Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.3
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2019
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 Inducement Plan:

 

 

RSUs

 

 

 

Shares

 

 

Weighted

Average

Grant Date Fair Value

 

Unvested as of December 31, 2018

 

 

1,405,460

 

 

$

26.94

 

Granted

 

 

1,591,888

 

 

$

27.04

 

Forfeited

 

 

(435,266

)

 

$

30.16

 

Vested

 

 

(560,864

)

 

$

23.89

 

Outstanding as of September 30, 2019

 

 

2,001,218

 

 

$

27.17

 

 

Summary of Stock Option Activity

The following is a summary of stock option activity under our 2014 EIP and Inducement Plan. The table below also includes the activity relating to options for 275,000 shares of our common stock 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, 2018

 

 

6,276,999

 

 

$

28.15

 

 

 

 

 

 

 

 

 

Granted

 

 

2,100,225

 

 

 

29.86

 

 

 

 

 

 

 

 

 

Exercised

 

 

(192,716

)

 

 

17.92

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

 

(819,920

)

 

 

31.74

 

 

 

 

 

 

 

 

 

Outstanding as of September 30, 2019

 

 

7,364,588

 

 

$

28.51

 

 

 

5.5

 

 

$

968

 

Vested and expected to vest as of September 30, 2019

 

 

7,364,588

 

 

$

28.51

 

 

 

5.5

 

 

$

968

 

Exercisable as of September 30, 2019

 

 

3,284,621

 

 

$

25.52

 

 

 

3.5

 

 

$

820

 

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 used as inputs to the Black-Scholes model, and resulting weighted-average grant date fair values of stock options granted to employees during the periods indicated:

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

Assumptions:

 

 

 

 

 

 

 

Expected term (years)

 

5.9

 

 

 

4.6

 

Expected volatility

 

76.6

%

 

 

73.4

%

Risk-free interest rate

 

2.2

%

 

 

2.7

%

Expected dividend yield

 

0.0

%

 

 

0.0

%

Fair Value:

 

 

 

 

 

 

 

Weighted-average estimated grant date fair value per share

$

20.03

 

 

$

22.86

 

Options granted

 

2,100,225

 

 

 

2,633,950

 

Total estimated grant date fair value

$

42,068,000

 

 

$

60,212,000

 

Schedule of Common Stock Reserved for Future Issuance Under Equity Incentive Plans

The following shares of common stock were reserved for future issuance under our equity incentive plans as of September 30, 2019:

 

 

Total Shares

Reserved

 

2014 Equity Incentive Plan

 

12,101,764

 

2018 Inducement Plan

 

1,213,760

 

2014 Employee Stock Purchase Plan

 

1,067,575

 

Options granted outside the equity plans

 

109,666

 

Total reserved shares of common stock

 

14,492,765

 

 

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,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

(in thousands)

 

 

(in thousands)

 

Research and development

$

7,003

 

 

$

4,682

 

 

$

19,740

 

 

$

10,997

 

General and administrative

 

5,149

 

 

 

4,570

 

 

 

19,882

 

 

 

13,267

 

Total stock-based compensation expense

$

12,152

 

 

$

9,252

 

 

$

39,622

 

 

$

24,264