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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30,																		Nine Months Ended September 30,
			2020						2019												2020						2019
Research and development			$	3,059					$	2,765											$	8,082					$	7,032
General and administrative			2,773						2,633												7,337						7,049
Total stock-based compensation expense			$	5,832					$	5,398											$	15,419					$	14,081

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,
			2020						2019
Expected dividend yield			0%						0%
Expected volatility			67.3% - 109%						73.7% - 76.6%
Risk-free interest rate			0.4% - 1.8%						1.4% - 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 nine months ended September 30, 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			1,816,277						14.97
Exercised			(448,732)						9.93
Forfeited or expired			(735,322)						20.78
Outstanding, September 30, 2020			7,339,217						21.42						7.0						$	39,014
As of September 30, 2020:
Exercisable			4,407,713						23.03						5.9						18,806
Vested and expected to vest			7,027,237						21.50						7.0						36,973

Schedule of RSU Activity

The following table summarizes RSU activity during the nine months ended September 30, 2020:

			Shares						Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2019			452,500						$	15.32
Granted			15,000						23.68
Vested			(210,950)						15.32
Forfeited			(40,950)						15.32
Outstanding, September 30, 2020			215,600						15.90

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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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