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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Stock-based Compensation

Schedule of stock-based compensation expense

Total compensation cost recognized for all stock‑based compensation awards in the Company’s condensed consolidated statements of operations was as follows (in thousands):

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2018			2017			2018			2017
Research and development		$	3,506		$	2,431		$	11,412		$	9,130
General and administrative			3,193			2,037			8,839			6,157
Total stock-compensation expense		$	6,699		$	4,468		$	20,251		$	15,287

Schedule of changes in unvested restricted stock

				Weighted
				Average
				Grant Date
				Fair Value
		Shares		Per Share
Unvested Restricted Common Stock as of December 31, 2017		513,225		$	18.70
Issued		—			—
Vested		(225,225)		$	6.75
Forfeited		—			—
Unvested Restricted Common Stock as of September 30, 2018		288,000		$	28.05

Schedule of stock option activity

				Weighted Average			Remaining		Aggregate Intrinsic
		Shares		Exercise Price			Contractual Life (years)		Value (in thousands)
Outstanding at December 31, 2017		4,372,136		$	17.28		8.5		$	60,591
Granted		1,643,185		$	36.29		—			—
Exercised		(634,331)		$	13.73		—			—
Cancelled		(558,504)		$	24.88		—			—
Outstanding at September 30, 2018		4,822,486		$	23.38		8.2		$	48,750
Exercisable at September 30, 2018		1,881,620		$	17.65		7.5		$	28,201

Schedule of assumptions used to value stock options

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2018			2017			2018			2017
Risk free interest rate		2.9	%		1.9	%		2.6	%		2.1	%
Expected dividend yield		—			—			—			—
Expected term (in years)		6.25			6.25			6.25			6.25
Expected volatility		77.3	%		78.0	%		79.8	%		77.9	%

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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