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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Option Activity Under Company's Equity Incentive Plans

The following table summarizes stock option activity under the Company’s equity incentive plans and related information:

 

 

 

Number of Shares

Underlying

Outstanding Options

 

 

Weighted-

Average Exercise

Price

 

 

Weighted-Average

Remaining

Contractual Term

(Years)

 

 

Aggregate

Intrinsic

Value

(thousands)

 

Outstanding — December 31, 2015

 

 

146,634

 

 

$

147.45

 

 

 

5.51

 

 

$

16

 

Options granted

 

 

14,706

 

 

$

23.70

 

 

 

 

 

 

 

—

 

Fractional shares written off in connection with the merger(1)

 

 

(4

)

 

$

—

 

 

 

 

 

 

 

 

 

Options canceled

 

 

(13,773

)

 

 

259.05

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(6,573

)

 

$

64.95

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2016

 

 

140,990

 

 

$

128.25

 

 

 

3.93

 

 

 

—

 

Options granted

 

 

742,000

 

 

$

4.56

 

 

 

 

 

 

 

 

 

Options canceled

 

 

(141

)

 

 

41.91

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(61,108

)

 

$

165.63

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2017

 

 

821,741

 

 

$

13.69

 

 

 

9.17

 

 

$

6,376

 

Exercisable — December 31, 2017

 

 

161,240

 

 

$

45.34

 

 

 

 

 

 

 

 

 

Vested and expected to vest — December 31, 2017

 

 

821,741

 

 

$

13.69

 

 

 

 

 

 

 

 

 

Shares Available to be granted — December 31, 2017

 

 

354,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In connection with the merger, the Company assumed stock options covering an aggregate of 94,721 shares of common stock. The Company also assumed 190 shares of Restricted Stock Awards which vested in two equal annual installments beginning on December 31, 2015 and fully vesting on December 31, 2016 and excludes 4 aggregate fractional shares written off as a result of the conversion ratio applied to options assumed in the merger. Total stock-based compensation related to these restricted stock awards was $0.02 million for year ended December 31, 2016.
Summary of Stock-Based Compensation Recognized

 

Total stock-based compensation recognized was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

Research and development

 

$

699

 

 

$

185

 

General and administrative

 

 

164

 

 

 

450

 

Total stock-based compensation

 

$

863

 

 

$

635

 

 
Employee Stock Option  
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

Employee Stock Options:

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.03

 

 

 

6.14

 

Risk-free interest rate

 

 

2.03

%

 

 

1.53

%

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

110.29

%

 

 

76.59

%

 
Non Employee Stock Option  
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value

The estimated grant-date fair values of the nonemployee stock options were determined using the Black-Scholes valuation model and the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

Non-Employee Stock Options:

 

 

 

 

 

 

 

 

Contractual Life (in years)

 

 

9

 

 

 

10

 

Risk-free interest rate

 

 

2.35

%

 

 

2.39

%

Dividend yield

 

 

—

 

 

 

—

 

Volatility

 

 

111.55

%

 

 

101.12

%