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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2016
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 and 2005 Plan for the nine months ended September 30, 2016:
|  | 2015 Plan |  | 2005 Plan |
|  | Stock Options |  | Weighted-Average Exercise Price |  | Stock Options |  | Weighted-Average Exercise Price |
Outstanding at January 1, 2016 |  |  | 8,357,003 |  | $ | 8.97 |  |  | 15,450,542 |  | $ | 3.31 |
Granted |  |  | 10,384,437 |  | $ | 5.10 |  |  | — |  | $ | — |
Exercised |  |  | — |  | $ | — |  |  | (694,163) |  | $ | 2.15 |
Canceled |  |  | (598,687) |  | $ | 7.29 |  |  | (247,375) |  | $ | 4.75 |
Outstanding at September 30, 2016 |  |  | 18,142,753 |  | $ | 6.81 |  |  | 14,509,004 |  | $ | 3.34 |
Shares exercisable at September 30, 2016 |  |  | 2,297,355 |  | $ | 8.56 |  |  | 10,559,379 |  | $ | 2.83 |
Shares available for grant at September 30, 2016 |  |  | 12,812,247 |  |  |  |  |  |  |  |  |  |
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 using the Black-Scholes option-pricing model with the following assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Weighted-average Black- Scholes fair value of stock options granted |  |  | $3.34 |  |  | $4.70 |  |  | $2.50 |  |  | $4.43 |
Risk-free interest rate |  |  | 0.97%-1.09% |  |  | 1.32%-1.39% |  |  | 0.97%-1.70% |  |  | 1.19%-2.13% |
Dividend yield |  |  | 0% |  |  | 0% |  |  | 0% |  |  | 0% |
Volatility |  |  | 58.58%-59.02% |  |  | 54.93%-57.17% |  |  | 57.86%-68.28% |  |  | 53.58%-68.39% |
Expected term (in years) |  |  | 4.24 |  |  | 4.27-4.60 |  |  | 4.24-7.28 |  |  | 3.98-7.34 |
Expected forfeiture rate |  |  | 10.31% |  |  | 14.18%-16.33% |  |  | 0%-16.33% |  |  | 0%-16.33% |
Summary of Restricted Stock Awards Activity | The following is a summary of restricted stock awards activity for the nine months ended September 30, 2016:
|  | Number of Shares |  | Per Share Weighted-Average Grant-Date Fair Value |
Outstanding and Unvested at January 1, 2016 |  |  | 25,000 |  | $ | 8.72 |
Restricted stock granted |  |  | 45,000 |  | $ | 4.99 |
Restricted stock vested |  |  | — |  | $ | — |
Restricted stock forfeited |  |  | (25,000) |  | $ | 8.72 |
Outstanding and Unvested at September 30, 2016 |  |  | 45,000 |  | $ | 4.99 |
Stock-Based Compensation Expense | The Company recorded all stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Research and development |  | $ | 2,917 |  | $ | 2,240 |  | $ | 9,108 |  | $ | 4,361 |
General and administrative |  |  | 2,239 |  |  | 2,525 |  |  | 6,272 |  |  | 4,917 |
Total stock-based compensation expense |  | $ | 5,156 |  | $ | 4,765 |  | $ | 15,380 |  | $ | 9,278 |
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:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Range of Black-Scholes fair value of ESPP shares granted |  |  | $1.97-$4.76 |  |  | $1.20-$3.38 |  |  | $1.86-$4.76 |  |  | $1.06-$3.38 |
Risk-free interest rate |  |  | 0.32%-0.61% |  |  | 0.07%-0.35% |  |  | 0.22%-0.61% |  |  | 0.05%-0.35% |
Dividend yield |  |  | 0% |  |  | 0% |  |  | 0% |  |  | 0% |
Volatility |  |  | 43.03%-86.75% |  |  | 40.79%-64.24% |  |  | 43.03%-86.75% |  |  | 40.79%-64.24% |
Expected term (in years) |  |  | 0.5-2.0 |  |  | 0.5-2.0 |  |  | 0.5-2.0 |  |  | 0.5-2.0 |
Expected forfeiture rate |  |  | 5% |  |  | 5% |  |  | 5% |  |  | 5% |

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