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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | 8. STOCK-BASED COMPENSATION Stock option activity under the Company’s 2012 Equity Incentive Plan (the “2012 Plan”) and 2013 Equity Incentive Plan (the “2013 Plan”) for the three months ended March 31, 2019 is summarized as follows:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2018 |  |  | 3,339,471 |  |  | $ | 1.03 |  |  |  | 8.1 |  |  | $ | — |
Cancelled |  |  | (1,536,304 | ) |  |  | 0.57 |  |  |  | — |  |  |  | — |
Outstanding at March 31, 2019 |  |  | 1,803,167 |  |  | $ | 1.03 |  |  |  | 7.2 |  |  | $ | — |
Vested and expected to vest at March 31, 2019 |  |  | 1,766,323 |  |  | $ | 1.41 |  |  |  | 7.2 |  |  | $ | — |
Exercisable at March 31, 2019 |  |  | 1,723,797 |  |  | $ | 1.37 |  |  |  | 7.1 |  |  | $ | — |
As of March 31, 2019, the weighted average grant date fair value of vested options and options outstanding was $1.82. Stock-Based Compensation Expense The Company did not grant any stock options to employees during the three ended March 31, 2019 but did grant stock options to employees during the three months ended March 31, 2018. The Company estimates the fair value of stock options as of the date of grant using the Black-Scholes option pricing model and restricted stock based on the stock price, with the exception of those stock options that included a market condition. The Company estimates the fair value of stock options that include a market condition using a Monte-Carlo model. Stock options and restricted stock issued to non-board member, non-employees are accounted for using the fair value approach and are subject to periodic revaluation over their vesting terms. Stock-based compensation expense amounted to $0.1 million and $0.4 million for the three months ended March 31, 2019 and 2018, respectively. The allocation of stock-based compensation for all options granted and restricted stock awards is as follows:
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Research and development |  | $ | (38 | ) |  | $ | 96 |
General and administrative |  |  | 145 |  |  |  | 307 |
Total stock-based compensation expense |  | $ | 107 |  |  | $ | 403 |
The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants and non-employee stock options grants for the three months ended March 31, 2018 were as follows:
|  | Three Months Ended March 31, 2018 |
|  | Employees |  |  | Non-employees |
Risk-free interest rate |  |  | 2.70 | % |  |  | 1.97 | %
Expected volatility |  |  | 88.2 | % |  |  | 74.0 | %
Expected term (in years) |  |  | 6.08 |  |  |  | 6.08 |
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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