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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation

Schedule of stock options outstanding

		December 31,
		2014			2013			2012
Exercisable options			1,393,729			1,203,885			1,094,573
Weighted average exercise price per share of exercisable options		$	1.01		$	0.59		$	0.59
Weighted average grant date fair value per share of options granted during the year		$	7.39		$	3.78		$	0.34
Options available for future grants			2,583,186			2,403,368			753,692
Weighted average remaining contractual life			6.43			5.72			7.79

Summary of stock option activity

							Weighted-
				Weighted-			Average
				Average			Remaining
				Exercise			Contractual		Aggregate
		Number of		Price			Term		Intrinsic Value
		Shares		(Per Share)(1)			(in years)		(in thousands)(2)
Balances at December 31, 2012		1,304,848		$	0.59		7.79
Options granted		517,062			4.29
Options canceled		(5,305)			0.59
Options exercised(3)		(22,391)			0.59
Balances at December 31, 2013		1,794,214			1.66		5.72		$	13,429
Options granted		1,049,521			10.99
Options forfeited		(1,000)			10.31
Options exercised(3)		(15,941)			0.59
Balances at December 31, 2014		2,826,794		$	5.12		6.43		$	30,863
As of December 31, 2014:
Options vested and expected to vest		2,531,221		$	4.72		6.12		$	28,642
Exercisable		1,393,729		$	1.01		3.68		$	20,949

Schedule of stock options outstanding and exercisable by exercise price

Stock Options Outstanding									Stock Options Exercisable
				Weighted-
				Average
				Remaining		Weighted-					Weighted-
Range of				Contractual		Average					Average
Exercise		Number of		Term		Exercise Price			Number of		Exercise Price
Prices		Shares		(in years)		Per Share			Shares		Per Share
$0.59 - $4.25		1,763,294		4.71		$	1.63		1,388,779		$	0.99
$4.25 - $8.56		55,000		9.28		$	7.73		4,950		$	5.50
$9.26 – 16.52		1,008,500		9.28		$	11.1		—		$	—
		2,826,794		6.43		$	5.12		1,393,729		$	1.01

Schedule of weighted average assumptions used for estimation of fair value of stock options

		Options
		2014			2013			2012
Common stock fair value per share		$	8.56 - 16.52		$	5.50		$	0.59
Expected volatility			77.4%			86.7%			63.7%
Risk-free interest rate			1.67% - 1.96%			0.9% – 2.1%			2.68%
Expected dividend yield			—			—			—
Expected term (in years)			6.0			6.0			6.0

Schedule of weighted average assumptions used for estimation of fair value of ESPP

		ESPP
		Year Ended
		December 31,
		2014		2013		2012
Expected term (years)		0.5 - 2.0		—		—
Expected volatility		70.6% - 71.8%		—		—
Risk-free interest rate		.06% - .46%		—		—
Expected dividend yield		—		—		—

Schedule of total employee, director and non-employee stock-based compensation expense recognized

		Years Ended
		December 31,
(In thousands)		2014			2013			2012
General and administrative		$	848		$	40		$	19
Research and development			1,013			158			10
		$	1,861		$	198		$	29

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