XML 53 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Deficit (Tables)
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Schedule of Total Stock-Based Compensation Expense Related to Stock Options and Restricted Stock
Total stock-based compensation expense related to stock options and restricted stock was $5.6 million and $3.8 million for the year ended December 31, 2017 and 2016, respectively, and classified in the consolidated statements of operations as follows:
 
Year Ended
December 31,
 
(Dollars in thousands)
2017
 
2016
 
Cost of goods sold
$
203

 
$
68

 
Research and development expenses
1,425

 
526

 
General and administrative expenses
3,955

 
3,198

 
Total share-based compensation
$
5,583

 
$
3,792

 
Schedule of Stock Option Activity
2016 Employee Equity Compensation Plan stock option activity for the year ended December 31, 2017 was as follows:


Shares
 
Weighted-
average
exercise
price
 
Weighted-
average
contractual
life
 
Aggregate
intrinsic
value
(dollars in
thousands)
 
Options outstanding at December 31, 2015
—

 
$
—

 
—

 
—

 
Granted
260,725

 
40.16

 
10.00 years

 
37

 
Forfeited / Cancelled
(7,875
)
 
40.00

 
—

 
—

 
Options outstanding at December 31, 2016
252,850

 
40.16

 
9.41 years

 
37

 
Granted
1,452,550

 
7.11

 
10.0 years

 
$
91

 
Forfeited / Cancelled
(43,650
)
 
—

 
—

 
—

 
Options outstanding at December 31, 2017
1,661,750

 
11.96

 
9.12 years

 
75

 
Options vested and exercisable as of December 31, 2017
493,423

 
15.64

 
9.01 years

 
2

 
Options vested and expected to vest as of
December 31, 2017
1,661,750

 
$
11.96

 
9.12 years

 
$
75

 
Summary of Key Assumptions to Apply to Model
The fair value of the options at the date of issuance was estimated based on the Black Scholes option pricing model. Key assumptions used to apply this model upon issuance were as follows:
 
Weighted Average on
Grant Date
 
 
2017
 
2016
 
Dividend yield
—

 
—

 
Expected volatility
69.01
%
 
67.04
%
 
Risk-free rate of return
2.05
%
 
1.44
%
 
Expected term (years)
5.82

 
6.12

 
Fair Value per share
$
4.39

 
$
24.56

 
Schedule of Time-Based Restricted Stock Awards
Restricted stock award activity for the year ended December 31, 2017 is as follows:
 
Time-Based Restricted
Stock Awards
 
Non-vested awards outstanding at December 31, 2015
—

 
Awards granted
56,693

 
Awards vested and issued
(6,093
)
 
Awards forfeited
(1,963
)
 
Non-vested awards outstanding at December 31, 2016
48,637

 
Awards granted
30,000

 
Awards vested and issued
(47,658
)
 
Awards forfeited
(979
)
 
Non-vested awards outstanding at December 31, 2017
30,000