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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of allocation of stock-based compensation expense included in operating expenses on condensed statements of operations related to share-based payment awards

The following table summarizes the stock-based compensation expense included in operating expenses on our condensed statements of operations related to stock options and employee stock purchases for the three months ended March 31, 2020 and 2019, which was allocated as follows:

		Three Months Ended March 31,
(In thousands)		2020				2019
Research and development		$	501			$	240
General and administrative			1,067				1,186
Stock-based compensation expense included in operating expenses		$	1,568			$	1,426

Schedule of assumptions used to estimate the fair value of service-based and performance-based stock options granted

The fair value of service-based and performance-based options granted during the three months ended March 31, 2020 and 2019 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:

		Three Months Ended March 31,
		2020				2019
Dividend yield		0%				0%
Expected volatility range			0.781			0.925 to 0.980
Risk-free interest rate range		1.42% to 1.62%				2.24% to 2.56%
Expected term range		5.25 yrs				5.25 yrs to 6.44 yrs

Schedule of assumptions used to estimate the fair value of employee stock purchases under the purchase plan

The fair value of employees’ purchase rights during the three months ended March 31, 2020 and 2019 has been estimated using the Black Scholes option-pricing model with the following assumptions:

		Three Months Ended March 31,
		2020		2019
Dividend yield		0%		0%
Expected volatility range		0.478 to 0.564		1.333 to 1.653
Risk-free interest rate range		1.56% to 1.57%		2.56% to 2.63%
Expected term range		6 mos to 12 mos		6 mos to 12 mos

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-Section S99
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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