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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016 and 2015:

		Three Months Ended September 30,						Nine Months Ended September 30,
		2016			2015			2016			2015
Research and development expense		$	260,882		$	209,359		$	772,163		$	590,633
General and administrative expense			478,531			423,565			1,466,484			1,088,035
Total stock-based compensation expense		$	739,413		$	632,924		$	2,238,647		$	1,678,668

2003 Stock Incentive Plan

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, 2016 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, 2015		758,187		$	1.27		4.2
Options exercised		(27,268)			1.49
Options forfeited		—			—
Outstanding as of September 30, 2016		730,919			1.26		3.5		$	4,306
Vested or expected to vest as of September 30, 2016		730,888			1.26		3.5		$	4,306
Exercisable as of September 30, 2016		729,565			1.25		3.5		$	4,301

2013 Equity Incentive Plan

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, 2016 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, 2015		1,470,338		$	8.26		8.5
Options granted		618,250			5.35
Options exercised		(3,500)			7.95
Options forfeited		(22,591)			6.20
Outstanding as of September 30, 2016		2,062,497			7.41		8.2		$	1,110
Vested or expected to vest as of September 30, 2016		2,053,321			7.41		8.2		$	1,100
Exercisable as of September 30, 2016		828,814			8.26		7.7		$	1

Weighted-Average Fair Value of Options Granted

		Nine Months Ended		Nine Months Ended
		September 30, 2016		September 30, 2015
Expected term		6.25 years		6.25 years
Expected volatility		68.86%		80.83%
Risk-free interest rate		1.69%		1.70%
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, 2016:

					WEIGHTED-AVERAGE
			NUMBER		GRANT DATE
		OF SHARES				FAIR VALUE
Unvested at December 31, 2015			4,833		$	7.62
Granted			14,500			4.61
Forfeited			—			—
Vested			—			—
Unvested at September 30, 2016			19,333			5.36

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- Definition

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ References

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