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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

The following common stock warrants were outstanding at March 31, 2015:


NUMBER OF SHARES	EXERCISE PRICE PER SHARE		EXPIRATION DATE
259,907	$	0.33	July 18, 2018
301,986		0.33	January 16, 2019
11,908		0.33	December 9, 2015
15,250		0.33	January 30, 2019
1,544		25.92	October 13, 2016

Stock-Based Compensation Expense

Stock-based compensation expense was classified as follows on the statement of operations for the three months ended March 31, 2015 and 2014:


	Three Months Ended March 31,
	2015		2014
Research and development	$	202,907	$	91,467
General and administrative expense		384,607		200,749

Total	$	587,514	$	292,216

2003 Stock Incentive Plan [Member]

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2003 Plan for the three months ended March 31, 2015 is as follows:


	OUTSTANDING OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (YEARS)		AGGREGATE INTRINSIC VALUE (IN THOUSANDS)
Outstanding as of December 31, 2014		857,391		$	1.26		5.20	$	5,096
Options granted		—
Options exercised		(67,295	)		1.12
Options forfeited		—

Outstanding as of March 31, 2015		790,096			1.27		4.98		5,572

Vested or expected to vest as of March 31, 2015		789,113			1.27		4.98		5,566

Exercisable as of March 31, 2015		757,897			1.23		4.89		5,376

2013 Equity Incentive Plan [Member]

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2015 is as follows:


	OUTSTANDING OPTIONS		WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (YEARS)		AGGREGATE INTRINSIC VALUE (IN THOUSANDS)
Outstanding as of December 31, 2014		949,589	$	8.88		9.09	$	12
Options granted		485,900		7.18
Options exercised		—
Options forfeited		—

Outstanding as of March 31, 2015		1,435,489		8.30		9.16		851

Vested or expected to vest as of March 31, 2015		1,427,558		8.30		9.16		845

Exercisable as of March 31, 2015		203,631		8.03		8.78		65

Weighted-Average Fair Value of Options Granted

The weighted-average fair value of the options granted during the three months ended March 31, 2015 and 2014 was $5.10 per share and $6.13 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions:


	Three Months Ended March 31, 2015			Three Months Ended March 31, 2014
Expected term (years)		6.25			6.25
Expected volatility		82.08	%		91.91	%
Risk-free interest rate		1.68	%		2.16	%
Expected dividend yield		0	%		0	%

Summary of RSU Activity

The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2015:


	NUMBER OF SHARES		WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested at December 31, 2014		7,250	$	7.62
Granted		—		—
Forfeited		—		—
Vested		—		—

Unvested at March 31, 2015		7,250		7.62

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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