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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Equity-Based Compensation Expense

Equity-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Research and development

 

$

6,986

 

 

$

8,994

 

 

$

7,280

 

General and administrative

 

 

8,105

 

 

 

8,052

 

 

 

8,042

 

Total

 

$

15,091

 

 

$

17,046

 

 

$

15,322

 

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity for the year ended December 31, 2019:

 

 

 

Number of

Shares

 

 

Weighted

Average Grant

Date Fair Value

per Share

 

Unvested restricted stock as of December 31, 2018

 

 

109,073

 

 

$

15.53

 

Granted

 

 

-

 

 

 

-

 

Vested

 

 

(37,198

)

 

 

1.34

 

Cancelled

 

 

-

 

 

 

-

 

Unvested restricted stock as of December 31, 2019

 

 

71,875

 

 

$

22.88

 

Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted Key assumptions used to apply this pricing model were as follows:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Risk-free interest rate

 

 

2.1

%

 

 

2.7

%

 

 

2.0

%

Expected life of options

 

6.0 years

 

 

6.0 years

 

 

6.0 years

 

Expected volatility of underlying stock

 

 

68.1

%

 

 

87.1

%

 

 

93.9

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

Summary of Stock Option Activity The following is a summary of stock option activity for the year ended December 31, 2019:

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price per

Share

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

 

 

 

 

 

 

 

 

 

 

(In years)

 

 

(In thousands)

 

Outstanding at December 31, 2018

 

 

5,037,663

 

 

$

15.63

 

 

 

 

 

 

 

 

 

Granted

 

 

1,220,613

 

 

 

14.90

 

 

 

 

 

 

 

 

 

Exercised

 

 

(364,404

)

 

 

8.47

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(527,901

)

 

 

18.50

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2019

 

 

5,365,971

 

 

$

15.67

 

 

 

7.86

 

 

$

9,082

 

Exercisable at December 31, 2019

 

 

2,578,717

 

 

$

14.11

 

 

 

6.92

 

 

$

8,017