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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Incentive Unit Activity

The following table summarizes the Company’s incentive unit activity since December 31, 2016:

 

 

 

Number of Units

 

 

Weighted Average Strike Price

 

 

Weighted Average Contractual Term

 

 

Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2016

 

 

413,266

 

 

$

2.75

 

 

 

9.1

 

 

$

779

 

Granted

 

 

9,132

 

 

 

1.28

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(19,541

)

 

 

4.99

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(402,857

)

 

 

2.62

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2017

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

 
Summary of Assumptions used to determine Fair Value of Incentive Unit and Stock Option Awards Granted to Employees and Directors

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of incentive unit and stock option awards granted to employees and directors were as follows, presented on a weighted average basis:

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Risk-free interest rate

 

 

2.0

%

 

 

1.3

%

 

 

1.5

%

Expected term (in years)

 

 

6.1

 

 

 

6.3

 

 

 

6.3

 

Expected volatility

 

 

77.1

%

 

 

76.5

%

 

 

62.6

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 
Summary of Stock Option Activity

The following table summarizes stock option activity during 2017:

 

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average Contractual Term

 

 

Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2016

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Granted

 

 

2,012,106

 

 

 

7.24

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(810

)

 

 

5.90

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding as of December 31, 2017

 

 

2,011,296

 

 

$

7.24

 

 

9.38

 

 

$

9,074

 

Outstanding as of December 31, 2017 - vested and expected to vest

 

 

2,011,296

 

 

$

7.24

 

 

9.38

 

 

$

9,074

 

Exercisable at December 31, 2017

 

 

357,494

 

 

$

5.90

 

 

9.29

 

 

$

2,091

 

 
Summary of Share-Based Compensation Expense

The Company recorded share-based compensation expense, for both incentive units and stock options in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Research and development expenses

 

$

371

 

 

$

66

 

 

$

13

 

General and administrative expenses

 

 

1,056

 

 

 

114

 

 

 

8

 

Total

 

$

1,427

 

 

$

180

 

 

$

21