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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

NOTE 5. STOCK-BASED COMPENSATION

The following table presents stock-based compensation expense recognized for stock options, restricted stock units, or RSUs, and the Company’s employee stock purchase program, or ESPP, in the Company’s statements of operations (in thousands):

 

     Three Months Ended
March 31,		  
     2017      2016  

Research and development

    $ 1,031      $ 626  

General and administrative

      1,078        565  
  

 

 

     

 

 

  

Total

    $ 2,109      $ 1,191  
  

 

 

     

 

 

  

In January 2017, the Company granted performance-based restricted stock unit, or PRSU, awards to certain employees which vest upon the achievement of certain performance conditions, subject to the employees’ continued service relationship with the Company. At March 31, 2017, 161,865 PRSUs were outstanding. Based on the evaluation of the probability of achieving performance conditions at March 31, 2017, the Company has not recorded stock-based compensation expense for the three months ended March 31, 2017 related to the PRSUs. The Company will continue to evaluate the probability of achieving the performance conditions for the PRSUs at each reporting period and will record compensation expense related to the PRSUs accordingly.

At March 31, 2017, the Company had $21.8 million, $1.9 million and $0.2 million of total unrecognized compensation expense, net of estimated forfeitures, related to stock option grants, restricted stock unit grants and ESPP, respectively, that will be recognized over an average vesting period of 3.3 years, 3.3 years and 0.4 years, respectively. At March 31, 2017, there was no unrecognized compensation expense related to PRSUs.