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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stock-Based Compensation Expense

		Three Months Ended September 30,						Nine Months Ended September 30,
		2019			2018			2019			2018
Research and development expense		$	610,506		$	429,477		$	1,697,171		$	1,282,040
General and administrative expense			976,641			741,646			2,791,814			2,155,301
Total stock-based compensation expense		$	1,587,147		$	1,171,123		$	4,488,985		$	3,437,341

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, 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		(177,759)			1.12
Options forfeited		—
Outstanding,  Vested and Exercisable as of September 30, 2019		489,321			1.29		1.5		$	1,479

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, 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		1,191,071			10.96
Options exercised		(16,606)			5.66
Options forfeited		(19,308)			13.79
Outstanding as of September 30, 2019		4,420,411			10.43		7.1		$	2
Vested or expected to vest as of September 30, 2019		4,420,411			10.43		7.1		$	2
Exercisable as of September 30, 2019		2,567,818			9.12		5.9		$	—

Weighted-Average Fair Value of Options Granted

		Nine Months Ended September 30,
		2019		2018
Expected term		6.25 years		6.25 years
Expected volatility		71.15%		73.83%
Risk-free interest rate		2.54%		2.53%
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, 2019:

					Weighted-Average
			Number of Shares		Grant Date
		Underlying RSUs				Fair Value
Unvested at December 31, 2018			4,833		$	4.61
Granted			332,106			4.53
Forfeited			—			—
Vested			(4,833)			4.61
Unvested at September 30, 2019			332,106			4.53

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