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Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2018

Stock-Based Compensation Expense

		Three Months Ended March 31,
		2018			2017
Research and development expense		$	425,209		$	311,783
General and administrative expense			690,621			531,064
Total stock-based compensation expense		$	1,115,830		$	842,847

2003 Stock Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2003 Plan for the three months ended March 31, 2018 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, 2017		713,211		$	1.25		2.2
Options exercised		(23,725)			1.12
Options forfeited		—			—
Outstanding, Vested and Exercisable as of March 31, 2018		689,486			1.25		1.9		$	10,328

2013 Equity Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2018 is as follows:

							Weighted-Average
ccc							Remaining		Aggregate
		Outstanding		Weighted-Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In thousands)
Outstanding as of December 31, 2017		2,664,163		$	7.34		7.4
Options granted		633,979			20.43
Options exercised		(39,670)			6.86
Options forfeited		—			—
Outstanding as of March 31, 2018		3,258,472			8.04		7.6		$	27,590
Vested or expected to vest as of March 31, 2018		3,258,472			8.04		7.6		$	27,590
Exercisable as of March 31, 2018		1,758,498			7.65		6.6		$	15,054

Weighted-Average Fair Value of Options Granted

		Three Months Ended		Three Months Ended
		March 31, 2018		March 31, 2017
Expected term		6.25 years		6.25 years
Expected volatility		73.89%		74.95%
Risk-free interest rate		2.42%		2.11%
Expected dividend yield		0%		0%

Summary of RSU Activity

The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2018:

					Weighted-Average
			Number		Grant Date
		of Shares				Fair Value
Unvested at December 31, 2017			9,667		$	4.61
Granted			—			—
Forfeited			—			—
Vested			4,834			4.61
Unvested at March 31, 2018			4,833			4.61

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