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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation |
5. | Stock-Based Compensation
Stock-based compensation expense was allocated to research and development and general and administrative expense as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Research and development |  | $ | 5,074 |  |  | $ | 4,105 |  |  | $ | 14,629 |  |  | $ | 12,761 |
General and administrative |  |  | 3,438 |  |  |  | 2,739 |  |  |  | 9,627 |  |  |  | 7,471 |
Total stock-based compensation expense |  | $ | 8,512 |  |  | $ | 6,844 |  |  | $ | 24,256 |  |  | $ | 20,232 |
The assumptions used to estimate the fair value of stock options granted and purchases under the Company’s 2014 Employee Share Purchase Plan (“ESPP”) using the Black-Scholes option valuation model were as follows:
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
|  | 2016 |  |  |  | 2015 |  |  |  | 2016 |  |  |  | 2015 |  |
Stock Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  |  | 5.3 |  |  |  |  | 5.2 |  |  |  |  | 5.3 |  |  |  |  | 5.2 |  |
Expected volatility |  |  | 73 |  | % |  |  | 70 |  | % |  |  | 70 |  | % |  |  | 70 |  | %
Risk-free interest rate |  |  | 1.2 |  |  |  |  | 1.7 |  |  |  |  | 1.4 |  |  |  |  | 1.7 |  |
Expected dividend yield |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 10.73 |  |  |  | $ | 13.47 |  |  |  | $ | 11.46 |  |  |  | $ | 16.21 |  |
ESPPs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected term (in years) |  | 0.5 - 2.0 |  |  |  | 0.4 - 2.0 |  |  |  | 0.5 - 2.0 |  |  |  | 0.4 - 2.0 |  |
Expected volatility |  | 63.7 - 80.7 |  | % |  | 58.5 - 69.0 |  | % |  | 61.9 - 80.7 |  | % |  | 58.5 - 69.0 |  | %
Risk-free interest rate |  | 0.4 - 0.9 |  | % |  | 0.1 - 0.6 |  | % |  | 0.2 - 0.9 |  | % |  | 0.1 - 0.6 |  | %
Expected dividend yield |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
Weighted average estimated fair value |  | $ | 9.04 |  |  |  | $ | 12.97 |  |  |  | $ | 10.27 |  |  |  | $ | 13.10 |  |

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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=65895303&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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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