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Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2014
Stock Based Compensation [Abstract]  
Summarization of stock-based compensation
The following table summarizes stock-based compensation for the three and nine months ended September 30, 2014 and 2013:

  
Three months ended
September 30,
  
Nine months ended
September 30,
 
  
2014
  
2013
  
2014
  
2013
 
Research and development
 
$
18,000
  
$
9,000
  
$
113,000
  
$
28,000
 
Selling, general and administrative
  
154,000
   
17,000
   
1,046,000
   
326,000
 
Stock-based compensation expense included in operating expense
 
$
172,000
  
$
26,000
  
$
1,159,000
  
$
354,000
 
Valuation assumptions
Our weighted average Black-Scholes fair value assumptions used to value the grants in the first nine months of 2014 are as follows:
  
 
9/30/14
 
Expected life(b)
5.5 yrs
 
Risk free interest rate
  
1.65
%
Expected volatility(a)
  
102
%
Expected dividend yield
  
0.0
%
 
 
(a)
Reflects movements in our stock price over the most recent historical period equivalent to the expected life.
 
(b)
Based on the simplified method.