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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2015
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] |
Summary of Option Activity | The following is a summary of option activity under the 2015 Plan, 2005 Plan and the 1995 Stock Option Plan (“1995 Plan”) for the year ended December 31, 2015:
|  | 2015 Plan |  | 2005 Plan |  | 1995 Plan |
|  | Stock Options |  | Weighted-Average Exercise Price |  | Stock Options |  | Weighted-Average Exercise Price |  | Stock Options |  | Weighted-Average Exercise Price |
Outstanding at January 1, 2015 |  |  | — |  | $ | — |  |  | 16,928,098 |  | $ | 3.24 |  |  | 35,000 |  | $ | 2.21 |
Granted |  |  | 8,502,941 |  | $ | 8.97 |  |  | 22,500 |  | $ | 6.70 |  |  | — |  | $ | — |
Exercised |  |  | — |  | $ | — |  |  | (1,286,556) |  | $ | 2.36 |  |  | (35,000) |  | $ | 2.21 |
Canceled |  |  | (145,938) |  | $ | 9.03 |  |  | (213,500) |  | $ | 3.79 |  |  | — |  | $ | — |
Outstanding at December 31, 2015 |  |  | 8,357,003 |  | $ | 8.97 |  |  | 15,450,542 |  | $ | 3.31 |  |  | — |  | $ | — |
Vested and expected to vest at December 31, 2015 |  |  | 6,812,836 |  | $ | 8.97 |  |  | 14,948,571 |  | $ | 3.25 |  |  | — |  | $ | — |
Shares exercisable at December 31, 2015 |  |  | 280,000 |  | $ | 8.97 |  |  | 8,423,167 |  | $ | 2.56 |  |  | — |  | $ | — |
Shares available for grant at December 31, 2015 |  |  | 16,642,997 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assumptions used to Estimate Grant Date Fair Value of Stock Options granted using Black-Scholes Option-Pricing Model | The fair value of stock options granted under the 2015 Plan and 2005 Plan was estimated at the date of grant or the date upon which the 2015 Plan was approved by the Company’s stockholders for stock options granted prior to that time using the Black-Scholes option-pricing model with the following assumptions:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Weighted average fair value of options granted |  |  | $4.38 |  |  |  | $2.39 |  |  |  | $1.07 |
Risk-free interest rate |  |  | 1.19%-2.13% |  |  |  | 1.24%-2.22% |  |  |  | 0.54%-1.36% |
Dividend yield |  |  | 0% |  |  |  | 0% |  |  |  | 0% |
Volatility |  |  | 53.58%-68.39% |  |  |  | 52.47%-67.93% |  |  |  | 51.55%-73.72% |
Expected term (in years) |  |  | 3.98-7.34 |  |  |  | 4.04-6.96 |  |  |  | 3.91-7.05 |
Expected forfeiture rate |  |  | 0%-16.33% |  |  |  | 0%-23.15% |  |  |  | 0%-23.15% |
Summary of Restricted Stock Awards Activity | The following is a summary of restricted stock awards activity for the year ended December 31, 2015:
|  | Number of Shares |  | Per Share Weighted-Average Grant-Date Fair Value |
Outstanding and Unvested at January 1, 2015 |  |  | 15,000 |  | $ | 4.48 |
Restricted stock granted |  |  | 25,000 |  | $ | 8.72 |
Restricted stock vested |  |  | (15,000) |  | $ | 4.48 |
Restricted stock forfeited |  |  | — |  | $ | — |
Outstanding and Unvested at December 31, 2015 |  |  | 25,000 |  | $ | 8.72 |
Stock-Based Compensation Expense | The Company recorded stock-based compensation expense for awards issued under the above mentioned plans in the statements of operations as follows (in thousands):
|  | Years ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Research and development |  | $ | 6,771 |  | $ | 2,843 |  | $ | 1,262 |
General and administrative |  |  | 6,660 |  |  | 3,247 |  |  | 1,218 |
Total stock-based compensation expense |  | $ | 13,431 |  | $ | 6,090 |  | $ | 2,480 |
Employee Stock Purchase Plan [Member] |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] |
Assumptions used to Estimate Grant Date Fair Value of Stock Options granted using Black-Scholes Option-Pricing Model | The ESPP is considered compensatory for financial reporting purposes. As such, the fair value of ESPP shares was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
|  |  | 2015 |  |  |  | 2014 |  |  |  | 2013 |
Range of Black-Scholes fair values of ESPP shares granted |  |  | $1.06-$3.38 |  |  |  | $0.78-$2.08 |  |  |  | $0.78 |
Risk-free interest rate |  |  | 0.05%-0.35% |  |  |  | 0.04%-0.24% |  |  |  | 0.04% |
Dividend yield |  |  | 0% |  |  |  | 0% |  |  |  | 0% |
Volatility |  |  | 40.79%-64.24% |  |  |  | 50.80%-67.57% |  |  |  | 50.80% |
Expected term (in years) |  |  | 0.5-2.0 |  |  |  | 0.5-1.5 |  |  |  | 0.5 |
Expected forfeiture rate |  |  | 5% |  |  |  | 5% |  |  |  | 5% |

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