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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Stock-Based Compensation

Schedule of stock options outstanding

		December 31,
		2017			2016			2015
Exercisable options			2,558,941			1,743,765			1,600,351
Weighted average exercise price per share of exercisable options		$	11.06		$	8.87		$	3.99
Weighted average grant date fair value per share of options granted during the year		$	16.92		$	10.30		$	10.66
Options available for future grants			3,394,651			2,943,216			2,917,182
Weighted average remaining contractual life			6.58			7.82			6.98

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, 2015		3,370,901		$	8.50		6.98
Options granted		1,429,500			15.08
Options forfeited		(54,503)			12.21
Options expired		(1,031)			15.69
Options exercised(3)		(699,066)			1.66
Balances at December 31, 2016		4,045,801			11.95		7.82		$	58,131
Options granted		1,511,100			22.61
Options forfeited		(96,856)
Options expired		(3,000)
Options exercised(3)		(363,603)
Balances at December 31, 2017		5,093,442		$	15.32				$
As of December 31, 2017
Options vested and expected to vest		5,093,442		$	15.32		7.62		$	35,495
Exercisable		2,558,941		$	11.06		6.58		$	28,017

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		622,046		4.82		$	3.17		622,046		$	3.17
$9.26 – $13.89		1,781,232		7.26		$	11.87		1,205,142		$	11.64
$14.10 – $21.15		968,314		7.40		$	15.8		634,199		$	15.68
$21.28 – $26.76		1,721,850		9.13		$	23.0		97,554		$	24.13
		5,093,442		7.62		$	15.32		2,558,941		$	11.06

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

		Year Ended
		December 31,
(In thousands)		2017			2016			2015
General and administrative		$	5,617		$	3,592		$	2,218
Research and development			8,034			4,256			2,650
		$	13,651		$	7,848		$	4,869

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

		Options
		2017			2016			2015
Common stock fair value per share		$	19.61 - 25.67		$	11.50 - 26.76		$	11.82 - 22.35
Expected volatility			77.42% - 96.73%			75.77% - 90.83%			69.17% - 86.46%
Risk-free interest rate			.96% - 2.37%			1.03% - 2.18%			1.44% - 1.84%
Expected dividend yield			—			—			—
Expected term (in years)			5.23 - 6.08			5.23 - 6.08			5.23 - 6.08

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

		ESPP
		2017		2016		2015
Expected term (years)		0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Expected volatility		67.8% - 79.8%		67.8% - 79.8%		67.8% - 82.9%
Risk-free interest rate		.47% - 1.8%		.47% - .93%		.07% - .93%
Expected dividend yield		—		—		—

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