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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2017

Stock-Based Compensation Expense

Stock-based compensation expense was classified on the statement of operations as follows for the three and nine months ended September 30, 2017 and 2016:

		Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Research and development expense		$	327,133		$	260,882		$	953,821		$	772,163
General and administrative expense			635,212			478,531			1,842,480			1,466,484
Total stock-based compensation expense		$	962,345		$	739,413		$	2,796,301		$	2,238,647

2003 Stock Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2003 Plan for the nine months ended September 30, 2017 is as follows:

							Weighted-Average
							Remaining		Aggregate
		Outstanding		Weighted-Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In thousands)
Outstanding as of December 31, 2016		729,819		$	1.26		3.2
Options exercised		(16,608)			1.65
Options forfeited		—			—
Outstanding as of September 30, 2017		713,211			1.25		2.4		$	9,089
Vested as of September 30, 2017		713,211			1.25		2.4		$	9,089
Exercisable as of September 30, 2017		713,211			1.25		2.4		$	9,089

2013 Equity Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2013 Plan for the nine months ended September 30, 2017 is as follows:

							Weighted-Average
							Remaining		Aggregate
		Outstanding		Weighted-Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In thousands)
Outstanding as of December 31, 2016		2,066,105		$	7.41		7.9
Options granted		674,738			7.03
Options exercised		(32,521)			5.96
Options forfeited		(22,159)			7.35
Outstanding as of September 30, 2017		2,686,163			7.33		7.6		$	17,884
Vested or expected to vest as of September 30, 2017		2,686,163			7.33		7.6		$	17,884
Exercisable as of September 30, 2017		1,453,937			7.84		6.7		$	9,003

Weighted-Average Fair Value of Options Granted

		Nine Months Ended		Nine Months Ended
		September 30, 2017		September 30, 2016
Expected term		6.25 years		6.25 years
Expected volatility		75.20%		68.86%
Risk-free interest rate		2.08%		1.69%
Expected dividend yield		0%		0%

Summary of RSU Activity

The following is a summary of RSU activity under the 2013 Plan for the nine months ended September 30, 2017:

					Weighted-Average
			Number		Grant Date
		of Shares				Fair Value
Unvested at December 31, 2016			16,916		$	5.04
Granted			—			—
Forfeited			—			—
Vested			4,833			4.61
Unvested at September 30, 2017			12,083			5.21

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