Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.19.2
Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense Stock-based compensation expense, which consists of the compensation cost for employee stock options granted under the 2009 Stock Plan, as amended (the “2009 Stock Plan”), the Company’s 2014 Equity Incentive Plan, as amended (the “2014 Equity Incentive Plan”), the Company’s 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”) and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative expenses in the unaudited condensed consolidated statements of operations. Stock-based compensation for the three and six months ended June 30, 2019 and 2018 was (in thousands):

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Research and development

$

583

 

 

$

316

 

 

$

1,035

 

 

$

496

 

General and administrative

 

859

 

 

 

606

 

 

 

1,768

 

 

 

1,069

 

Total stock-based compensation

$

1,442

 

 

$

922

 

 

$

2,803

 

 

$

1,565

 
Weighted-Average Fair Value Valuation Assumptions The fair value of employee stock options was estimated using the following weighted-average assumptions for the three and six months ended June 30, 2019 and 2018:

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Employee Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

2.31

%

 

 

2.81

%

 

 

2.55

%

 

 

2.79

%

Expected term (in years)

 

6.08

 

 

 

6.03

 

 

 

6.08

 

 

 

6.03

 

Dividend yield

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

108.89

%

 

 

107.00

%

 

 

108.87

%

 

 

107.00

%

Weighted-average fair value of stock options granted

$

6.65

 

 

$

5.20

 

 

 

4.28

 

 

$

5.83

 

 
Stock Option Activity Under Equity Incentive Plan

The following table summarizes stock option activity under the Company’s equity incentive plans:

 

Options

 

Number of

Shares

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value (in millions)

 

Outstanding at December 31, 2018

 

 

4,002,999

 

 

$

10.43

 

 

 

6.4

 

 

$

1.5

 

Granted

 

 

1,541,300

 

 

$

5.13

 

 

 

—

 

 

$

—

 

Exercised

 

 

(146,151

)

 

$

5.81

 

 

 

—

 

 

$

—

 

Forfeitures

 

 

(292,335

)

 

$

7.66

 

 

 

—

 

 

$

—

 

Outstanding at June 30, 2019

 

 

5,105,813

 

 

$

9.13

 

 

 

7.3

 

 

$

12.0

 

Exercisable at June 30, 2019

 

 

2,020,058

 

 

$

13.43

 

 

 

4.9

 

 

$

5.0