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Shareholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Summary of Stock Option Activity and Related Data
The Company’s 2013 Equity Plan stock option and restricted stock award activity for the years ended December 31, 2015, 2014 and 2013 was comprised of the following:
 
Outstanding Stock Options and 2013 Equity Plan
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, 2012
11,844,627

 
$
3.00

 
 
 
 
Granted
54,000

 
$
6.00

 
 
 
 
Canceled
(11,844,609
)
 
$
3.00

 
 
 
 
Forfeited/expired
(18
)
 
—

 
 
 
 
Outstanding at December 31, 2013
54,000

 
$
6.00

 
 
 
 
Granted
567,876

 
$
9.88

 
 
 
 
Restricted stock awards vested
(2,976
)
 
—

 
 
 
 
Outstanding at December 31, 2014
618,900

 
$
9.54

 
 
 
 
Granted
1,769,785

 
$
25.89

 
 
 
 
Exercised
(51,814
)
 
$
10.81

 
 
 
 
Forfeited
(18,186
)
 
$
7.80

 
 
 
 
Outstanding at December 31, 2015
2,318,685

 
$
22.01

 
9.32 years
 
$
14,773,947

Vested and expected to vest at December 31, 2015
2,318,685

 
$
22.01

 
9.32 years
 
$
14,773,947

Exercisable at December 31, 2015
269,172

 
$
11.25

 
8.48 years
 
$
4,283,471
Summary of restricted stock activity
The Company’s RSA activity for the years ended December 31, 2015, 2014 and 2013 was comprised of the following:
 
Number of Shares
 
Weighted-Average Grant Date Fair Market Value
Unvested at December 31, 2012
—

 
—

Granted
1,782,853

 
$
11.65

Vested
(36,000
)
 
$
4.00

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

Granted
4,000

 
$
23.12

Vested
(210,108
)
 
$
12.41

Unvested at December 31, 2015
1,072,899

 
$
13.00
Stock Options, Valuation Assumptions
The Company estimated the fair value of each stock option grant on the grant date using the Black-Scholes model with the following weighted-average assumptions:
 
Year ended December 31,
 
2015
 
2014
 
2013
Volatility
149
%
 
186
%
 
213
%
Expected life (years)
5.28 years

 
6.74 years

 
10.00 years

Risk-free interest rate
1.5
%
 
2.1
%
 
2.8
%
Dividend yield
—

 
—

 
—
Summary of Share-based Compensation Expense
Total share-based compensation expense related to all share-based awards the years ended December 31, 2015, 2014 and 2013 was comprised of the following (in thousands):
 
Year Ended December 31,
 
2015
 
2014
 
2013
Research and development:
 
 
 
 
 
   Stock options
$
2,428

 
$
258

 
$
898

   Restricted stock
1,600

 
1,009

 
94

   Warrants
56

 
2

 
—

Research and development share-based compensation expense
4,084


1,269


992

General and administrative:
 
 
 
 
 
   Stock options
3,693

 
894

 
6,865

   Restricted stock
4,265

 
6,856

 
4,516

   Warrants
1,030

 
61

 
—

General and administrative share-based compensation expense
8,988


7,811


11,381

Total share-based compensation expense included in expenses
$
13,072


$
9,080


$
12,373