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Stock-Based Compensation and Warrants (Tables)
6 Months Ended
Jun. 30, 2018
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, 2017

 

 

288,129

 

 

$

63.62

 

 

$

 

Options granted

 

 

44,910

 

 

 

18.27

 

 

 

 

 

Options exercised

 

 

(44,354

)

 

 

21.73

 

 

 

 

 

Options cancelled and forfeited

 

 

(5,426

)

 

 

32.21

 

 

 

 

 

Outstanding — Balance at June 30, 2018

 

 

283,259

 

 

$

63.69

 

 

$

6

 

Vested and expected to vest — June 30, 2018

 

 

277,258

 

 

$

64.20

 

 

$

5

 

Exercisable —June 30, 2018

 

 

132,977

 

 

$

89.94

 

 

$

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Expected term (years)

 

 

9.06

 

 

5.50 - 6.26

 

 

 

8.43

 

 

5.50 - 6.26

 

Expected volatility

 

92%

 

 

80 - 82%

 

 

94%

 

 

80 - 82%

 

Risk-free interest rate

 

2.95%

 

 

1.80 - 1.91%

 

 

2.90%

 

 

1.80 - 1.91%

 

Dividend yield