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Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Expense
The following stock-based compensation amounts were recognized for the periods indicated (in thousands):
Year Ended December 31,
201820172016
Research and development$7,919 $7,388 $5,778 
General and administrative 8,601 7,356 6,387 
Total stock-based compensation expense$16,520 $14,744 $12,165 
Schedule of Employee Stock Options Award Valuation Assumptions
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:
Year Ended December 31,
201820172016
Expected dividend yield0%  0%  0%  
Expected volatility68% - 72%67% - 68% 64% - 69% 
Risk-free interest rate2.4% - 3.1%1.9% - 2.3%1.2% - 2.4%
Expected term6.25 years6.25 years6.25 years
Schedule of Stock Option and Restricted Stock Unit Activity
The following table summarizes stock option activity for 2018:
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
(Years)
Aggregate Intrinsic Value
(in thousands)
Outstanding, December 31, 20174,504,642 $19.79 7.0
Granted1,269,844 27.18  
Options exercised(285,432)4.22  
Forfeited or expired(215,090)24.43  
Outstanding, December 31, 20185,273,964 22.23 6.8$7,969 
December 31, 2018:    
Exercisable3,544,139 20.60 5.97,969 
Vested and expected to vest5,086,009 22.10 6.77,969