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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity Under the 2012 and 2013 Plans

Stock option activity under the Company’s 2012 Equity Incentive Plan (the “2012 Plan”) and 2013 Equity Incentive Plan (the “2013 Plan”) for the three months ended March 31, 2015 is summarized as follows:

 

     Number
of Options
     Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term
(in years)
     Aggregate
Intrinsic
Value
(in thousands)
 

Outstanding at December 31, 2014

     537,683       $ 6.19         

Granted

     389,050            

Cancelled

     (92,734         
  

 

 

    

 

 

       

Outstanding at March 31, 2015

  833,999    $ 7.71      9.2    $ 1,814   
  

 

 

    

 

 

    

 

 

    

 

 

 

Vested and expected to vest at March 31, 2015

  769,853    $ 7.55      9.1    $ 1,879   
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable at March 31, 2015

  180,198    $ 2.43      7.9    $ 1,362   
  

 

 

    

 

 

    

 

 

    

 

 

 
Schedule of Restricted Stock Awards Under the 2012 and 2013 Plans

Restricted stock awards under the 2012 Plan and 2013 Plan for the three months ended March 31, 2015 are summarized as follows:

 

     Number of
Shares
     Weighted-Average
Grant Date
Fair Value
 

Unvested at December 31, 2014

     8,493       $ 1.04   
  

 

 

    

 

 

 

Unvested at March 31, 2015

  8,493    $ 1.04   
  

 

 

    

 

 

Summary of Stock-Based Compensation for All Options Granted and Restricted Stock Awards

The allocation of stock-based compensation for all options granted and restricted stock awards are as follows:

 

     Three Months Ended March 31,  
     2015      2014  

Research and development

   $ 100       $ 27   

General and administrative

     135         49   
  

 

 

    

 

 

 

Total stock-based compensation expense

$ 235    $ 76   
  

 

 

    

 

 

Summary of Stock-Based Compensation by Award

Stock-based compensation by award type is as follows:

 

     Three Months Ended March 31,  
     2015      2014  

Stock options

   $ 234       $ 75   

Restricted stock

     1         1   
  

 

 

    

 

 

 

Total stock-based compensation expense

$ 235    $ 76   
  

 

 

    

 

 

Summary of Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Employee Stock Option Grants

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:

 

     Three Months Ended March 31,  
     2015     2014  

Risk-free interest rate

     1.60     1.01

Expected volatility

     65.8     87.9

Expected term (in years)

     6.09        5.36   

Expected dividend yield

     0.0     0.0
Summary of Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Non-Employee Stock Option Grants

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the non-employee stock option grants were as follows:

 

     Three Months Ended March 31,  
     2015     2014  

Risk-free interest rate

     0.56     0.57

Expected volatility

     59.7     109.9

Expected term (in years)

     2.22        2.13   

Expected dividend yield

     0.0     0.0