Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.8.0.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of RSU Activity

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, 2017

 

 

1,685,000

 

 

$

16.90

 

Granted

 

 

642,487

 

 

$

35.80

 

Forfeited

 

 

(99,257

)

 

$

17.10

 

Vested

 

 

(328,725

)

 

$

15.10

 

Unvested as of March 31, 2018

 

 

1,899,505

 

 

$

23.59

 

Vested and unreleased

 

 

9,970

 

 

 

 

 

Outstanding as of March 31, 2018

 

 

1,909,475

 

 

 

 

 

 

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, 2017

 

 

4,954,648

 

 

$

21.46

 

 

 

 

 

 

 

 

 

Granted

 

 

719,950

 

 

 

34.37

 

 

 

 

 

 

 

 

 

Exercised

 

 

(309,497

)

 

 

20.02

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

(173,276

)

 

 

32.72

 

 

 

 

 

 

 

 

 

Outstanding as of March 31, 2018

 

 

5,191,825

 

 

$

22.96

 

 

 

5.2

 

 

$

85,253

 

Vested and expected to vest as of

   March 31, 2018

 

 

5,191,825

 

 

$

22.96

 

 

 

5.2

 

 

$

85,253

 

Exercisable as of March 31, 2018

 

 

1,956,920

 

 

$

24.63

 

 

 

3.9

 

 

$

30,000

 

 

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

 

 

Three months ended

March 31, 2018

 

 

 

Three months ended

March 31, 2017

 

Assumptions:

 

 

 

 

 

 

 

 

Expected term (years)

 

4.5

 

 

 

 

4.4

 

Expected volatility

 

74.0

%

 

 

 

69.2

%

Risk-free interest rate

 

2.5

%

 

 

 

1.9

%

Expected dividend yield

 

0.0

%

 

 

 

0.0

%

Fair Value:

 

 

 

 

 

 

 

 

Weighted-average estimated

   grant date fair value per share

$

20.39

 

 

 

$

8.21

 

Options granted

 

719,950

 

 

 

 

155,100

 

Total estimated grant date fair value

$

14,680,000

 

 

 

$

1,273,000

 

 

Schedule of Common Stock Reserved for Future Issuance

The following shares of common stock were reserved for future issuance as of March 31, 2018:

 

Total Shares

Reserved

 

2014 Equity Incentive Plan

 

11,191,315

 

2018 Inducement Plan

 

1,250,000

 

2014 Employee Stock Purchase Plan

 

1,020,438

 

Options granted outside the equity plans

 

275,000

 

Total reserved shares of common stock

 

13,736,753

 

 

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 March 31,

 

 

2018

 

 

2017

 

 

(in thousands)

 

Research and development

$

2,932

 

 

$

2,141

 

General and administrative

 

4,082

 

 

 

3,206

 

Total stock-based compensation expense

$

7,014

 

 

$

5,347