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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense

The following stock-based compensation expense was recognized for the periods indicated (in thousands):

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2019						2018						2019						2018
Research and development			$	2,765					$	2,440					$	7,032					$	6,347
General and administrative			2,633						2,133						7,049						5,821
Total stock-based compensation expense			$	5,398					$	4,573					$	14,081					$	12,168

Valuation Assumptions Using the Black-Scholes Option-Pricing Model

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 for options issued during the period indicated:

			Nine Months Ended September 30,
			2019						2018
Expected dividend yield			0%						0%
Expected volatility			73.7% - 76.6%						67.8% - 72.2%
Risk-free interest rate			1.4% - 2.6%						2.4% - 3.1%
Expected term			6.25 years						6.25 years

Stock Option and Restricted Stock Unit Activity

The following table summarizes stock option activity during the nine months ended September 30, 2019:

			Shares						Weighted- Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2018			5,273,964						$	22.23					6.8
Granted			2,384,770						16.87
Exercised			(210,261)						3.11
Forfeited or expired			(199,944)						23.44
Outstanding, September 30, 2019			7,248,529						20.98						7.3						$	11,733
As of September 30, 2019:
Exercisable			4,074,460						22.13						5.9						5,849
Vested and expected to vest			6,936,223						20.98						7.2						11,367

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Name Accounting Standards Codification
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-SubTopic 10
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