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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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