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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following is a summary of RSU activity under our 2014 EIP:

	RSUs
	Shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2016		1,286,262		$	16.61
Granted		782,413		$	15.07
Forfeited		(50,063	)	$	15.41
Vested		(282,613	)	$	12.02
Unvested as of September 30, 2017		1,735,999		$	16.70
Vested and unreleased		17,484
Outstanding as of September 30, 2017		1,753,483

Summary of Stock Option Activity

The following is a summary of stock option activity under our 2014 EIP:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2016		3,733,847		$	24.14
Granted		1,155,900		$	15.99
Exercised		—		$	—
Forfeited or expired		(254,298	)	$	25.40
Outstanding as of September 30, 2017		4,635,449		$	22.04		5.3	$	4,102
Vested and expected to vest as of September 30, 2017		4,635,449		$	22.04		5.3	$	4,102
Exercisable as of September 30, 2017		1,887,909		$	23.77		4.6	$	1,919

Summary of Options Estimated with Weighted Average

The fair value of each option issued was estimated at the date of grant using the Black-Scholes valuation model. The following table summarizes the weighted-average assumptions

	Nine months ended September 30, 2017			Nine months ended September 30, 2016
Assumptions:
Expected term (years)		4.5			4.5
Expected volatility		69.1	%		69.0	%
Risk-free interest rate		1.8	%		1.3	%
Expected dividend yield		0.0	%		0.0	%
Fair Value:
Weighted-average estimated grant date fair value per share	$	8.88		$	11.23
Options granted		1,155,900			795,700
Total estimated grant date fair value	$	10,264,000		$	8,935,000

Schedule of Common Stock Reserved for Future Issuance

The following shares of common stock were reserved for future issuance as of September 30, 2017:

	Total Shares Reserved
2014 Equity Incentive Plan		10,310,669
2014 Employee Stock Purchase Plan		827,629
Options issued outside the 2014 EIP		275,000
Total reserved shares of common stock		11,413,298

Schedule of Stock-based Compensation, Related to Employee and Nonemployee Stock Awards

Total stock-based compensation expense related to all employee and non-employee stock awards was as follows:

	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
	(in thousands)				(in thousands)
Research and development	$	2,136	$	2,551	$	6,260	$	7,231
General and administrative		3,864		2,718		10,743		7,897
Total stock-based compensation expense	$	6,000	$	5,269	$	17,003	$	15,128