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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Activity Under Stock Incentive Plans

A summary of activity under the stock incentive plans is as follows (in thousands, except share data and price per share):

 

 

 

Shares

Subject to

Outstanding

Options

 

 

Weighted-

Average

Exercise

Price Per

Share

 

 

Aggregate

Intrinsic

Value

 

Outstanding — Balance at December 31, 2016

 

 

4,578,782

 

 

$

4.38

 

 

$

 

Options granted

 

 

2,180,217

 

 

 

0.68

 

 

 

 

 

Options exercised

 

 

 

 

N/A

 

 

 

 

 

Options cancelled and forfeited

 

 

(893,233

)

 

 

3.42

 

 

 

 

 

Outstanding — Balance at September 30, 2017

 

 

5,865,766

 

 

$

3.15

 

 

$

 

Vested and expected to vest — September 30, 2017

 

 

5,804,209

 

 

$

3.16

 

 

$

 

Exercisable —September 30, 2017

 

 

2,787,853

 

 

$

3.91

 

 

$

 

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards to executives, employees, and other service providers was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2017

 

 

 

2016

 

 

 

2017

 

 

 

2016

 

Expected term (years)

 

 

6.00

 

 

 

6.11

 

 

 

6.12

 

 

 

6.06

 

Expected volatility

 

 

80%

 

 

 

88%

 

 

 

79%

 

 

 

90%

 

Risk-free interest rate

 

 

1.94%

 

 

 

1.32%

 

 

 

1.89%

 

 

 

1.73%

 

Dividend yield