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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