Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stockholders’ Equity (Deficit)

Equity incentive plan

Under the Company’s 2011 Stock Incentive Plan (the “2011 Plan”), the Company may grant options to purchase common stock, restricted stock awards, or directly issue shares of common stock to employees, directors and consultants of the Company. Under the 2011 Plan, options granted are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years. The Company adopted a 2018 Omnibus Incentive Plan (the “2018 Plan”), effective on January 23, 2018. The 2018 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights and other stock and cash-based awards (including annual cash incentives and long-term cash incentives). The Company has reserved for issuance pursuant to awards under the 2018 Plan 3,000,000 shares of our common stock.

The Company adopted a 2018 Employee Stock Purchase Plan, or ESPP, effective on January 23, 2018. The ESPP will enable eligible employees of the Company and designated affiliates to purchase shares of common stock at a discount following its effectiveness. The Company has reserved 325,000 shares of common stock for issuance under the ESPP.

Total stock-based compensation expense for employees and non-employees recognized in the statements of operations was as follows (in thousands):




	Three Months Ended March 31,
	2018		2017
	(unaudited)
Research and development	$	426	$	177
General and administrative	396		139
Total stock-based compensation expense	$	822	$	316

The table below summarizes stock option and restricted award activity under the 2011 and 2018 Plan:




	Number of Shares Outstanding		Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2017	2,506,926		$	3.50	8.79	$	24,033
Forfeited	(6,772	)	7.01
Granted	5,600		31.58
Balances at March 31, 2018	2,505,754		$	3.57	8.58	$	85,225