Stockholders' Equity (Tables)
|
3 Months Ended |
Jun. 30, 2018 |
Class Of Stock [Line Items] |
|
Schedule of Stock-based Compensation Expense |
Stock-based compensation expense for all stock-based awards consists of the following (in thousands):
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
Research and development |
$ |
202 |
|
|
$ |
331 |
|
|
General and administrative |
$ |
1,077 |
|
|
$ |
1,721 |
|
|
Total |
$ |
1,279 |
|
|
$ |
2,052 |
|
|
|
Fair Value of Employee Stock Options |
The fair value of stock options was estimated at the grant date using the following weighted average assumptions:
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
Volatility |
|
|
72.25 |
% |
|
|
74.27 |
% |
Risk-free interest rate |
|
|
2.82 |
% |
|
|
1.62 |
% |
Expected life of options |
|
6.00 years |
|
|
6.00 years |
|
Weighted average grant
date fair value |
|
$ |
1.21 |
|
|
$ |
1.79 |
|
|
Fair Value of Employee Stock Purchase Plan |
The fair value of ESPP shares was estimated at the purchase period commencement date using the following assumptions:
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
Dividend yield |
|
|
— |
|
|
|
— |
|
|
Volatility |
|
|
61.35 |
% |
|
|
74.70 |
% |
|
Risk-free interest rate |
|
|
1.85 |
% |
|
|
0.79 |
% |
|
Expected term |
|
6 months |
|
|
6 months |
|
|
Grant date fair value |
|
|
0.30 |
|
|
|
1.04 |
|
|
|
Summary of Stock Option Activity |
A summary of the Company’s stock option activity from March 31, 2018 to June 30, 2018 is as follows:
|
|
Options
Outstanding |
|
|
Weighted
Average
Exercise Price |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding at March 31, 2018 |
|
|
10,132,312 |
|
|
$ |
4.01 |
|
|
$ |
591,082 |
|
Options granted |
|
|
1,750,000 |
|
|
$ |
1.84 |
|
|
$ |
— |
|
Options cancelled / forfeited |
|
|
(614,070 |
) |
|
$ |
4.28 |
|
|
$ |
— |
|
Options exercised |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Outstanding at June 30, 2018 |
|
|
11,268,242 |
|
|
$ |
3.66 |
|
|
$ |
821,293 |
|
Vested and Exercisable at June 30, 2018 |
|
|
6,852,984 |
|
|
$ |
4.40 |
|
|
$ |
821,293 |
|
|
Summary of Warrant Activity |
The following table summarizes warrant activity for the three months ended June 30, 2018:
|
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
Balance at March 31, 2018 |
|
|
220,000 |
|
|
$ |
7.19 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
$ |
— |
|
Cancelled |
|
|
— |
|
|
$ |
— |
|
Balance at June 30, 2018 |
|
|
220,000 |
|
|
$ |
7.19 |
|
|
Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consisted of the following at June 30, 2018:
Common stock warrants outstanding |
|
|
220,000 |
|
Common stock options outstanding under the 2008 Plan |
|
|
622,192 |
|
Common stock options outstanding and reserved under the 2012 Plan |
|
|
8,557,838 |
|
Common stock reserved under the 2012 Plan |
|
|
2,334,210 |
|
Common stock reserved under the 2016 Employee Stock Purchase Plan |
|
|
1,285,103 |
|
Restricted stock units outstanding under the 2012 Plan |
|
|
2,936,210 |
|
Common stock options outstanding and reserved under the Incentive
Award Agreement |
|
|
2,088,212 |
|
Restricted stock units outstanding under the Incentive Award Agreement |
|
|
158,706 |
|
Total at June 30, 2018 |
|
|
18,202,471 |
|
|
Restricted stock units (RSUs) [Member] |
|
Class Of Stock [Line Items] |
|
Summary of Company's Restricted Stock Unit Activity and Performance Based Restricted Stock Unit Activity |
A summary of the Company’s restricted stock unit (not including performance-based restricted stock units) activity from March 31, 2018 through June 30, 2018 is as follows:
|
|
Number of
Shares |
|
|
Weighted
Average Price |
|
Unvested at March 31, 2018 |
|
|
2,035,345 |
|
|
$ |
2.89 |
|
Granted |
|
|
1,587,406 |
|
|
$ |
1.19 |
|
Vested |
|
|
(224,016 |
) |
|
$ |
3.05 |
|
Cancelled / forfeited |
|
|
(462,525 |
) |
|
$ |
2.82 |
|
Unvested at June 30, 2018 |
|
|
2,936,210 |
|
|
$ |
1.97 |
|
|
Performance-Based Restricted Stock Units [Member] |
|
Class Of Stock [Line Items] |
|
Summary of Company's Restricted Stock Unit Activity and Performance Based Restricted Stock Unit Activity |
A summary of the Company’s performance-based restricted stock unit activity from March 31, 2018 through June 30, 2018 is as follows:
|
|
Number of
Shares |
|
|
Maximum Number of Shares Eligible to be Issued |
|
|
Weighted
Average Price |
|
Unvested at March 31, 2018 |
|
|
167,058 |
|
|
|
200,470 |
|
|
$ |
1.88 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
Vested |
|
|
(41,764 |
) |
|
|
(41,764 |
) |
|
$ |
1.88 |
|
Cancelled / forfeited |
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
Unvested at June 30, 2018 |
|
|
125,294 |
|
|
|
158,706 |
|
|
$ |
1.88 |
|
|