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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2019
Stockholders' Equity |
Disclosure of stockholders' equity and share-based compensation | 7. Stockholders’ Equity At-The-Market Sales Facility On September 28, 2017, the Company entered into an at-the-market sales agreement (the “September 2017 Sales Agreement”) with Cowen and Company, LLC to sell up to $100.0 million of the Company’s common stock registered under a shelf registration statement filed with the U.S. Securities and Exchange Commission in September 2017. As of June 30, 2019, $80.0 million remained available to be sold under the terms of the September 2017 Sales Agreement. There were no shares sold under the September 2017 Sales Agreement during the six months ended June 30, 2019 or 2018. 2003 Stock Incentive Plan The 2003 Stock Incentive Plan (the 2003 Plan) provided for the grant of incentives and nonqualified stock options and restricted stock awards. The exercise price for incentive stock options must be at least equal to the fair value of the common stock on the grant date. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty-eighth of the option shares per month as of the first day of each month after the first anniversary. Upon termination of employment by reasons other than death, cause, or disability, any vested options shall terminate 60 days after the termination date. Stock options terminate 10 years from the date of grant. The 2003 Plan expired on May 21, 2013. A summary of the Company’s stock option activity under the 2003 Plan for the six months ended June 30, 2019 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, 2018 |  | 667,080 |  | $ | 1.24 |  | 2.2 |  |  |  |
Options exercised |  | (11,000) |  |  | 1.12 |  |  |  |  |  |
Options forfeited |  | — |  |  | — |  |  |  |  |  |
Outstanding, Vested and Exercisable as of June 30, 2019 |  | 656,080 |  |  | 1.25 |  | 1.7 |  | $ | 7,004 |
As of June 30, 2019, outstanding options under the 2003 Plan were fully expensed and all shares underlying outstanding options were fully vested. Total intrinsic value of the options exercised during the six months ended June 30, 2019 and 2018 was $129,250 and $512,313, respectively, and total cash received for options exercised was $12,320 and $37,600 during the six months ended June 30, 2019 and 2018, respectively. 2013 Equity Incentive Plan The Company’s board of directors adopted, and its stockholders approved, its 2013 Equity Incentive Plan (the 2013 Plan) effective on January 9, 2014. The 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to its employees, including officers, consultants and directors. The 2013 Plan also provides for the grant of performance cash awards to the Company’s employees, consultants and directors. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will typically vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty-eighth of the option shares per month as of the first day of each month after the first anniversary. Upon termination of employment by reasons other than death, cause, or disability, any vested options will terminate 90 days after the termination date, unless otherwise set forth in a stock option agreement. Stock options generally terminate 10 years from the date of grant. Authorized Shares The maximum number of shares of common stock that initially could be issued under the 2013 Plan was 1,000,000 shares, plus any shares subject to stock options or similar awards granted under the 2003 Plan that expire or terminate without having been exercised in full or are forfeited or repurchased by the Company. The number of shares of common stock reserved for issuance under the 2013 Plan automatically increases on January 1 of each year until January 1, 2023, by 3% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. The maximum number of shares that may be issued pursuant to exercise of incentive stock options under the 2013 Plan is 20,000,000 shares. As of January 1, 2019, the number of shares of common stock that may be issued under the 2013 Plan was automatically increased by 1,294,822 shares, representing 3% of the total number of shares of common stock outstanding on December 31, 2018, increasing the number of shares of common stock available for issuance under the 2013 Plan to 5,162,816 shares. Shares issued under the 2013 Plan may be authorized but unissued or reacquired shares of common stock. Shares subject to stock awards granted under the 2013 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, will not reduce the number of shares available for issuance under the 2013 Plan. Additionally, shares issued pursuant to stock awards under the 2013 Plan that the Company repurchases or that are forfeited, as well as shares reacquired by the Company as consideration for the exercise or purchase price of a stock award or to satisfy tax withholding obligations related to a stock award, will become available for future grant under the 2013 Plan. A summary of the Company’s stock option activity under the 2013 Plan for the six months ended June 30, 2019 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, 2018 |  | 3,265,254 |  | $ | 8.39 |  | 7.1 |  |  |  |
Options granted |  | 1,172,596 |  |  | 11.00 |  |  |  |  |  |
Options exercised |  | (16,606) |  |  | 5.66 |  |  |  |  |  |
Options forfeited |  | (4,175) |  |  | 16.24 |  |  |  |  |  |
Outstanding as of June 30, 2019 |  | 4,417,069 |  |  | 10.45 |  | 7.4 |  | $ | 12,795 |
Vested or expected to vest as of June 30, 2019 |  | 4,417,069 |  |  | 10.45 |  | 7.4 |  | $ | 12,795 |
Exercisable as of June 30, 2019 |  | 2,450,440 |  |  | 9.00 |  | 6.1 |  | $ | 9,830 |
The weighted-average fair value of the options granted during the six months ended June 30, 2019 and 2018 was $7.20 per share and $13.52 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions:
|  | Six Months Ended June 30,
|  | 2019 |  | 2018
Expected term |  | 6.25 years |  | 6.25 years
Expected volatility |  | 71.14% |  | 73.82%
Risk-free interest rate |  | 2.55% |  | 2.49%
Expected dividend yield |  | 0% |  | 0%
As of June 30, 2019, there was $14,641,879 of total unrecognized compensation expense related to unvested options under the 2013 Plan that will be recognized over a weighted-average period of approximately 2.8 years. Total intrinsic value of the options exercised during the six months ended June 30, 2019 and 2018 was $97,429 and $721,337, respectively, and total cash received for options exercised was $94,001 and $353,850 during the six months ended June 30, 2019 and 2018, respectively. The total fair value of shares underlying options which vested in the six months ended June 30, 2019 and 2018 was $4,395,888 and $2,204,404, respectively. A restricted stock unit (RSU) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. The Company has granted RSUs with service conditions (service RSUs) that vest in three equal annual installments provided that the employee remains employed with the Company at each installment date. As of June 30, 2019, outstanding RSUs under the 2013 Plan were fully expensed and all shares were fully vested. The following is a summary of RSU activity under the 2013 Plan for the six months ended June 30, 2019:
|  |  |  |  | Weighted-Average |
|  |  | Number of Shares |  | Grant Date |
|  | Underlying RSUs |  |  | Fair Value |
Unvested at December 31, 2018 |  |  | 4,833 |  | $ | 4.61 |
Granted |  |  | — |  |  | — |
Forfeited |  |  | — |  |  | — |
Vested |  |  | 4,833 |  |  | 4.61 |
Unvested at June 30, 2019 |  |  | — |  |  | — |
Stock-based compensation expense was classified on the statements of operations as follows for the three and six months ended June 30, 2019 and 2018:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Research and development expense |  | $ | 578,843 |  | $ | 427,355 |  | $ | 1,086,665 |  | $ | 852,564 |
General and administrative expense |  |  | 940,552 |  |  | 723,034 |  |  | 1,815,174 |  |  | 1,413,655 |
Total stock-based compensation expense |  | $ | 1,519,395 |  | $ | 1,150,389 |  | $ | 2,901,839 |  | $ | 2,266,219 |

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- Definition This note contains 1) the entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income and 2) the entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References No definition available. + Details
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- References No definition available. + Details
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