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Stock Incentive Plans (Tables)
3 Months Ended
Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Option, Unvested RSU Activity under 2014 Equity Incentive Plan and 2016 Inducement Plan and Related Information

The following table summarizes option and unvested RSU activity under the Company’s 2014 Equity Incentive Plan and 2016 Inducement Plan and related information:

 

 

 

Shares

Available

for Grant

 

 

Stock

Options

Outstanding

 

 

Weighted-

Average

Exercise

Price

 

 

Number of

RSU Shares

 

 

Weighted-

Average

Grant Date

Fair Value

 

Balance—December 31, 2017

 

 

156,429

 

 

 

1,941,473

 

 

$

4.21

 

 

 

439,926

 

 

$

4.39

 

Additional options authorized

 

 

357,075

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock grants

 

 

(8,846

)

 

 

 

 

 

 

 

 

 

 

 

 

RSUs granted

 

 

(78,934

)

 

 

 

 

 

 

 

 

78,934

 

 

 

6.31

 

RSUs forfeited

 

 

7,500

 

 

 

 

 

 

 

 

 

(7,500

)

 

 

5.20

 

RSUs vested

 

 

 

 

 

 

 

 

 

 

 

(69,556

)

 

 

4.24

 

Options granted

 

 

(159,534

)

 

 

159,534

 

 

 

3.61

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

(141,387

)

 

 

0.57

 

 

 

 

 

 

 

Options forfeited

 

 

17,792

 

 

 

(17,792

)

 

 

4.58

 

 

 

 

 

 

 

Options expired

 

 

1,817

 

 

 

(1,817

)

 

 

3.55

 

 

 

 

 

 

 

Balance—March 31, 2018

 

 

293,299

 

 

 

1,940,011

 

 

$

4.64

 

 

 

441,804

 

 

$

4.79

 

 

Summary of Options Outstanding and Exercisable Vested or Expected to Vest

Options outstanding that have vested and are expected to vest at March 31, 2018 are as follows:

 

 

Number of

Shares Issued

 

 

Weighted Average

Exercise Price

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Aggregate

Intrinsic Value

(In Thousands)

 

Vested

 

 

927,362

 

 

$

4.89

 

 

 

6.85

 

 

$

3,022

 

Expected to vest

 

 

894,857

 

 

 

4.41

 

 

 

8.22

 

 

 

3,188

 

Total

 

 

1,822,219

 

 

 

 

 

 

 

 

 

 

$

6,210

 

 

Weighted-Average Assumptions Used to Estimate Fair Value of Share-Based Awards

The estimated fair values of employee stock options and ESPP shares were estimated using the Black-Scholes option-pricing model based on the following weighted-average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

 

2017

 

Employee stock options

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

79.96

%

 

53.07%-53.36%

 

Risk-free interest rate

 

 

2.51

%

 

2.08%-2.12%

 

Expected dividend yield

 

 

%

 

 

%

Employee stock purchase plan

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

0.5

 

 

 

0.5

 

Expected volatility

 

 

105.32

%

 

 

62.27

%

Risk-free interest rate

 

 

1.61

%

 

 

0.65

%

Expected dividend yield

 

 

%

 

 

%

 

Summary of Expense Relating to Employee and Nonemployee Stock-Based Payment Awards from Stock Options and RSUs

The following table summarizes stock-based compensation expense relating to employee and nonemployee stock options, RSUs and ESPP shares for the three months ended March 31, 2018 and 2017, included in the statements of operations as follows (in thousands): 

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

 

2017

 

Cost of testing

 

$

61

 

 

$

55

 

Research and development

 

 

213

 

 

 

64

 

Sales and marketing

 

 

64

 

 

 

38

 

General and administrative

 

 

368

 

 

 

234

 

Total

 

$

706

 

 

$

391