Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.10.0.1
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 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 and 2018 IP:

 

 

RSUs

 

 

 

Shares

 

 

Weighted

Average

Grant Date Fair Value

 

Unvested as of December 31, 2017

 

 

1,685,000

 

 

$

16.90

 

Granted

 

 

836,487

 

 

$

34.61

 

Forfeited

 

 

(469,613

)

 

$

20.93

 

Vested

 

 

(619,983

)

 

$

17.33

 

Unvested as of September 30, 2018

 

 

1,431,891

 

 

$

31.86

 

Vested and unreleased

 

 

2,617

 

 

 

 

 

Outstanding as of September 30, 2018

 

 

1,434,508

 

 

 

 

 

 

Summary of Stock Option Activity

The following is a summary of stock option activity under our 2014 EIP and 2018 IP. The table below also includes 275,000 stock options which were issued in 2017 outside of these plans:

 

 

Shares

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining

Contractual Term

(Years)

 

 

Aggregate Intrinsic

Value

(in thousands)

 

Outstanding as of December 31, 2017

 

 

5,229,648

 

 

$

21.06

 

 

 

 

 

 

 

 

 

Granted

 

 

2,633,950

 

 

 

38.55

 

 

 

 

 

 

 

 

 

Exercised

 

 

(781,191

)

 

 

22.53

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

(750,208

)

 

 

30.00

 

 

 

 

 

 

 

 

 

Outstanding as of September 30, 2018

 

 

6,332,199

 

 

$

27.10

 

 

 

5.4

 

 

$

92,326

 

Vested and expected to vest as of

   September 30, 2018

 

 

6,332,199

 

 

$

27.10

 

 

 

5.4

 

 

$

92,326

 

Exercisable as of September 30, 2018

 

 

2,258,774

 

 

$

21.26

 

 

 

4.0

 

 

$

45,458

 

 

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, 2018

 

 

Nine months ended

September 30, 2017

 

Assumptions:

 

 

 

 

 

 

 

Expected term (years)

 

4.6

 

 

 

4.5

 

Expected volatility

 

73.4

%

 

 

69.1

%

Risk-free interest rate

 

2.7

%

 

 

1.8

%

Expected dividend yield

 

0.0

%

 

 

0.0

%

Fair Value:

 

 

 

 

 

 

 

Weighted-average estimated

   grant date fair value per share

$

22.86

 

 

$

8.88

 

Options granted

 

2,633,950

 

 

 

1,155,900

 

Total estimated grant date fair value

$

60,212,000

 

 

$

10,264,000

 

 

Schedule of Common Stock Reserved for Future Issuance

The following shares of common stock were reserved for future issuance as of September 30, 2018:

 

Total Shares

Reserved

 

2014 Equity Incentive Plan

 

10,540,933

 

2018 Inducement Plan

 

1,250,000

 

2014 Employee Stock Purchase Plan

 

943,338

 

Options granted outside the equity plans

 

258,666

 

Total reserved shares of common stock

 

12,992,937

 

 

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,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

(in thousands)

 

 

(in thousands)

 

Research and development

$

4,682

 

 

$

2,136

 

 

$

10,997

 

 

$

6,260

 

General and administrative

 

4,570

 

 

 

3,864

 

 

 

13,267

 

 

 

10,743

 

Total stock-based compensation expense

$

9,252

 

 

$

6,000

 

 

$

24,264

 

 

$

17,003