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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of Stock Option Plan Activity

Stock option activity under the Company’s stock option plan was as follows:

 

 

 

Options Outstanding

 

 

 

Shares

Available

for Grant

 

 

Number of

Options

 

 

Weighted-

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Balance—December 31, 2018

 

 

7,255,050

 

 

 

8,986,010

 

 

$

7.54

 

 

$

5,458

 

Authorized

 

 

3,182,868

 

 

 

—

 

 

 

 

 

 

 

 

 

RSUs forfeited, net of grants

 

 

297,155

 

 

 

—

 

 

 

 

 

 

 

 

 

Granted

 

 

(5,140,100

)

 

 

5,140,100

 

 

 

3.55

 

 

 

 

 

Exercised

 

 

—

 

 

 

(548,523

)

 

 

0.97

 

 

 

 

 

Canceled

 

 

3,156,463

 

(1)

 

(3,280,143

)

 

 

8.80

 

 

 

 

 

Balance—December 31, 2019

 

 

8,751,436

 

 

 

10,297,444

 

 

$

5.49

 

 

$

680

 

Options exercisable—December 31, 2019

 

 

 

 

 

 

5,702,112

 

 

$

6.59

 

 

$

670

 

Options vested and expected to vest—December 31, 2019

 

 

 

 

 

 

9,492,970

 

 

$

5.63

 

 

$

678

 

 

(1)

The amount excludes 123,680 canceled options for the year ended December 31, 2019 initially granted from the legacy stock option plans. As these plans have been terminated, any options canceled are not added back to the existing option plan pool.
Summary of Restricted Stock Unit or RSU Activity

The following table summarizes RSU activity:

 

 

 

RSUs Outstanding

 

 

 

Number of

Restricted Stock

Units

 

 

Weighted-

Average

Grant Date

Fair Value Per

Share

 

Balance—December 31, 2018

 

 

1,600,218

 

 

$

8.81

 

Granted

 

 

275,000

 

 

 

1.74

 

Vested

 

 

(504,120

)

 

 

7.38

 

Forfeited

 

 

(572,155

)

 

 

8.63

 

Balance—December 31, 2019

 

 

798,943

 

 

$

7.40

 
Summary of Stock-Based Compensation

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

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Research and development

 

$

6,376

 

 

$

9,745

 

 

$

9,205

 

General and administrative

 

 

6,063

 

 

 

7,729

 

 

 

7,171

 

Total stock-based compensation expense

 

$

12,439

 

 

$

17,474

 

 

$

16,376

 
Employees  
Schedule of Black-Scholes Option-Pricing Model

The fair value of stock option awards granted to employees was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

 

 

 

Year Ended December 31,

 

 

2019

 

2018

 

2017

Expected term (in years)

 

5.3 - 6.1

 

5.3 - 6.1

 

5.3 - 6.5

Volatility

 

67.2% - 70.9%

 

70.5% - 71.7%

 

71.8 - 74.1%

Risk-free interest rate

 

1.52% - 2.60%

 

2.38% - 3.08%

 

1.78 - 2.25%

Dividend yield

 

—%

 

—%

 

—%

 
Non Employees  
Schedule of Black-Scholes Option-Pricing Model

The fair value of stock option awards granted to non-employees was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

 

 

 

Years Ended December 31,

 

 

2019

 

2018

 

2017

Expected term (in years)

 

6.2 - 9.7

 

6.0 - 9.7

 

6.7 - 10.0

Volatility

 

70.5 - 70.8%

 

70.5 - 71.7%

 

72.2 - 73.0%

Risk-free interest rate

 

2.66 - 3.19%

 

2.66 - 3.19%

 

2.24 - 2.45%

Dividend yield

 

—%

 

—%

 

—%
2015 ESPP  
Schedule of Black-Scholes Option-Pricing Model

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to determine fair value of the Company’s common shares to be issued under the 2015 ESPP:

 

 

 

Year Ended December 31,

 

 

 

2019

 

2018

 

 

2017

 

Expected term (in years)

 

0.5

 

0.5

 

 

0.5

 

Volatility

 

47.6% - 62.5%

 

62.5%

 

 

49.3%

 

Risk-free interest rate

 

1.59% - 2.43%

 

2.37%

 

 

1.39%

 

Dividend yield

 

—%

 

—%

 

 

—%