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Shareholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Summary of Share-based Compensation Expense
Total share-based compensation expense related to all share-based awards for the three months ended March 31, 2015 and 2014 was comprised of the following (in thousands):
 
Three Months Ended
March 31,
 
2015
 
2014
Research and development:
 
 
 
   Stock options
$
558

 
$
8

   Restricted stock
478

 
359

   Warrants
11

 
—

Research and development share-based compensation expense
1,047

 
367

General and administrative:
 
 
 
   Stock options
589

 
23

   Restricted stock
1,579

 
2,308

   Warrants
187

 
—

General and administrative share-based compensation expense
2,355

 
2,331

Total share-based compensation expense included in expenses
$
3,402

 
$
2,698
Summary of Stock Option Activity and Related Data
The Company’s 2013 Equity Plan stock option and restricted stock award activity for the three months ended March 31, 2015 and the year ended December 31, 2014 was comprised of the following:
 
Outstanding Stock Options and Restricted Stock Awards
 
Shares
Underlying
Stock Options and Restricted Stock Awards
 
Weighted-Average Exercise Price per Share
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
Outstanding at December 31, 2013
54,000

 
 
$6.00
 
 
 
 
Granted
567,876

 
 
$9.88
 
 
 
 
Restricted stock awards
(2,976
)
 
 
$0.00
 
 
 
 
Outstanding at December 31, 2014
618,900

 
 
$9.54
 
 
 
 
Granted
577,600

 
 
$19.50
 
 
 
 
Exercised
(7,500
)
 
 
$7.63
 
 
 
 
Forfeited
(7,500
)
 
 
$7.63
 
 
 
 
Outstanding at March 31, 2015
1,181,500

 
 
$14.43
 
9.50 years
 
$
5,318,774

 
Vested and expected to vest at March 31, 2015
1,181,500

 
 
$14.43
 
9.50 years
 
$
5,318,774

 
Exercisable at March 31, 2015
44,127

 
 
$10.19
 
9.11 years
 
$
358,024

 
Stock Options, Valuation Assumptions
The Company estimated the fair value of each stock option grant on the date of grant using the Black-Scholes model with the following weighted-average assumptions:
 
March 31,
 
2015
 
2014
Volatility
174
%
 
132
%
Expected life (years)
6.82 years

 
6.11 years

Risk-free interest rate
1.8
%
 
1.9
%
Dividend yield
—
%
 
—
%
Summary of restricted stock activity
The Company’s restricted stock award activity for the three months ended March 31, 2015 and the year ended December 31, 2014 was comprised of the following:
 
Number of Shares
 
Weighted-Average Grant Date Fair Value
Unvested at December 31, 2013
1,746,853

 
$
11.80

Granted
2,976

 
$
8.40

Vested
(423,693
)
 
$
9.18

Forfeited
(47,129
)
 
$
4.41

Unvested at December 31, 2014
1,279,007

 
$
12.86

Vested
(153,026
)
 
$
12.87

Unvested at March 31, 2015
1,125,981

 
$
12.86