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Stock Option Plans | 12 Months Ended
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Dec. 31, 2016
Stock Option Plans |
Stock Option Plans | 10. Stock Option Plans In February 2014, the Company adopted the 2014 Equity Incentive Plan (the "2014 Plan"), which was subsequently amended in November 2014, July 2015 and September 2015, under which it granted incentive stock options ("ISOs") or non-qualified stock options ("NSOs"). Terms of stock agreements, including vesting requirements, are determined by the board of directors or a committee authorized by the board of directors, subject to the provisions of the 2014 Plan. In general, awards granted by the Company vest over four years and have maximum exercise term of 10 years. The 2014 Plan provides that grants must be at an exercise price of 100% of fair market value of the Company's common stock as determined by the board of directors on the date of the grant. In connection with the consummation of the IPO in March 2016, the 2016 Equity Incentive Award Plan (the "2016 Plan"), became effective. Under the 2016 Plan, incentive stock options, non-statutory stock options, stock purchase rights and other stock-based awards may be granted. Terms of stock agreements, including vesting requirements, are determined by the board of directors or a committee authorized by the board of directors, subject to the provisions of the 2016 Plan. In general, awards granted by the Company vest over four years and have maximum exercise term of 10 years. The 2016 Plan provides that grants must be at an exercise price of 100% of fair market value of the Company's common stock as determined by the board of directors on the date of the grant. In conjunction with adopting the 2016 Plan, the 2014 Plan was terminated and no further awards will be granted under the 2014 Plan. Options outstanding under the 2014 Plan as of the effective date of the 2016 Plan that are forfeited or lapse unexercised may be re-issued under the 2016 Plan, up to a maximum of 1,136,229 shares. Activity under the Company's stock option plans is set forth below:
|  |  |  | Options Outstanding |
|  | Shares Available for Grant |  | Number of Options |  | Weighted- Average Exercise Price |
Balance at December 31, 2015 |  |  | 2,559,499 |  |  | 784,136 |  | $ | 4.09 |
Additional shares authorized |  |  | 1,496,001 |  |  |  |  |  |  |
Options granted |  |  | (1,813,400 | ) |  | 1,813,400 |  |  | 15.09 |
Options exercised |  |  | — |  |  | (13,454 | ) |  | 0.28 |
Options forfeited |  |  | 233,500 |  |  | (233,500 | ) |  | 11.35 |
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Balance at December 31, 2016 |  |  | 2,475,600 |  |  | 2,350,582 |  | $ | 11.88 |
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The following table summarizes information about stock options outstanding at December 31, 2016 and 2015:
|  | Options Outstanding at December 31, 2016 |  | Options Vested at December 31, 2016 |
Exercise Price |  | Number |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price |  | Number |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price |
$0.28 |  |  | 419,682 |  |  | 8.46 |  | $ | 0.28 |  |  | 159,732 |  |  | 8.44 |  | $ | 0.28 |
$4.65 |  |  | 144,500 |  |  | 8.81 |  | $ | 4.65 |  |  | 42,449 |  |  | 8.81 |  | $ | 4.65 |
$6.75 |  |  | 5,000 |  |  | 8.87 |  | $ | 6.75 |  |  | 1,438 |  |  | 8.87 |  | $ | 6.75 |
$13.34 - 16.37 |  |  | 1,781,400 |  |  | 9.42 |  | $ | 15.21 |  |  | 193,867 |  |  | 9.18 |  | $ | 15.14 |
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|  |  | 2,350,582 |  |  | 9.21 |  | $ | 11.88 |  |  | 397,486 |  |  | 8.84 |  | $ | 8.02 |
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|  | Options Outstanding at December 31, 2015 |  | Options Vested at December 31, 2015 |
Exercise Price |  | Number |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price |  | Number |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price |
$0.28 - $4.65 |  |  | 629,136 |  |  | 9.54 |  | $ | 1.28 |  |  | 9,637 |  |  | 9.06 |  | $ | 0.28 |
$6.75 - $15.79 |  |  | 155,000 |  |  | 10.00 |  | $ | 15.50 |  |  | — |  |  |  |  |  |  |
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|  |  | 784,136 |  |  | 9.63 |  | $ | 4.09 |  |  | 9,637 |  |  | 9.06 |  | $ | 0.28 |
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The weighted average grant date fair value of options granted for the year ended December 31, 2016, 2015 and for the period January 27, 2014 (inception) through December 31, 2014, was $10.78, $4.37 and $0.22, respectively. Options outstanding and exercisable that had vested or were expected to vest at December 31, 2016 were as follows:
|  | Number of shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands) |
Vested |  |  | 397,486 |  | $ | 8.02 |  |  | 8.84 |  | $ | 2,660 |
Expected to vest |  |  | 1,953,096 |  | $ | 12.66 |  |  | 9.27 |  | $ | 4,869 |
In the table above, aggregate intrinsic value represents the difference between the exercise price of the options to purchase common stock and the estimated fair value of the Company's common stock of $14.30. The aggregate intrinsic value of stock options exercised in the year ended December 31, 2016, 2015 and the period January 27, 2014 (inception) through December 31, 2014, was $216,000, $714,000 and $0, respectively. The total fair value of options that vested in the year ended December 31, 2016, 2015 and the period January 27, 2014 (inception) through December 31, 2014, was $3,195,000, $75,000, and $100, respectively.

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