Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

v3.8.0.1
Stock-Based Payments (Tables)
 9 Months Ended
Sep. 30, 2017
Stock-Based Payments  
Summary of status of stock options and changes during the period

A summary of the status of stock options as of December 31, 2016 and September 30, 2017 and changes during the nine months ended September 30, 2017 is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

 

    

Aggregate

 

 

 

 

 

Weighted

 

Remaining

 

Intrinsic

 

 

 

 

 

Average

 

Contractual

 

Value

 

 

 

Shares

 

Exercise Price

 

Life (in years)

 

(in thousands)

 

Outstanding at December 31, 2016

 

2,543,435

 

$

6.44

 

8.3

 

$

14,898

 

Granted

 

1,091,900

 

 

11.86

 

 

 

 

 

 

Exercised

 

(314,088)

 

 

2.91

 

 

 

 

 

 

Cancelled

 

(550,132)

 

 

7.18

 

 

 

 

 

 

Outstanding at September 30, 2017

 

2,771,115

 

$

8.82

 

8.0

 

$

16,544

 

Exercisable at September 30, 2017

 

860,612

 

$

5.44

 

6.2

 

$

8,018

 

Vested and expected to vest at September 30, 2017

 

2,771,115

 

$

8.82

 

8.0

 

$

16,544

 

 

Summary of status of unvested restricted common stock and changes during the period

A summary of the status of unvested restricted common stock as of December 31, 2016 and changes during the nine months ended September 30, 2017 is presented below:

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

 

 

Average Grant

 

 

 

Shares

 

Date Fair Value

 

Unvested at December 31, 2016

 

4,885

 

$

0.98

 

Vested

 

(4,885)

 

 

0.98

 

Repurchased

 

 —

 

 

 —

 

Unvested at September 30, 2017

 

 —

 

$

 —

 

 

Schedule of weighted-average assumptions used in Black-Scholes option-pricing model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

 

2017

    

2016

    

2017

    

2016

 

    

Weighted-average risk-free interest rate

2.04

%  

1.32

%  

2.03

%  

1.35

%

 

Expected dividend yield

 -

%  

 -

%  

 -

%  

 -

%

 

Expected option term

6.08

 

5.94

 

6.01

 

5.98

 

 

Volatility

90.84

%  

85.34

%  

87.22

%  

85.40

%

 

 

Summary of stock-based compensation expense for stock options and restricted common stock

The following table summarizes the stock-based compensation expense for stock options and restricted common stock granted to employees and non-employees recorded in the Company’s statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

    

2017

    

2016

    

2017

    

2016

    

Research and development

    

$

443

    

$

1,238

    

$

1,221

    

$

2,727

 

General and administrative

 

 

665

 

 

456

 

 

1,927

 

 

777

 

Total stock-based compensation expense

 

$

1,108

 

$

1,694

 

$

3,148

 

$

3,504