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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Calculation of Fair Value Assumptions Using Black Scholes Option Model

The estimated fair values of employee stock options granted during the nine months ended September 30, 2015 and 2014, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2015				2014				2015				2014
Expected option life (years)			6.22				5.96				6.22				5.96
Risk-free interest rate			1.94	%			1.78	%			1.79% -2.12%				1.54% -1.78%
Expected volatility			77.0	%			134	%			76.0% -132.0%				131% -134%
Expected dividend yield

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2015:

		Number of Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding — December 31, 2014			732,823			$	2.08				6.73			$	5,508
Granted			1,540,388			$	11.51
Options assumed in Merger			24,400			$	14.07
Exercised			(71,323	)		$	2.12
Forfeited or expired			(2,018	)		$	2.12
Outstanding — September 30, 2015			2,224,270			$	8.75				8.65			$	1,875
Exercisable — September 30, 2015			813,167			$	4.61				6.95			$	1,706
Vested and expected to vest — September 30, 2015

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity for the nine months ended September 30, 2015:

		Number of Units				Weighted- Average Grant Date Fair Value				Total Grant Date Fair Value
Outstanding — December 31, 2014			—			$	—			$	—
Granted			339,426			$	12.43				4,220
Vested			(180,090	)		$	12.65				(2,278	)
Forfeited or expired			—				—				—
Outstanding — September 30, 2015			159,336			$	12.18			$	1,942

Stock-Based Compensation Expense

The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2015:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2015				2014				2015				2014
Research and development		$	164			$	37			$	225			$	141
General and administrative			2,277				13				4,047				54
Total stock based compensation expense		$	2,441			$	50			$	4,272			$	195

Hercules Warrants [Member]

Calculation of Fair Value Assumptions Using Black Scholes Option Model

The fair value of the warrants was determined using the Black-Scholes option pricing model, using the following assumptions:

Exercise price		$	8.35
Fair value of underlying stock		$	11.80
Expected volatility			72.52	%
Contractual term			5 years
Risk-free interest rate			1.68	%
Expected dividend yield			0	%

MTS Warrants [Member]

Calculation of Fair Value Assumptions Using Black Scholes Option Model

The fair value of the warrant was determined using the Black-Scholes option pricing model, using the following assumptions:

Exercise price		$	11.80
Fair value of underlying stock		$	11.80
Expected volatility			72.0	%
Contractual term			5 years
Risk-free interest rate			1.54	%
Expected dividend yield			0	%

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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.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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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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