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Shareholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [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, 2016, 2015 and 2014 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, 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

 
 
 
 
Granted
483,200

 
$
17.83

 
 
 
 
Exercised
(17,548
)
 
$
8.52

 
 
 
 
Forfeited
(156,875
)
 
$
26.35

 
 
 
 
Outstanding at December 31, 2016
2,627,462

 
$
21.07

 
8.39 years
 
$
4,307,756

Vested and expected to vest at December 31, 2016
2,627,462

 
$
21.07

 
8.39 years
 
$
4,307,756

Exercisable at December 31, 2016
1,105,029

 
$
20.45

 
7.85 years
 
$
2,740,900
Summary of restricted stock activity
The Company’s RSA activity for the years ended December 31, 2016, 2015 and 2014 was comprised of the following:
 
Number of Shares
 
Weighted-Average Grant Date Fair Market 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

Granted
4,000

 
$
23.12

Vested
(210,108
)
 
$
12.41

Unvested at December 31, 2015
1,072,899

 
$
13.00

Vested
(530,219
)
 
$
12.78

Unvested at December 31, 2016
542,680

 
$
13.22
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,
 
2016
 
2015
 
2014
Volatility
143
%
 
149
%
 
186
%
Expected life (years)
5.80 years

 
5.28 years

 
6.74 years

Risk-free interest rate
1.4
%
 
1.5
%
 
2.1
%
Dividend yield
—

 
—

 
—
Summary of Share-based Compensation Expense
Total share-based compensation expense related to all share-based awards for the years ended December 31, 2016, 2015 and 2014 was comprised of the following (in thousands):
 
Year Ended December 31,
 
2016
 
2015
 
2014
Research and development:
 
 
 
 
 
   Stock options
$
5,599

 
$
2,428

 
$
258

   Restricted stock
30

 
1,600

 
1,009

   Warrants
28

 
56

 
2

Research and development share-based compensation expense
5,657


4,084


1,269

General and administrative:
 
 
 
 
 
   Stock options
6,539

 
3,693

 
894

   Restricted stock
2,161

 
4,265

 
6,856

   Warrants
189

 
1,030

 
61

General and administrative share-based compensation expense
8,889


8,988


7,811

Total share-based compensation expense included in expenses
$
14,546


$
13,072


$
9,080