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Stockholders Equity (Tables)

6 Months Ended

Jun. 30, 2019

Stock-Based Compensation Expense

		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

2003 Stock Incentive Plan

Company's Stock Option Activity

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

2013 Equity Incentive Plan

Company's Stock Option Activity

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

Weighted-Average Fair Value of Options Granted

		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%

Summary of RSU Activity

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			—			—

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