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Stock Based Compensation (Tables)
6 Months Ended
Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
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)

 

Outstanding — December 31, 2017

 

 

821,741

 

 

$

13.69

 

 

 

9.17

 

Options granted

 

 

282,200

 

 

$

16.83

 

 

 

 

 

Options exercised

 

 

(7,707

)

 

$

4.63

 

 

 

 

 

Options expired

 

 

(1,146

)

 

$

115.18

 

 

 

 

 

Options canceled/forfeited

 

 

(23,189

)

 

$

4.46

 

 

 

 

 

Outstanding — June 30, 2018

 

 

1,071,899

 

 

$

14.67

 

 

 

8.85

 

Exercisable — June 30, 2018

 

 

286,552

 

 

$

28.91

 

 

 

7.84

 

 

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

The fair value of employee stock options was estimated using the following weighted-average assumptions for the six months ended June 30, 2018 and 2017:

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

Employee Stock Options:

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

2.48

%

 

 

1.45

%

Expected term (in years)

 

 

5.93

 

 

 

6.04

 

Dividend yield

 

 

 

 

 

 

Volatility

 

 

104.37

%

 

 

75.12

%

Weighted-average fair value of stock options granted

 

$

13.38

 

 

$

25.27

 

 

Summary of Stock-Based Compensation Recognized

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Research and development

 

$

137

 

 

$

15

 

 

$

252

 

 

$

35

 

General and administrative(1)

 

 

414

 

 

 

96

 

 

 

904

 

 

 

196

 

Total stock-based compensation

 

$

551

 

 

$

111

 

 

$

1,156

 

 

$

231

 

 

 

(1)

2018 includes $0.1 million in modification stock-based compensation expense related to a Board member’s departure.