Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.19.3
Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense

The following table summarizes the total stock-based compensation expense included in the Company’s Statement of Operations for the periods presented (in thousands):  

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Research and development

$

655

 

 

$

331

 

 

$

1,690

 

 

$

827

 

General and administrative

 

872

 

 

 

866

 

 

 

2,640

 

 

 

1,935

 

Total stock-based compensation

$

1,527

 

 

$

1,197

 

 

$

4,330

 

 

$

2,762

 
Weighted-Average Fair Value Valuation Assumptions The fair value of employee stock options was estimated using the following weighted-average assumptions:

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Employee Stock Options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

1.87

%

 

 

3.01

%

 

 

2.47

%

 

 

2.79

%

Expected term (in years)

 

6.08

 

 

 

6.07

 

 

 

6.08

 

 

 

6.03

 

Dividend yield

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

107.21

%

 

 

109.00

%

 

 

108.67

%

 

 

107.00

%

Weighted-average fair value of stock options granted

$

4.96

 

 

$

4.50

 

 

 

4.36

 

 

$

5.82

 

 
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

 

 

1,756,650

 

 

$

5.24

 

 

 

—

 

 

$

—

 

Exercised

 

 

(218,498

)

 

$

5.95

 

 

 

—

 

 

$

—

 

Forfeitures

 

 

(941,908

)

 

$

23.00

 

 

 

—

 

 

$

—

 

Outstanding at September 30, 2019

 

 

4,599,243

 

 

$

6.09

 

 

 

8.3

 

 

$

5.8

 

Exercisable at September 30, 2019

 

 

1,587,602

 

 

$

5.79

 

 

 

7.0

 

 

$

3.0