Share

    

Life (years)

    

Value

 

 

 

 

 

 

 

 

 

(in millions)

Balances at December 31, 2017

 

2,438,151

  

$

11.51

 

8.26

 

 

 

Options granted

 

1,005,400

  

 

13.51

 

  

 

 

  

Options exercised

 

(142,014)

 

 

2.79

  

 

  

 

 

Options forfeited

 

(148,058)

 

 

14.99

 

 

 

 

 

Balances at September 30, 2018

 

3,153,479

  

$

12.37

 

8.21

 

$

7.8

Options exercisable – September 30, 2018

 

1,311,184

  

$

11.05

 

7.48

 

$

4.6

Options vested and expected to vest – September 30, 2018

 

3,153,479

 

$

12.37

 

8.21

 

$

7.8

(1)

The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common stock on September 30, 2018. The calculation excludes options with an exercise price higher than the closing price of the Company’s common stock on September 30, 2018.
Schedule of stock-based compensation expense

Total stock-based compensation expense was as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 

 

September 30, 

 

    

2018

    

2017

    

2018

    

2017

Research and development

 

$

1,046

 

$

600

 

$

2,424

 

$

1,399

General and administrative

 

 

971

 

 

607

 

 

2,423

 

 

1,653

Total stock-based compensation expense

 

$

2,017

 

$

1,207

 

$

4,847

 

$

3,052

 

Director And Employee  
Schedule of valuation assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 

 

 

September 30, 

 

 

    

2018

    

2017

    

    

2018

    

2017

 

Expected term (in years)

 

5.49 - 6.08

 

6.08

 

 

5.49 - 6.08

 

5.50 - 6.08

 

Expected volatility

 

61.2% - 65.1%

  

62.1%

 

 

62.0% - 66.5%

 

62.1% - 65.4%

 

Risk-free interest rate

 

2.75% - 2.98%

  

2.00%

 

 

2.42% - 2.98%

 

1.88 - 2.07%

 

Dividend yield

 

—

 

—

 

 

—

 

—

 

 

2016 Employee Stock Purchase Plan  
Schedule of activity under equity incentive plans

Un

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

Average

 

 

Number of

 

Grant Date

 

 

Shares

    

Fair Value

Unvested at December 31, 2017

 

 —

 

 —

Restricted stock units granted

 
426,025

$
10.53

Restricted stock units forfeited

 

 (5,375)

    
16.95

Unvested at September 30, 2018

 
420,650

$
10.45