Stock Plans (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Summary of Assumptions Used for Computing Grant Date Fair Values of CEO Award and President Award |
The following assumptions were used in the Monte Carlo simulation model for computing the grant date fair values of the CEO Award and the President Award:
|
Grant date stock price
|
|
$
|
16.82
|
|
|
Dividend yield
|
|
|
—
|
%
|
|
Risk-free interest rate
|
|
|
2.85
|
%
|
|
Estimated volatility
|
|
|
73.00
|
%
|
|
| Summary of Fair Value Per Share Determined for Each of Three Equal Tranches of Award |
The fair value per share was determined for each of the three equal tranches of each award and is presented in the table below:
|
Tranche 1
|
|
$
|
9.22
|
|
|
Tranche 2
|
|
$
|
10.05
|
|
|
Tranche 3
|
|
$
|
9.50
|
|
|
| Schedule of Stock-based Compensation Expense |
The Company’s stock-based compensation expense recognized for the periods presented was as follows:
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|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
Stock-based compensation expense by type of award:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units
|
|
$
|
130
|
|
|
$
|
178
|
|
|
$
|
277
|
|
|
$
|
629
|
|
|
Restricted stock awards
|
|
|
59
|
|
|
|
125
|
|
|
|
412
|
|
|
|
250
|
|
|
Performance-based stock options
|
|
|
1,846
|
|
|
|
—
|
|
|
|
1,900
|
|
|
|
—
|
|
|
Stock options
|
|
|
2,575
|
|
|
|
11,381
|
|
|
|
6,857
|
|
|
|
12,708
|
|
|
Employee stock purchase plan
|
|
|
228
|
|
|
|
24
|
|
|
|
517
|
|
|
|
24
|
|
|
Total
|
|
$
|
4,838
|
|
|
$
|
11,708
|
|
|
$
|
9,963
|
|
|
$
|
13,611
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
Stock-based compensation expense by operating expense grouping:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
$
|
246
|
|
|
$
|
100
|
|
|
$
|
814
|
|
|
$
|
276
|
|
|
Research and development
|
|
|
596
|
|
|
|
157
|
|
|
|
1,103
|
|
|
|
261
|
|
|
General and administrative
|
|
|
3,996
|
|
|
|
11,451
|
|
|
|
8,046
|
|
|
|
13,074
|
|
|
|
|
$
|
4,838
|
|
|
$
|
11,708
|
|
|
$
|
9,963
|
|
|
$
|
13,611
|
|
|
| Schedule of Restricted Stock Activity |
The Company’s restricted stock activity for the nine months ended September 30, 2018 was as follows:
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average Grant
|
|
|
|
|
Shares
|
|
|
Date Fair Value
|
|
|
Unvested at December 31, 2017
|
|
|
147,456
|
|
|
$
|
6.30
|
|
|
Forfeited
|
|
|
(1,975
|
)
|
|
$
|
7.50
|
|
|
Vested
|
|
|
(54,801
|
)
|
|
$
|
5.27
|
|
|
Unvested at September 30, 2018
|
|
|
90,680
|
|
|
$
|
6.90
|
|
|
| Schedule of Restricted Stock Unit Activity |
The Company’s restricted stock unit activity for the nine months ended September 30, 2018 was as follows:
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average Grant
|
|
|
|
|
Shares
|
|
|
Date Fair Value
|
|
|
Unvested at December 31, 2017
|
|
|
35,576
|
|
|
$
|
14.76
|
|
|
Granted
|
|
|
56,366
|
|
|
$
|
14.80
|
|
|
Forfeited
|
|
|
(8,918
|
)
|
|
$
|
16.82
|
|
|
Vested
|
|
|
(41,144
|
)
|
|
$
|
14.75
|
|
|
Unvested at September 30, 2018
|
|
|
41,880
|
|
|
$
|
14.38
|
|
|
| Schedule of Stock Option Activity |
The activity related to stock options granted under the Company’s 2014 Plan and 2017 Plan for the nine months ended September 30, 2018 was as follows:
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining
|
|
Aggregate
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
Contractual
|
|
Intrinsic
|
|
|
|
|
Options
|
|
|
Price
|
|
|
Term
|
|
Value
|
|
|
Outstanding at December 31, 2017
|
|
|
4,802,594
|
|
|
$
|
13.89
|
|
|
9.17 years
|
|
$
|
44,974
|
|
|
Granted
|
|
|
895,591
|
|
|
$
|
14.22
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(146,513
|
)
|
|
$
|
3.69
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(425,767
|
)
|
|
$
|
16.88
|
|
|
|
|
|
|
|
|
Expired
|
|
|
(5,750
|
)
|
|
$
|
14.32
|
|
|
|
|
|
|
|
|
Outstanding at September 30, 2018
|
|
|
5,120,155
|
|
|
$
|
13.99
|
|
|
8.67 years
|
|
$
|
3,240
|
|
|
Exercisable at September 30, 2018
|
|
|
2,503,062
|
|
|
$
|
13.26
|
|
|
8.33 years
|
|
$
|
2,791
|
|
|
| Performance-based Stock Options [Member] | 2018 Performance- Based Stock Incentive Plan [Member] |
|
| Schedule of Stock Option Activity |
The activity related to performance-based stock options granted under the Company’s 2018 Plan for the nine months ended September 30, 2018 was as follows:
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining
|
|
|
Aggregate
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
Contractual
|
|
|
Intrinsic
|
|
|
|
|
Options
|
|
|
Price
|
|
|
Term
|
|
|
Value
|
|
|
Outstanding at December 31, 2017
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
Granted
|
|
|
3,167,325
|
|
|
$
|
21.25
|
|
|
|
|
|
|
|
|
|
|
Outstanding at September 30, 2018
|
|
|
3,167,325
|
|
|
$
|
21.25
|
|
|
9.61 years
|
|
|
$
|
—
|
|
|
Exercisable at September 30, 2018
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|