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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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

																					Three Months Ended March 31,
																					2020						2019
Research and development																					$	2,434					$	1,814
General and administrative																					2,057						1,985
Total stock-based compensation expense																					$	4,491					$	3,799

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:

			Three Months Ended March 31,
			2020						2019
Expected dividend yield			0%						0%
Expected volatility			67.3% - 69.5%						73.7% - 74.4%
Risk-free interest rate			0.6% - 1.8%						2.3% - 2.6%
Expected term			6.25 years						6.25 years

Stock Option and Restricted Stock Unit Activity

The following table summarizes stock option activity during the three months ended March 31, 2020:

			Shares						Weighted- Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2019			6,706,994						$	22.33					6.9
Granted			1,403,627						11.49
Exercised			(172,387)						0.94
Forfeited or expired			(293,295)						18.97
Outstanding, March 31, 2020			7,644,939						20.95						7.1						$	1,185
As of March 31, 2020:
Exercisable			4,358,640						23.05						5.6						1,184
Vested and expected to vest			7,306,954						21.04						7.0						1,185

Schedule of RSU Activity

The following table summarizes RSU activity during the three months ended March 31, 2020:

			Shares						Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2019			452,500						$	15.32
Granted			—						—
Exercised			—						—
Forfeited or expired			(19,400)						15.32
Outstanding, March 31, 2020			433,100						15.32

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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