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Equity Plans (Tables)
6 Months Ended
Jun. 30, 2020
Schedule of activity under equity incentive plans

Weighted-

Weighted-

Average

Average

Exercise

Remaining

Aggregate

Options

Price Per

Contractual

Intrinsic

    

Outstanding

    

Share

    

Life (years)

    

Value (1)

(in millions)

Balances at December 31, 2019

 

3,681,521

  

$

11.64

 

7.78

 

Options granted

 

1,141,600

8.51

 

  

 

  

Options exercised

 

(113,808)

5.52

  

  

Options forfeited

(171,327)

10.88

Balances at June 30, 2020

 

4,537,986

  

$

11.04

 

7.90

$

32.8

Options exercisable – June 30, 2020

2,383,602

  

$

12.02

 

6.87

$

16.0

Options vested and expected to vest – June 30, 2020

4,537,986

$

11.04

 

7.90

$

32.8

(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 June 30, 2020. The calculation excludes options with an exercise price higher than the closing price of the Company’s common stock on June 30, 2020.
Schedule of stock-based compensation expense

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

Three Months Ended June 30, 

Six Months Ended

June 30, 

    

2020

    

2019

    

2020

    

2019

Research and development

$

1,026

$

977

$

2,092

$

2,100

General and administrative

 

970

 

1,036

 

1,952

 

1,892

Total stock-based compensation expense

$

1,996

$

2,013

$

4,044

$

3,992

Employee stock options  
Black-Scholes option-pricing model assumptions

Three Months Ended June 30, 

Six Months Ended June 30, 

2020

2019

2020

2019

Expected term (in years)

 

5.50 - 6.08

 

5.50 - 6.08

5.27 - 6.08

 

5.50 - 6.08

Expected volatility

 

74.3% - 74.5%

62.0% - 62.7%

72.1% - 74.5%

62.0% - 62.7%

Risk-free interest rate

 

0.39% - 0.42%

1.88% - 2.20%

0.39% - 1.44%

1.88% - 2.58%

Dividend yield

 

 

 

Restricted stock units  
Schedule of activity under equity incentive plans

Weighted

Average

Number of

Grant Date

    

Shares

    

Fair Value

Unvested at December 31, 2019

278,482

$

10.08

Granted

 

142,000

  

7.80

Vested

 

(131,147)

 

9.52

Forfeited

(26,727)

8.97

Unvested at June 30, 2020

262,608

$

9.24