Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.8.0.1
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2017
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 Equity inventive Plan and under the 2014 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 consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 as follows (in thousands):

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Amortization of stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

312

 

 

$

—

 

 

$

312

 

 

$

—

 

General and administrative

 

1,066

 

 

 

27

 

 

 

1,118

 

 

 

85

 

 

$

1,378

 

 

$

27

 

 

$

1,430

 

 

$

85

 

 
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 nine months ended September 30, 2017 and 2016:

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Employee Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

1.85

%

 

 

—

 

 

 

1.85

%

 

 

1.85

%

Expected term (in years)

 

6.09

 

 

 

—

 

 

 

6.05

 

 

 

5.00

 

Dividend yield

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

113

%

 

 

—

 

 

 

111

%

 

 

76

%

Weighted-average fair value of stock options granted

 

5.57

 

 

$

—

 

 

 

5.40

 

 

$

1.14

 

 
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 thousands)

 

Outstanding at December 31, 2016

 

 

941,682

 

 

$

0.92

 

 

 

—

 

 

 

—

 

Options assumed in merger (1)

 

 

963,681

 

 

$

33.62

 

 

 

—

 

 

 

—

 

Granted

 

 

306,627

 

 

$

6.40

 

 

 

—

 

 

 

—

 

Exercised

 

 

(3,335

)

 

$

4.23

 

 

 

—

 

 

 

—

 

Forfeitures

 

 

(3,094

)

 

$

1.84

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2017

 

 

2,205,561

 

 

$

15.96

 

 

 

4.11

 

 

$

6,140

 

Vested and expected to vest September 30, 2017

 

 

2,194,308

 

 

$

16.01

 

 

 

4.08

 

 

$

6,131

 

Exercisable at September 30, 2017

 

 

1,870,232

 

 

$

17.75

 

 

 

3.10

 

 

$

5,773

 

 

(1)

In connection with the Merger with Private Molecular on August 1, 2017, the Company assumed stock options covering an aggregate of 963,681 shares of common stock.