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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2019
Summary of Activity Under 2008 Plan, 2014 Plan and Inducement Plan Including Grants to Nonemployees Issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Issued and Outstanding

 

Weighted

 

 

 

 

    

 

    

 

    

Weighted-Average

 

Average

    

 

 

 

 

Shares Available

 

 

 

Exercise Price per

 

Remaining

 

Aggregate

 

 

for Grant

 

Number of Shares

 

Share

    

Contractual Term

 

Intrinsic Value

 

 

 

 

 

 

 

 

 

(in Years)

 

(in thousands)

Balance at December 31, 2018

 

608,528

 

5,506,760

 

$

8.32

 

 

 

 

  

Options authorized

 

2,490,417

 

 —

 

$

 —

 

 

 

 

  

Options granted

 

(2,362,685)

 

2,362,685

 

$

2.56

 

 

 

 

  

Options exercised

 

 —

 

(68,062)

 

$

2.59

 

 

 

 

  

Options canceled

 

528,615

 

(528,615)

 

$

7.69

 

 

 

 

  

Issuance of common stock for services

 

(113,136)

 

 —

 

 

 —

 

 

 

 

 

Forfeitures of PRSUs granted in prior years

 

45,007

 

 —

 

 

 —

 

 

 

 

  

Balance at December 31, 2019

 

1,196,746

 

7,272,768

 

$

6.55

 

7.40

 

$

19,128

Vested and expected to vest at December 31, 2019

 

  

 

6,754,711

 

$

6.74

 

7.30

 

$

17,217

Exercisable at December 31, 2019

 

  

 

4,183,281

 

$

7.95

 

6.46

 

$

8,753

 

Summary of Weighted-Average Assumptions to Estimate Fair Value of Stock Option Awards and Employee Stock Purchase Plan

 

 

 

 

 

 

Year Ended December 31, 

 

    

2019

    

Expected term (years)

 

6.00

 

Expected volatility

 

81

%  

Risk-free interest rate

 

2.42

%  

Dividend yield

 

 —

%  

 

Summary of Non-Vested RSU Activity

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

    

Weighted-

 

 

 

 

Weighted-Average

 

 

 

Average Grant 

 

 

Number of

 

Grant Date Fair

 

Number of

 

Date Fair Value 

 

 

RSUs

 

Value Per Share

 

PRSUs

 

Per Share

Non-vested restricted stock units at December 31, 2018

 

85,609

 

$

4.70

 

894,764

 

$

4.30

Granted

 

 —

 

$

 —

 

 —

 

$

 —

Vested

 

(85,609)

 

$

4.70

 

 —

 

$

 —

Forfeited

 

 —

 

$

 —

 

(45,007)

 

$

4.30

Non-vested restricted stock units at December 31, 2019

 

 —

 

$

 —

 

849,757

 

$

4.30

 

Summary of Stock-Based Compensation Expense Recognized

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

    

2019

    

2018

    

 

2017

 

 

(in thousands)

Research and development

 

$

4,104

 

$

3,666

 

$

4,585

General and administrative

 

 

5,832

 

 

5,560

 

 

5,005

Total

 

$

9,936

 

$

9,226

 

$

9,590

 

Summary of Stock-Based Compensation Expense Not Yet Recognized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

    

Unrecognized Compensation Expense

    

 

Average Vesting Period

 

 

(in thousands)

 

 

(Years)

Stock options grants

 

$

8,277

 

 

2.5

PRSU grants

 

$

965

 

 

0.7

ESPP

 

$

53

 

 

0.2

 

2014 Employee Stock Purchase Plan [Member]  
Summary of Activity Under 2008 Plan, 2014 Plan and Inducement Plan Including Grants to Nonemployees Issued

 

 

 

 

 

 

 

 

 

 

 

 

    

Shares Available

    

Number of Shares

    

Purchase Price

    

 

 

 

 

for Grant

 

Purchased

 

per Share

 

Gross Proceeds

 

 

 

 

 

 

 

 

 

(in thousands)

Balance at December 31, 2018

 

680,322

 

330,936

 

 

  

 

 

  

Shares purchased

 

(160,744)

 

160,744

 

$

2.48

 

$

396

Balance at December 31, 2019

 

519,578

 

491,680

 

 

  

 

 

  

 

Summary of Weighted-Average Assumptions to Estimate Fair Value of Stock Option Awards and Employee Stock Purchase Plan

 

 

 

 

 

 

Year Ended December 31, 

 

    

2019

    

Expected term (years)

 

0.5

 

Expected volatility

 

69

%  

Risk-free interest rate

 

2.20

%  

Dividend yield

 

 —

%