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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2015
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 5. Stock-Based Compensation The Company's 2000 Stock Option and Incentive Plan (2000 Plan) allowed for the grant of awards in respect of an aggregate of 150,297 shares of the Company's common stock in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units and other performance awards. The 2000 Plan has expired, and no further awards may be issued under the plan. Any shares of common stock subject to awards under the 2000 Plan that expire, terminate, or are otherwise surrendered, canceled, forfeited or repurchased without having been fully exercised, or resulting in any common stock being issued, will become available for issuance under the 2013 Stock Incentive Plan (2013 Plan) up to a specified number of shares. Effective February 2003, the Company implemented the 2003 Equity Incentive Plan (2003 Plan), and it was amended and approved by the Company's stockholders in 2005. The 2003 Plan allowed for the grant of awards in respect of an aggregate of 4,336,731 shares of the Company's common stock. Stock options granted under the 2003 Plan may be either incentive stock options as defined by the Internal Revenue Code (IRC), or non-qualified stock options. In October 2013, the 2003 Plan was terminated, and no further awards may be issued under the plan. Any shares of common stock subject to awards under the 2003 Plan that expire, terminate, or are otherwise surrendered, canceled, forfeited or repurchased without having been fully exercised, or resulting in any common stock being issued, will become available for issuance under the 2013 Plan, up to a specified number of shares. In October 2013, the Company implemented the 2013 Plan. The 2013 Plan provides for the grant of stock options and other stock-based awards, as well as cash-based performance awards. The aggregate number of shares of common stock initially available for issuance pursuant to awards under the 2013 Plan was 1,960,168 shares. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each year from January 1, 2014 through and including January 1, 2023, by the lesser of (a) 1,960,168 shares, (b) 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or (c) the number of shares of common stock determined by the Board of Directors. If an option expires or terminates for any reason without having been fully exercised, if any shares of restricted stock are forfeited, or if any award terminates, expires or is settled without all or a portion of the shares of common stock covered by the award being issued, such shares are available for the grant of additional awards. However, any shares that are withheld (or delivered) to pay withholding taxes or to pay the exercise price of an option are not available for the grant of additional awards. The following stock-based compensation amounts were recognized for the periods indicated (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2015 |  | 2014 |  | 2015 |  | 2014 |
Research and development |  | $ | 916 |  |  | $ | 380 |  |  | $ | 2,607 |  |  | $ | 1,062 |
General and administrative |  |  | 1,182 |  |  |  | 476 |  |  |  | 3,024 |  |  |  | 1,187 |
Total stock-based compensation expense |  | $ | 2,098 |  |  | $ | 856 |  |  | $ | 5,631 |  |  | $ | 2,249 |
Employee Stock Options The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table:
| Nine Months Ended September 30,
| 2015 |  | 2014
Expected dividend yield | 0% |  | 0%
Expected volatility | 74 % - 75 % |  | 67 %
Risk-free interest rate | 1.6% - 2.1% |  | 2.0% - 2.3%
Expected term | 6.25 years |  | 6.25 years
The following table summarizes stock option activity under the Plan during the nine months ended September 30, 2015:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands) |
Outstanding, December 31, 2014 |  |  | 3,572,116 |  |  | $ | 11.40 |  |  |  | 7.3 |  |  |
Granted |  |  | 199,438 |  |  |  | 32.98 |  |  |  |  |  |  |
Exercised |  |  | (276,700 | ) |  |  | 2.40 |  |  |  |  |  |  |
Forfeited or expired |  |  | (31,874 | ) |  |  | 22.25 |  |  |  |  |  |  |
Outstanding, September 30, 2015 |  |  | 3,462,980 |  |  |  | 13.26 |  |  |  | 6.9 |  |  | $ | 37,397 |
As of September 30, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercisable |  |  | 1,898,382 |  |  |  | 6.58 |  |  |  | 5.6 |  |  |  | 29,810 |
Vested and expected to vest |  |  | 3,261,836 |  |  |  | 12.89 |  |  |  | 6.9 |  |  |  | 36,179 |
The weighted-average grant-date fair value of options granted for the nine months ended September 30, 2015 was $21.95. The total intrinsic value of options exercised during the nine months ended September 30, 2015 was approximately $8.6 million, and the total cash received for options exercised was approximately $0.6 million. The total fair value of shares vested in the nine months ended September 30, 2015 was approximately $4.9 million. As of September 30, 2015, the total unrecognized compensation expense related to non-vested stock options, net of related forfeiture estimates, was approximately $17.8 million, which the Company expects to recognize over a weighted-average period of approximately three years.

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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