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Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation Expense

Stock-based compensation expense was classified on the statement of operations as follows for the three months ended March 31, 2017 and 2016:

		Three Months Ended March 31,
		2017			2016
Research and development expense		$	311,783		$	253,282
General and administrative expense			531,064			474,265
Total stock-based compensation expense		$	842,847		$	727,547

2003 Stock Incentive Plan

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, 2017 is as follows:

							Weighted-Average
							Remaining		Aggregate
		Outstanding		Weighted-Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In thousands)
Outstanding as of December 31, 2016		729,819		$	1.26		3.2
Options exercised		(1,680)			3.26
Options forfeited		—			—
Outstanding as of March 31, 2017		728,139			1.25		3.0		$	3,043
Vested as of March 31, 2017		728,139			1.25		3.0		$	3,043
Exercisable as of March 31, 2017		728,139			1.25		3.0		$	3,043

2013 Equity Incentive Plan

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, 2017 is as follows:

							Weighted-Average
ccc							Remaining		Aggregate
		Outstanding		Weighted-Average			Contractual Term		Intrinsic Value
		Options		Exercise Price			(Years)		(In thousands)
Outstanding as of December 31, 2016		2,066,105		$	7.41		7.9
Options granted		592,638			6.20
Options exercised		—			—
Options forfeited		(967)			7.66
Outstanding as of March 31, 2017		2,657,776			7.14		8.2		$	172
Vested or expected to vest as of March 31, 2017		2,657,776			7.14		8.2		$	172
Exercisable as of March 31, 2017		1,135,811			7.85		7.4		$	50

Weighted-Average Fair Value of Options Granted

		Three Months Ended		Three Months Ended
		March 31, 2017		March 31, 2016
Expected term		6.25 years		6.25 years
Expected volatility		74.95%		68.36%
Risk-free interest rate		2.11%		1.74%
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, 2017:

					Weighted-Average
			Number		Grant Date
		of Shares				Fair Value
Unvested at December 31, 2016			16,916		$	5.04
Granted			—			—
Forfeited			—			—
Vested			4,833			4.61
Unvested at March 31, 2017			12,083			5.21

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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

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+ References

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