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Share-Based Awards (Tables) | 3 Months Ended
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Mar. 31, 2018
Share-Based Awards [Abstract] |
Weighted-Average Assumptions for Stock Options | The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to employees and directors were as follows:
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Risk-free interest rate |  |  | 2.57 | % |  |  | 2.03 | %
Expected term (in years) |  |  | 5.76 |  |  |  | 5.86 |
Expected volatility |  |  | 88.60 | % |  |  | 94.30 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Exercise price |  | $ | 17.52 |  |  | $ | 1.21 |
Fair value of common stock |  | $ | 17.52 |  |  | $ | 1.21 |
The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to non-employees were as follows:
|  | Three Months Ended March 31, 2018 |
Risk-free interest rate |  |  | 2.74 | %
Expected term (in years) |  |  | 10.0 |
Expected volatility |  |  | 83.79 | %
Expected dividend yield |  |  | 0.00 | %
Exercise price |  | $ | 18.75 |
Fair value of common stock |  | $ | 18.75 |
Summary of Stock Option Activity | A summary of activity under the Company’s equity plans is as follows:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31,2017 * |  |  | 6,959,347 |  |  | $ | 1.06 |  |  |  | 8.17 |  |  | $ | 27,175 |
Assumed as part of merger with Inotek |  |  | 523,520 |  |  |  | 2.31 |  |  |  | 7.53 |  |  |  |  |
Granted |  |  | 1,190,378 |  |  |  | 17.53 |  |  |  | 9.95 |  |  |  |  |
Forfeited |  |  | (38,156 | ) |  |  | 1.37 |  |  |  |  |  |  |  |  |
Outstanding as of March 31,2018 (unaudited) |  |  | 8,635,089 |  |  | $ | 3.58 |  |  |  | 8.18 |  |  | $ | 130,982 |
Options vested and exercisable as of March 31, 2018 (unaudited) |  |  | 6,357,746 |  |  | $ | 1.16 |  |  |  | 7.10 |  |  | $ | 111,852 |
* Effected by Exchange Ratio
Summary of RSU Activity | The following table summarizes the RSU activity for the three months ended March 31, 2018 under the 2014 Stock Option and Incentive Plan:
|  | Number of Shares |
Outstanding as of December 31, 2017 |  |  | - |
Assumed as part of merger with Inotek |  |  | 271,719 |
Settled |  |  | (1,875 | )
Outstanding as of March 31, 2018 |  |  | 269,844 |
Stock-Based Compensation Expense | Share-based compensation expense is reflected in the consolidated statements of operations as follows:
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Research and development |  | $ | 2,207 |  |  | $ | 61 |
General and administrative |  |  | 3,175 |  |  |  | 38 |
Total share based compensation expense |  | $ | 5,382 |  |  | $ | 99 |

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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