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Share-Based Awards (Tables)
 3 Months Ended
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