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Stockholders Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Stock-Based Compensation Expense |
|  | 2018 |  | 2017 |  | 2016
Research and development expense |  | $ | 1,709,390 |  | $ | 1,280,909 |  | $ | 1,033,005
General and administrative expense |  |  | 2,877,708 |  |  | 2,479,893 |  |  | 1,931,762
Total stock-based compensation expense |  | $ | 4,587,098 |  | $ | 3,760,802 |  | $ | 2,964,767
2003 Stock Incentive Plan |
Company's Stock Option Activity |
|  |  |  |  |  | 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 |  | (46,131) |  |  | 1.29 |  |  |  |  |  |
Options forfeited |  | — |  |  | — |  |  |  |  |  |
Outstanding, Vested and Exercisable as of December 31, 2018 |  | 667,080 |  |  | 1.24 |  | 1.2 |  | $ | 5,488 |
2013 Equity Incentive Plan |
Company's Stock Option Activity |
|  |  |  |  |  |  | WEIGHTED- |  |  |  |
|  |  |  | WEIGHTED- |  | AVERAGE |  | AGGREGATE |
|  |  |  | AVERAGE |  | REMAINING |  | INTRINSIC |
|  | OUTSTANDING |  | EXERCISE |  | CONTRACTUAL |  | VALUE (IN |
|  | OPTIONS |  | PRICE |  | TERM(YEARS) |  | THOUSANDS) |
Outstanding as of December 31, 2017 |  | 2,664,163 |  | $ | 7.34 |  | 7.4 |  |  |  |
Options granted |  | 845,479 |  |  | 19.22 |  |  |  |  |  |
Options exercised |  | (144,182) |  |  | 6.68 |  |  |  |  |  |
Options forfeited |  | (100,206) |  |  | 13.89 |  |  |  |  |  |
Outstanding as of December 31, 2018 |  | 3,265,254 |  |  | 8.39 |  | 7.1 |  | $ | 7,489 |
Vested or expected to vest as of December 31, 2018 |  | 3,265,254 |  |  | 8.39 |  | 7.1 |  | $ | 7,489 |
Exercisable as of December 31, 2018 |  | 2,020,307 |  |  | 7.66 |  | 6.1 |  | $ | 4,539 |
Weighted-Average Fair Value of Options Granted |
|  | 2018 |  | 2017 |  | 2016
Expected term |  | 6.25 years |  | 6.25 years |  | 6.25 years
Expected volatility |  | 73.75% |  | 75.20% |  | 68.98%
Risk-free interest rate |  | 2.55% |  | 2.08% |  | 1.70%
Expected dividend yield |  | 0% |  | 0% |  | 0%
Summary of RSU Activity | The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 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 December 31, 2018 |  |  | 4,833 |  |  | 4.61 |

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