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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