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Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Share Option Activity

Share Options

Share option activity under the 2014 Plan for the nine months ended September 30, 2017 is summarized as follows:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

 

Options outstanding as of January 1, 2017

 

 

3,577,766

 

 

$

10.58

 

Granted

 

 

414,000

 

 

 

25.55

 

Exercised

 

 

(76,319

)

 

 

4.24

 

Canceled or forfeited

 

 

(109,652

)

 

 

16.79

 

Outstanding as of September 30, 2017

 

 

3,805,795

 

 

 

12.26

 

Options exercisable as of September 30, 2017

 

 

2,042,259

 

 

 

6.62

 

Options unvested as of September 30, 2017

 

 

1,763,536

 

 

 

18.79

 

 

Summary of Restricted Share Units ("RSU") Activity

Restricted Share Units

 

Restricted share unit (“RSU”) activity for the nine months ended September 30, 2017 is summarized as follows:

 

 

 

RSUs

 

 

Average Grant

Date Fair Value

(in dollars

per share)

 

RSUs Outstanding as of January 1, 2017

 

 

22,750

 

 

$

21.69

 

Granted

 

 

170,859

 

 

 

29.05

 

Vested

 

 

(22,750

)

 

 

21.69

 

Canceled or forfeited

 

 

(8,579

)

 

 

29.05

 

RSUs Outstanding at September 30, 2017

 

 

162,280

 

 

 

29.05

 

 

Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations

Share-based compensation expense for the three and nine months ended September 30, 2017 and 2016 was classified in the consolidated statements of operations as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

(in thousands)

 

Research and development expenses

 

$

1,759

 

 

$

1,695

 

 

$

5,527

 

 

$

3,207

 

General and administrative expenses

 

 

1,241

 

 

 

486

 

 

 

3,439

 

 

 

1,112

 

Total share-based compensation

 

$

3,000

 

 

$

2,181

 

 

$

8,966

 

 

$

4,319