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Stock based Compensation (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Summary Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:

 

           Options Outstanding  
     Shares
Available
for Grant
    Number
of Stock
Options
Outstanding
    Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Life
(Years)
     Aggregate
Intrinsic
Value
 
                               (In thousands)  

Balance at December 31, 2014

     295,101        4,248,519      $ 0.76         7.7       $ 8,343   

Additional authorized (unaudited)

     4,708,447             

Granted (unaudited)

     (1,911,137     1,911,137        5.04         —           —     

Exercised (unaudited)

     —          (26,555     0.73         —           —     

Cancelled (unaudited)

     121,941        (121,941     1.30         —           —     
  

 

 

   

 

 

         

Balance at September 30, 2015 (unaudited)

     3,214,352        6,011,160      $ 2.11         7.8       $ 18,755   
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Vested and exercisable at September 30, 2015 (unaudited)

       2,911,734      $ 0.82         6.5       $ 12,702   

Vested and expected to vest at September 30, 2015 (unaudited)

       4,576,826      $ 1.88         7.6       $ 15,329  

A summary of the Company’s stock option activity and related information is as follows:

 

           Options Outstanding  
     Shares
Available for
Grant
    Number
of Stock
Options
Outstanding
    Weighted-Average
Exercise
Price
     Weighted-Average
Remaining
Contractual Life
(Years)
     Aggregate
Intrinsic
Value
 
                               (in thousands)  

Balance at January 1, 2013

     306,097        1,907,644      $ 0.71         6.3       $ 28   

Additional shares authorized

     2,359,662             

Granted

     (1,190,349     1,190,349        0.70         

Exercised

     —          (1,463     0.68         

Cancelled

     372,957        (372,957     0.69         
  

 

 

   

 

 

         

Balance at December 31, 2013

     1,848,367        2,723,573        0.71         7.7         138   

Granted

     (1,642,799     1,642,799        0.84         

Exercised

     —          (28,320     0.73         

Cancelled

     89,533        (89,533     0.74         
  

 

 

   

 

 

         

Balance at December 31, 2014

     295,101        4,248,519      $ 0.76         7.7       $ 8,343   
  

 

 

   

 

 

         

Vested and exercisable at December 31, 2013

       1,360,757      $ 0.71         6.4       $ 67   

Vested and expected to vest at December 31, 2013

       2,333,655      $ 0.71         7.4       $ 118   

Vested and exercisable at December 31, 2014

       2,379,076      $ 0.72         6.8       $ 4,764   

Vested and expected to vest at December 31, 2014

       3,777,913      $ 0.78         7.5       $ 7,452   
Schedule of Weighted-Average Assumptions Fair Value of Employee Stock Options Estimated Date of Grant Using Black-Scholes Option-Pricing Model

1,911,137 shares were granted during the nine months ended September 30, 2015.

 

     Nine Months Ended
September 30, 2015
 
     (Unaudited)  

Expected term (in years)

     6.0   

Expected volatility%

     68.7

Risk-free interest rate%

     1.8

Expected dividend yield%

     0.0

The fair value of employee stock options was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:

 

     December 31,  
     2013     2014  

Expected term (in years)

     6.2        5.7   

Expected volatility

     52.4     50.7

Risk-free interest rate

     1.2     1.8

Expected dividend yield

     0     0
Summary of Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations is classified as follows (in thousands):

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2015      2014      2015      2014  
     (Unaudited)  

Research and development

   $ 95       $ 14       $ 143       $ 70   

Selling and marketing

     16         3         26         11   

General and administrative

     272         41         362         181   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation expense

   $ 383       $ 58       $ 531       $ 262   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation expense recognized in the Company’s statements of operations is classified as follows (in thousands):

 

     Year Ended December 31,  
     2013      2014  

Research and development

   $ 29       $ 85   

Selling and marketing

     9         15   

General and administrative

     181         218   
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 219       $ 318