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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option and Related Information

The following table summarizes stock option activity and related information for the periods presented below:

 

 

 

Shares

Subject to

Outstanding

Options

 

 

Weighted

Average

Exercise

Price Per

Option

 

 

Weighted

Average

Remaining

Contractual

Term

(in years)

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

Balance at December 31, 2016

 

 

2,141,868

 

 

$

6.42

 

 

 

8.4

 

 

$

14,963

 

Options granted

 

 

1,735,875

 

 

 

15.41

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(333,822

)

 

 

4.81

 

 

 

 

 

 

 

 

 

Options canceled

 

 

(579,372

)

 

 

8.11

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

 

2,964,549

 

 

 

11.54

 

 

 

8.3

 

 

 

90,780

 

Options granted

 

 

1,370,381

 

 

 

52.53

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(489,153

)

 

 

10.61

 

 

 

 

 

 

 

 

 

Options canceled

 

 

(144,316

)

 

 

22.67

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

3,701,461

 

 

 

26.40

 

 

 

8.0

 

 

 

88,524

 

Options outstanding and exercisable as of

   December 31, 2018

 

 

1,519,637

 

 

 

14.35

 

 

 

7.3

 

 

 

52,979

 

Summary of RSU Activity and Related Information

 

The following table summarizes RSU activity and related information for the period presented below:

 

 

 

Shares

Subject to

Outstanding

Awards

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Weighted

Average

Remaining

Contractual

Term

(in years)

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

Balance at December 31, 2017

 

 

 

 

$

 

 

 

 

 

$

 

RSUs awarded

 

 

171,766

 

 

 

53.27

 

 

 

 

 

 

 

 

 

RSUs released

 

 

(3,250

)

 

 

48.93

 

 

 

 

 

 

 

 

 

RSUs forfeited

 

 

(5,570

)

 

 

52.83

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

162,946

 

 

 

53.37

 

 

 

2.0

 

 

 

7,962

 

Schedule of Stock-Based Compensation Expense, Net of Forfeitures

Stock-based compensation expense, net of forfeitures, as applicable for the years ended December 31, 2018, 2017 and 2016, is reflected in the statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Research and development

 

$

8,144

 

 

$

2,752

 

 

$

1,252

 

General and administrative

 

 

11,197

 

 

 

3,386

 

 

 

1,561

 

Total stock-based compensation

 

$

19,341

 

 

$

6,138

 

 

$

2,813

 

 

Schedule of Assumptions for Black-Scholes Option-Pricing Model Used in Determining Fair Value of Time-Based and Performance-Based Options Granted to Employees The following table illustrates the assumptions for the Black-Scholes option-pricing model used in determining the fair value of time-based and performance-based options granted to employees:

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Risk-free interest rate

 

2.54%-2.98%

 

 

1.92%-2.27%

 

 

1.05%-2.10%

 

Expected life (in years)

 

5.3-6.1

 

 

5.3-6.1

 

 

5.3-6.1

 

Volatility

 

69%-75%

 

 

71%-75%

 

 

71%-73%

 

Dividend yield

 

0%

 

 

0%

 

 

0%