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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2016
Share-Based Compensation |
Share-Based Compensation | 9. Share‑Based Compensation The Company recognized $95,000 and $64,000 of share‑based compensation related to employees and non‑employees for the three months ended June 30, 2016 and 2015, respectively, and recognized $0.2 million and $87,000 of share‑based compensation related to employees and non‑employees for the six months ended June 30, 2016 and 2015, respectively. Share-based compensation expense was included in general and administrative expense in the accompanying condensed statements of comprehensive loss. Restricted Stock Awards During the three and six months ended June 30, 2016, the Company did not grant any restricted stock awards (RSAs). During the three and six months ended June 30, 2015, the Company granted an aggregate of zero and 44,567 RSAs, respectively, to certain of its employees, members of its board of directors and consultants subject to a 2014 Shareholders Agreement (the Agreement). The RSAs are subject to various vesting schedules and generally vest ratably over a six to 24 month period coinciding with their respective service periods. During the three and six months ended June 30, 2016, 106,369 and 271,874 RSAs vested, respectively and no RSAs were forfeited during these periods. During the three and six months ended June 30, 2015, 174,776 and 349,017 RSAs vested, respectively, and no RSAs were forfeited during these periods. The grant‑date fair value of the RSAs issued during each of the three and six months ended June 30, 2016 was zero, and the grant‑date fair value of the RSAs issued during the three and six months ended June 30, 2015 was zero and $9,000, respectively. Grant date fair market value was based on traditional valuation techniques and methods in determining the fair value of the Company’s equity as a private company including market, income, and cost valuation approaches. A number of objective and subjective factors were considered including contemporaneous and retrospective valuations of its common stock performed by an unrelated valuation specialist, sales of the Company’s convertible preferred stock to unrelated third parties, valuations of comparable peer public companies, the lack of liquidity of the Company’s capital stock and general and industry‑specific economic outlook. The fair value of the Company’s common stock will be determined by the Company’s board of directors until such time as the Company’s common stock is listed on an established stock exchange. Stock Options In April 2015, the Company adopted a 2015 Equity Incentive Plan (the 2015 Plan) under which 320,615 shares of the Company’s common stock were reserved for issuance to employees, directors and consultants. The 2015 Plan permits the grant of incentive and non‑statutory stock options, appreciation rights, restricted stock, restricted stock units, performance stock and cash awards, and other stock‑based awards. No stock options were granted during the three and six months ended June 30, 2016, and 102,130 stock options were granted during the three and six months ended June 30, 2015. During the three and six months ended June 30, 2016, 28,107 and 63,492 stock options vested, respectively, and no stock options were forfeited. During the three and six months ended June 30, 2015, 37,215 stock options vested and no stock options were forfeited. As of June 30, 2016, 15,337 shares were available for future issuance under the 2015 Plan. Unrecognized share‑based compensation cost for the RSAs and stock options issued under the Agreement and the 2015 Plan was $0.3 million (net of estimated forfeitures) as of June 30, 2016. Approximately $34,000 of the unrecognized compensation cost was related to the RSAs and $0.3 million was related to the stock options. The non‑employee portion of the unrecognized compensation cost was estimated utilizing the Company’s fair market value for its common stock as of June 30, 2016. The unrecognized share‑based expense is expected to be recognized over a weighted average period of 0.4 years for the RSAs and 1.2 years for the stock options. Amendment and Restatement of 2015 Equity Incentive Plan In April 2016 the Company’s board of directors approved the Company’s amended and restated 2015 Plan (the A&R 2015 Plan). The Company’s stockholders also approved the A&R 2015 Plan in April, to become effective immediately upon the execution and delivery of the underwriting agreement related to the IPO. The A&R 2015 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity awards, as well as performance cash awards. The Company initially reserved 2,400,000 shares of common stock for issuance under the A&R 2015 Plan. In April 2016, the compensation committee of the board of directors of the Company approved the award of options to purchase an aggregate of 1,818,000 shares of common stock to the Company’s officers, directors and employees, with an exercise price equal to the per share price of the IPO, to be granted in connection with the IPO. As of June 30, 2016, the A&R 2015 Plan was not effective. Adoption of 2016 Employee Stock Purchase Plan In April 2016 the Company’s board of directors approved the 2016 Employee Stock Purchase Plan (the ESPP) in order to enable eligible employees to purchase shares of the Company’s common stock at a discount following the effective date of the IPO. The Company’s stockholders also approved the ESPP in April, which will become effective immediately upon the execution and delivery of the underwriting agreement related to the IPO. The Company initially reserved 150,000 shares of common stock for issuance under the ESPP. As of June 30, 2016, the ESPP was not effective.

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