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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2018

Stock-Based Compensation Expense

		Three Months Ended September 30,						Nine Months Ended September 30,
		2018			2017			2018			2017
Research and development expense		$	429,477		$	327,133		$	1,282,040		$	953,821
General and administrative expense			741,646			635,212			2,155,301			1,842,480
Total stock-based compensation expense		$	1,171,123		$	962,345		$	3,437,341		$	2,796,301

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, 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		(43,131)			1.31
Options forfeited		—			—
Outstanding, Vested and Exercisable as of September 30, 2018		670,080			1.24		1.4		$	8,816

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, 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		2,664,163		$	7.34		7.4
Options granted		812,979			19.53
Options exercised		(123,658)			6.79
Options forfeited		(52,035)			13.02
Outstanding as of September 30, 2018		3,301,449			8.44		7.3		$	21,243
Vested or expected to vest as of September 30, 2018		3,301,449			8.44		7.3		$	21,243
Exercisable as of September 30, 2018		1,940,699			7.72		6.3		$	13,014

Weighted-Average Fair Value of Options Granted

		Nine Months Ended		Nine Months Ended
		September 30, 2018		September 30, 2017
Expected term		6.25 years		6.25 years
Expected volatility		73.83%		75.20%
Risk-free interest rate		2.53%		2.08%
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, 2018:

					Weighted-Average
			Number of Shares		Grant Date
		Underlying RSUs				Fair Value
Unvested at December 31, 2017			9,667		$	4.61
Granted			—			—
Forfeited			—			—
Vested			4,834			4.61
Unvested at September 30, 2018			4,833			4.61

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