Equity Incentive Plans and Stock Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
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| Summary of Stock Option Activity Under Equity Incentive Plan |
The following table summarizes information about stock option activity assuming Threshold equity award plans were assumed by Private Molecular for years ended December 31, 2017 and 2016:
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Outstanding
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Weighted
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Weighted
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Aggregate
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Options
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Average
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Average Remaining
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Intrinsic Value
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Number of
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Exercise
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Contractual
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as of 12/31/2017
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Shares
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Price
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Term
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(in millions)
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Balances, December 31, 2015
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922,628
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$
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0.89
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6.6
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$
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0.90
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Options granted
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31,845
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1.85
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Options exercised
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(1,513
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)
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1.64
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Options canceled
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(11,276
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)
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1.10
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Balances, December 31, 2016
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941,684
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$
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0.92
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5.7
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$
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0.90
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Options assumed in merger (1)
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963,681
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33.62
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Options granted
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1,116,627
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8.30
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Options exercised
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(17,473
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)
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3.66
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Options canceled
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(235,808
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)
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35.48
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Balances, December 31, 2017
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2,768,711
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$
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12.07
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5.6
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$
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11.00
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Vested and expected to vest December 31, 2017
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2,768,711
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$
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12.07
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5.6
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$
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11.00
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Exercisable at December 31, 2017
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1,634,268
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$
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14.76
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2.8
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$
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8.90
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(1)
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Private Molecular, as an accounting acquirer assumed stock options covering an aggregate of 963,681 shares of common stock.
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| Stock Options Outstanding and Exercisable by Exercise Price |
At December 31, 2017, stock options outstanding and exercisable by exercise price were as follows:
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Options Outstanding
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Options Exercisable
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Range of
Exercise
Prices
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Number
Outstanding
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Weighted
Average
Remaining
Contractual
Life (Years)
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Weighted
Average
Exercise
Price
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Number
Exercisable
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Weighted
Average
Exercise
Price
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$
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0.42–0.71
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480,949
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2.14
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$
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0.55
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480,949
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$
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0.55
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$
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1.27–1.27
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400,412
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5.60
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$
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1.27
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393,560
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$
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1.27
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$
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1.85–6.05
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328,929
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4.76
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$
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5.26
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212,849
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$
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5.60
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$
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7.14–9.40
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1,022,197
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9.69
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$
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8.64
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10,686
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$
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7.99
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$
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14.30–42.57
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277,168
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1.53
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$
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24.49
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277,168
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$
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24.49
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$
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45.65–85.25
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259,056
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1.50
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$
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59.00
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259,056
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$
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59.00
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$
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0.42–85.25
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2,768,711
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5.62
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$
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12.07
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1,634,268
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$
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14.76
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| Stock-Based Compensation Expense |
Stock-based compensation expense, which consists of the compensation cost for employee stock options and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands):
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Years Ended December 31,
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2017
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2016
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Stock-based compensation expense:
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Research and development
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$
|
340
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$
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0
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General and administrative
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1,452
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109
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$
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1,792
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$
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109
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| Weighted-Average Fair Value Valuation Assumptions |
The fair value of employee stock options was estimated using the following weighted-average assumptions for the years ended December 31, 2017 and 2016:
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Years Ended December 31,
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2017
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2016
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Employee Stock Options
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Risk-free interest rate
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2.06
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%
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1.25
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%
|
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Expected life (in years)
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6.07
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5.00
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Dividend yield
|
|
|
—
|
|
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—
|
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Volatility
|
|
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110
|
%
|
|
|
76
|
%
|
|
Weighted-average fair value of stock options granted
|
|
$
|
6.94
|
|
|
$
|
1.31
|
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