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Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2015

Stock-Based Compensation Expense

Stock-based compensation expense was classified on the statement of operations as follows for the three and nine months ended September 30, 2015 and 2014:

		Three Months Ended September 30,						Nine Months Ended September 30,
		2015			2014			2015			2014
Research and development expense		$	209,359		$	140,227		$	590,633		$	359,351
General and administrative expense			423,565			301,549			1,088,035			793,069
Total stock-based compensation expense		$	632,924		$	441,776		$	1,678,668		$	1,152,420

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 nine months ended September 30, 2015 is as follows:

							Weighted-Average
				Weighted-			Remaining		Aggregate
		Outstanding		Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In Thousands)
Outstanding as of December 31, 2014		857,391		$	1.26		5.2
Options granted		—			—
Options exercised		(97,295)			1.14
Options forfeited		(177)			1.98
Outstanding as of September 30, 2015		759,919			1.27		4.5		$	3,289
Vested or expected to vest as of September 30, 2015		759,352			1.27		4.5		$	3,287
Exercisable as of September 30, 2015		743,107			1.25		4.4		$	3,235

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 nine months ended September 30, 2015 is as follows:

							Weighted-Average
ccc				Weighted-			Remaining		Aggregate
		Outstanding		Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In Thousands)
Outstanding as of December 31, 2014		949,589		$	8.88		9.1
Options granted		576,000			7.23
Options exercised		—
Options forfeited		(42,750)			7.86
Outstanding as of September 30, 2015		1,482,839			8.26		8.7		$	—
Vested or expected to vest as of September 30, 2015		1,475,733			8.26		8.7		$	—
Exercisable as of September 30, 2015		394,797			8.80		8.3		$	—

Weighted-Average Fair Value of Options Granted

		Nine Months Ended		Nine Months Ended
		September 30, 2015		September 30, 2014
Expected term (years)		6.25		6.25
Expected volatility		80.83%		90.32%
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 nine months ended September 30, 2015:

					Weighted-Average
					Grant Date Fair
		Number of Shares				Value
Unvested at December 31, 2014			7,250		$	7.62
Granted			—			—
Forfeited			—			—
Vested			—			—
Unvested at September 30, 2015			7,250			7.62

X

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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