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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Stock-Based Compensation |
Schedule of total employee, director and non-employee stock-based compensation expense recognized |
|  | Year Ended |
|  | December 31, |
(In thousands) |  | 2018 |  | 2017 |  | 2016 |
General and administrative |  | $ | 7,699 |  | $ | 5,617 |  | $ | 3,592 |
Research and development |  |  | 12,849 |  |  | 8,034 |  |  | 4,256 |
|  | $ | 20,548 |  | $ | 13,651 |  | $ | 7,848 |
|  | Year Ended |
|  | December 31, |
(In thousands) |  | 2018 |  | 2017 |  | 2016 |
Stock options |  | $ | 19,537 |  | $ | 13,153 |  | $ | 7,470 |
ESPP |  |  | 744 |  |  | 498 |  |  | 378 |
Restricted stock units |  |  | 267 |  |  | — |  |  | — |
|  | $ | 20,548 |  | $ | 13,651 |  | $ | 7,848 |
Schedule of stock options outstanding |
|  | December 31, |
|  | 2018 |  | 2017 |  | 2016 |
Exercisable options |  |  | 3,058,659 |  |  | 2,558,941 |  |  | 1,743,765 |
Weighted average exercise price per share of exercisable options |  | $ | 15.12 |  | $ | 11.06 |  | $ | 8.87 |
Weighted average grant date fair value per share of options granted during the year |  | $ | 18.06 |  | $ | 16.92 |  | $ | 10.30 |
Options available for future grants |  |  | 3,576,574 |  |  | 3,394,691 |  |  | 2,943,216 |
Weighted average remaining contractual life |  |  | 7.51 |  |  | 7.62 |  |  | 7.82 |
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, 2016 |  | 4,045,801 |  |  | 11.95 |  | 7.82 |  | $ | 58,131 |
Options granted |  | 1,511,100 |  |  | 22.61 |  |  |  |  |  |
Options forfeited |  | (96,856) |  |  | 17.08 |  |  |  |  |  |
Options expired |  | (3,000) |  |  | 21.99 |  |  |  |  |  |
Options exercised(3) |  | (363,603) |  |  | 7.69 |  |  |  |  |  |
Balances at December 31, 2017 |  | 5,093,442 |  |  | 15.32 |  | 7.62 |  | $ | 35,495 |
Options granted |  | 1,805,937 |  |  | 27.43 |  |  |  |  |  |
Options forfeited |  | (107,720) |  |  | 21.66 |  |  |  |  |  |
Options exercised(3) |  | (824,731) |  |  | 9.24 |  |  |  |  |  |
Balances at December 31, 2018 |  | 5,966,928 |  | $ | 19.71 |  | 7.51 |  | $ | 99,273 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Options vested and expected to vest |  | 5,966,928 |  | $ | 19.71 |  | 7.51 |  | $ | 99,273 |
Exercisable |  | 3,058,659 |  | $ | 15.12 |  | 6.42 |  | $ | 64,417 |
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 |  | 291,433 |  | 4.49 |  | $ | 3.63 |  | 291,433 |  | $ | 3.63 |
$9.78 – $14.75 |  | 1,560,249 |  | 6.39 |  | $ | 12.10 |  | 1,281,242 |  | $ | 11.97 |
$14.77 – $22.18 |  | 852,138 |  | 6.62 |  | $ | 17.00 |  | 706,562 |  | $ | 16.35 |
$22.20 – $33.78 |  | 2,929,571 |  | 8.42 |  | $ | 23.92 |  | 760,672 |  | $ | 23.08 |
$34.56 – $43.16 |  | 333,537 |  | 9.68 |  | $ | 39.26 |  | 18,750 |  | $ | 38.93 |
|  | 5,966,928 |  | 7.51 |  | $ | 19.71 |  | 3,058,659 |  | $ | 15.12 |
Schedule of weighted average assumptions used for estimation of fair value of stock options |
|  | Options |
|  | 2018 |  | 2017 |  | 2016 |
Common stock fair value per share |  | $ | 21.80 - 43.16 |  | $ | 19.61 - 25.67 |  | $ | 11.50 - 26.76 |
Expected volatility |  |  | 70.97% - 73.10% |  |  | 77.42% - 96.73% |  |  | 75.77% - 90.83% |
Risk-free interest rate |  |  | 2.29% - 3.10% |  |  | 0.96% - 2.37% |  |  | 1.03% - 2.18% |
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 |
|  | 2018 |  | 2017 |  | 2016 |
Expected term (years) |  | 0.5 - 2.0 |  | 0.5 - 2.0 |  | 0.5 - 2.0 |
Expected volatility |  | 57.0% - 71.4% |  | 67.8% - 79.8% |  | 67.8% - 79.8% |
Risk-free interest rate |  | 1.47% - 2.70% |  | 0.47% - 1.80% |  | 0.47% - 0.93% |
Expected dividend yield |  | — |  | — |  | — |
Summary of restricted stock unity activity |
|  |  |  | Weighted-
|  |  |  | Average
|  |  |  | Grant Date
|  | Number of |  | Fair Value
|  | Shares |  | (Per Unit)
Unvested at December 31, 2017 |  | — |  |  | —
Granted |  | 33,933 |  | $ | 27.64
Vested |  | — |  |  | —
Forfeited |  | — |  |  | —
Unvested at December 31, 2018 |  | 33,933 |  | $ | 27.64

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