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Equity Plans (Tables)
 6 Months Ended
Jun. 30, 2017
Schedule of Activity under Stock Option Plan
Activity under the Company’s equity incentive plans is set forth below:
 
 
 
 
 
Options Outstanding
 
Options
Available for
Grant
 
Options
Outstanding
 
Weighted-
Average
Exercise
Price Per
Share
 
Weighted-
Average
Remaining
Contractual
Term (years)
 
Aggregate
Intrinsic
Value (1)
 
 
 
 
 
 
 
 
 
(in thousands)
Balances at December 31, 2016
164,328

 
2,393,829

 
$
10.39

 
8.79
 
 
Additional options authorized
668,891

 
—

 
 
 
 
 
 
Options granted
(261,000
)
 
261,000

 
$
10.54

 
 
 
 
Options exercised
—

 
(151,299
)
 
$
1.32

 
 
 
 
Options forfeited
50,271

 
(50,271
)
 
$
18.91

 
 
 
 
Balances at June 30, 2017
622,490

 
2,453,259

 
$
10.80

 
8.73
 
$
10,463

Options exercisable at June 30, 2017
 
 
680,187

 
$
8.20

 
8.22
 
$
4,056

Options vested and expected to vest at June 30, 2017
 
 
2,453,259

 
$
10.80

 
8.73
 
$
10,463


____________________
(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, 2017. The calculation excludes options with an exercise price higher than the closing price of the Company's common stock on June 30, 2017.
Schedule of Stock-based Compensation Expense for Employees and Non-employees for Stock Options and the 2016 ESPP
Total stock-based compensation expense was as follows (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Research and development
$
476

 
$
46

 
$
799

 
$
75

General and administrative
525

 
60

 
1,046

 
87

Total stock-based compensation expense
$
1,001

 
$
106

 
$
1,845

 
$
162
Employee and Director [Member]  
Schedule of Grant-date Fair Value of Stock Option Awards Using Black-Scholes Option Pricing Model Assumptions
The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Expected term (in years)
5.50 - 6.07
 
5.88
 
5.50 - 6.08
 
5.88 - 5.94
Expected volatility
64.4% - 65.4%
 
62.5%
 
62.5% - 65.4%
 
62.5% - 64.8%
Risk-free interest rate
1.88% - 1.98%
 
1.38%
 
1.88% - 2.07%
 
1.27% - 1.38%
Dividend yield
—
 
—
 
—
 
—