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Stock Option Plan (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option and Restricted Stock Award Activity
The following table summarizes the stock option activity for the 2014 IN is as follows:

 
Number of
Shares
Available
for Grant
 
Number of
Shares
Underlying
Outstanding
Options and Awards
 
Weighted
Average
Exercise
Price Per
Share
 
Weighted
Average
Remaining
Contractual
Life (in
Years)
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
(In thousands)
Shares reserved
325,000

 

 
$

 

 
$

Options granted
(140,125
)
 
140,125

 
$
22.52

 
 
 
 
Restricted stock awards granted
(43,375
)
 
43,375

 
$

 
 
 
 
Outstanding as of December 31, 2014
141,500

 
183,500

 
$
22.52

 
 
 
 
Additional shares reserved
500,000

 
 
 
 
 
 
 
 
Options granted
(206,250
)
 
206,250

 
$
36.32

 
 
 
 
Restricted stock awards granted
(34,375
)
 
34,375

 

 
 
 
 
Option forfeitures
29,531

 
(29,531
)
 
$
22.97

 
 
 
 
Restricted stock award forfeitures
9,843

 
(9,843
)
 
$

 
 
 
 
Awards released

 
(30,532
)
 
$

 
 
 
 
Traded for taxes
9,640

 

 
$

 
 
 
 
Outstanding as of December 31, 2015
449,889

 
354,219

 
$
31.46

 
 
 
 
Options granted
(110,000
)
 
110,000

 
$
18.37

 
 
 
 
Restricted stock awards granted
(15,000
)
 
15,000

 

 
 
 
 
Option forfeitures
88,594

 
(88,594
)
 
$
22.97

 
 
 
 
Restricted stock award forfeitures

 

 
$

 
 
 
 
Restricted stock awards released

 
(9,594
)
 
$

 
 
 
 
Traded for taxes
3,604

 

 
$

 
 
 
 
Outstanding as of December 31, 2016
417,087

 
381,031

 
$
29.43

 
9.0

 
$
269

Options vested and expected to vest as of December 31, 2016
 
 
332,517

 
$
29.44

 
9.0

 
$
263

Exercisable as of December 31, 2016
 
 
63,937

 
$
33.19

 
8.7

 
$
7

The following summary of stock option and restricted stock award activity, excluding 2014 IN, for the periods presented is as follows:
 
 
Number of
Shares
Available
for Grant
 
Number of
Shares
Underlying
Outstanding
Options
 
Weighted
Average
Exercise
Price Per
Share
 
Weighted
Average
Remaining
Contractual
Life (in
Years)
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
(In thousands)
Balance as of December 31, 2013
202,558

 
1,213,065

 
$
7.65

 

 
$

Additional shares reserved
1,000,000

 

 

 
 
 
 
Options granted
(728,349
)
 
728,349

 
30.21

 
 
 
 
Restricted stock awards granted
(212,450
)
 
212,450

 

 
 
 
 
Options exercised

 
(238,999
)
 
5.96

 
 
 
 
Options cancelled/forfeited
14,600

 
(14,600
)
 
26.89

 
 
 
 
Restricted stock awards forfeited
4,500

 
(4,500
)
 

 
 
 
 
Shares cancelled/retired under 2002/2012 plans
(189,225
)
 
(9,617
)
 

 
 
 
 
Balance as of December 31, 2014
91,634

 
1,886,148

 
17.90

 
 
 
 
Additional shares reserved
950,978

 

 

 
 
 
 
Options granted
(747,338
)
 
747,338

 
18.94

 
 
 
 
Restricted stock awards granted
(169,336
)
 
169,336

 

 
 
 
 
Options exercised

 
(205,735
)
 
11.84

 
 
 
 
Options cancelled/forfeited
116,540

 
(116,540
)
 
21.33

 
 
 
 
Restricted stock awards forfeited
24,306

 
(24,306
)
 

 
 
 
 
Restricted stock awards released

 
(74,755
)
 

 
 
 
 
Shares cancelled/retired under 2002/2012 plans
(19,276
)
 

 

 
 
 
 
Shares traded for taxes
26,440

 

 

 
 
 
 
Balance as of December 31, 2015
273,948

 
2,381,486

 
18.36

 
 
 
 
Additional shares reserved
1,131,538

 

 

 
 
 
 
Options granted
(839,800
)
 
839,800

 
16.72

 
 
 
 
Restricted stock awards granted
(299,900
)
 
299,900

 

 
 
 
 
Options exercised

 
(131,752
)
 
10.67

 
 
 
 
Options cancelled/forfeited
320,084

 
(320,084
)
 
21.77

 
 
 
 
Restricted stock awards forfeited
80,333

 
(80,333
)
 

 
 
 
 
Restricted stock awards released

 
(124,344
)
 

 
 
 
 
Shares cancelled/retired under 2002/2012 plans

 
(38,829
)
 
8.92

 
 
 
 
Shares traded for taxes
23,289

 

 

 
 
 
 
Balance as of December 31, 2016
689,492

 
2,825,844

 
$
17.92

 
7.2

 
$
13,028

Options vested and expected to vest as of December 31, 2016
 
 
2,405,626

 
$
17.90

 
7.2

 
$
12,854

Exercisable as of December 31, 2016
 
 
1,387,955

 
$
17.35

 
6.2

 
$
8,904

Schedule of Stock Options and Restricted Stock Exercise Price Range
The following table summarizes information with respect to stock options outstanding and currently exercisable as of December 31, 2016:
 
 
Options Outstanding
 
Options
Exercisable
Exercise Price
Number of
Options
 
Weighted-
Average
Remaining
Contractual Life
(In Years)
 
$0.45 - 6.60
63,372

 
3.5
 
63,372

$8.70
469,601

 
5.8
 
431,542

$8.85 - 14.04
283,704

 
8.0
 
108,612

$14.29 - 16.15
85,197

 
8.4
 
31,476

$16.23
312,635

 
7.5
 
162,733

$16.30 - 17.05
78,800

 
8.9
 
22,791

$17.12
345,133

 
8.4
 
89,021

$17.17 - 20.32
280,100

 
9.0
 
31,080

$20.42 - 31.77
252,345

 
7.4
 
174,429

$32.22 - 39.57
619,759

 
7.3
 
336,836

 
2,790,646

 
 
 
1,451,892

Nonvested Restricted Stock Shares Activity
The following table summarizes information with respect to restricted stock awards outstanding as of December 31, 2016:
 
Number of
Awards
Available
for Grant
 
Weighted-Average Grant-Date Fair Value
 
Aggregate
Intrinsic
Value
 
 
 
 
 
(In thousands)
Outstanding as of December 31, 2013

 
$

 
$

Granted
255,825

 
29.47

 

Vested

 

 

Forfeited
(4,500
)
 
26.89

 

Outstanding as of December 31, 2014
251,325

 
$
29.51

 
$

Granted
203,711

 
21.55

 

Vested
(105,287
)
 
27.79

 

Forfeited
(34,149
)
 
22.77

 

Outstanding as of December 31, 2015
315,600

 
$
25.67

 
$

Granted
314,900

 
17.16

 

Vested
(133,938
)
 
26.41

 

Forfeited
(80,333
)
 
20.35

 

Outstanding as of December 31, 2016
416,229

 
$
20.02

 
$
8,616

Fair Value Assumptions
The fair value of the option component of the shares purchased under the 2014 ESPP was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Year Ended December 31,
 
2016
 
2015
Expected term (in years)
0.5

 
0.5

Expected volatility
72.0
%
 
63.4
%
Risk-free interest rate
0.4
%
 
0.2
%
Expected dividend rate
%
 
%
The fair value of the employee and non-employee director stock options was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
Expected term (in years)
6.0

 
6.0

 
6.0

Expected volatility
61.9
%
 
62.2
%
 
57.4
%
Risk-free interest rate
1.4
%
 
1.6
%
 
1.9
%
Expected dividend rate
0.0
%
 
0.0
%
 
0.0
%
The fair value of the stock options vested is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions:
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
Expected term (in years)
7.3

 
8.2

 
7.3

Expected volatility
68.9
%
 
73.0
%
 
56.1
%
Risk-free interest rate
1.7
%
 
2.0
%
 
2.1
%
Expected dividend rate
0.0
%
 
0.0
%
 
0.0
%
Schedule of Stock-based Compensation Expense
Total stock-based compensation expense related to options, awards, and ESPP to employees and non-employees was allocated as follows (in thousands):
 
 
Year Ended December 31,
2016
 
2015
 
2014
Research and development
$
5,557

 
$
6,511

 
$
2,357

General and administrative
6,396

 
5,877

 
4,173

Total stock-based compensation expense
$
11,953

 
$
12,388

 
$
6,530