XML 42 R31.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock-Based Awards (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Option Activity Under 2011 Plan and 2014 Plan

Stock Option Activity

A summary of option activity under the 2011 Plan and the 2014 Plan and related information are as follows:  

 

 

 

Options Outstanding

 

 

 

Number of Options

 

 

Weighted- Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (Years)

 

 

Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Outstanding — December 31, 2011

 

 

1,451,580

 

 

$

0.31

 

 

 

9.88

 

 

$

 

Shares reserved

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

499,278

 

 

 

0.81

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(420,308

)

 

 

0.31

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(9,583

)

 

 

0.31

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2012

 

 

1,520,967

 

 

 

0.47

 

 

 

9.11

 

 

$

2,038

 

Options granted

 

 

1,267,797

 

 

 

5.80

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(307,366

)

 

 

0.55

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(252,515

)

 

 

1.26

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2013

 

 

2,228,883

 

 

 

3.41

 

 

8.91

 

 

$

19,468

 

Shares reserved

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

932,555

 

 

 

41.12

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(305,090

)

 

 

2.14

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(116,873

)

 

 

8.92

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2014

 

 

2,739,475

 

 

 

16.15

 

 

 

8.43

 

 

$

79,840

 

Vested and exercisable — December 31, 2014

 

 

802,189

 

 

 

2.65

 

 

7.55

 

 

$

33,072

 

Vested and expected to vest — December 31,

   2014

 

 

2,666,378

 

 

$

15.86

 

 

 

8.41

 

 

$

78,390

 

 

Summary of Options Outstanding and Exercisable by Exercise Price

The options outstanding and exercisable by exercise price as of December 31, 2014 are as follows:

 

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price

 

 

Numbers Outstanding

 

 

Weighted-Average Remaining Contractual Term (in Years)

 

 

Number Exercisable

 

 

Weighted- Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (in Years)

 

$

0.31

 

 

 

667,554

 

 

 

6.88

 

 

 

472,481

 

 

$

0.31

 

 

6.88

 

$0.81 to $1.82

 

 

 

453,552

 

 

 

7.98

 

 

 

136,284

 

 

 

1.33

 

 

7.98

 

$4.07 to $6.86

 

 

 

523,169

 

 

 

8.81

 

 

 

125,181

 

 

 

6.59

 

 

8.81

 

$11.19 to $21.00

 

 

 

315,950

 

 

 

9.01

 

 

 

68,243

 

 

 

14.26

 

 

9.01

 

$33.55 to $34.93

 

 

 

249,500

 

 

 

9.40

 

 

 

 

 

 

 

 

 

$40.37 to $49.15

 

 

 

203,750

 

 

 

9.80

 

 

 

 

 

 

 

 

 

$53.03 to $58.02

 

 

 

326,000

 

 

 

9.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,739,475

 

 

 

8.43

 

 

 

802,189

 

 

$

2.65

 

 

7.55

 

 

Summary of Stock-Based Compensation Recognized

Total stock-based compensation recognized was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Research and development

 

$

4,116

 

 

$

293

 

 

$

130

 

General and administrative

 

 

1,278

 

 

 

364

 

 

 

761

 

Total stock-based compensation expense

 

$

5,394

 

 

$

657

 

 

$

891

 

 

Fair Value of Stock Option Awards Estimated Using Black-Scholes Option-Pricing Model

The fair value of stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Expected term

 

6.23 years

 

 

6.25 years

 

 

6.25 years

 

Expected volatility

 

 

70%

 

 

 

74%

 

 

 

67%

 

Risk-free interest rate

 

 

1.9%

 

 

0.7% to 1.6%

 

 

 

0.6%

 

Expected dividend rate

 

 

0.0%

 

 

 

0.0%

 

 

 

0.0%