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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2015

The following common stock warrants were outstanding at June 30, 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 on the statement of operations as follows for the three and six months ended June 30, 2015 and 2014:


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Research and development expense	$	178,367	$	127,658	$	381,274	$	219,124
General and administrative expense		279,863		290,771		664,470		491,519

Total stock-based compensation expense	$	458,230	$	418,429	$	1,045,744	$	710,643

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 six months ended June 30, 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		(79,295	)		1.14
Options forfeited		—

Outstanding as of June 30, 2015		778,096			1.27		4.74		5,199

Vested or expected to vest as of June 30, 2015		777,331			1.27		4.73		5,195

Exercisable as of June 30, 2015		753,554			1.24		4.67		5,060

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 six months ended June 30, 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		499,900			7.20
Options exercised		—
Options forfeited		(29,584	)		7.71

Outstanding as of June 30, 2015		1,419,905			8.31		8.92		386

Vested or expected to vest as of June 30, 2015		1,412,665			8.30		8.92		383

Exercisable as of June 30, 2015		281,997			8.75		8.56		1

Weighted-Average Fair Value of Options Granted

The weighted-average fair value of the options granted during the six months ended June 30, 2015 and 2014 was $5.10 per share and $6.72 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions:


	Six Months Ended June 30, 2015			Six Months Ended June 30, 2014
Expected term (years)		6.25			6.25
Expected volatility		81.70	%		90.50	%
Risk-free interest rate		1.70	%		2.14	%
Expected dividend yield		0	%		0	%

Summary of RSU Activity

The following is a summary of RSU activity under the 2013 Plan for the six months ended June 30, 2015:


	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at December 31, 2014		7,250	$	7.62
Granted		—		—
Forfeited		—		—
Vested		—		—

Unvested at June 30, 2015		7,250		7.62

- 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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