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Stockholders Equity (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and 2016:

		Three Months Ended June 30,						Six Months Ended June 30,
		2017			2016			2017			2016
Research and development expense		$	314,904		$	257,998		$	626,687		$	511,280
General and administrative expense			676,204			513,689			1,207,268			987,953
Total stock-based compensation expense		$	991,108		$	771,687		$	1,833,955		$	1,499,233

2003 Stock Incentive Plan

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, 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		(16,608)			1.65
Options forfeited		—			—
Outstanding as of June 30, 2017		713,211			1.25		2.7		$	7,070
Vested as of June 30, 2017		713,211			1.25		2.7		$	7,070
Exercisable as of June 30, 2017		713,211			1.25		2.7		$	7,070

2013 Equity Incentive Plan

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, 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		669,638			7.01
Options exercised		(11,079)			6.34
Options forfeited		(17,067)			7.34
Outstanding as of June 30, 2017		2,707,597			7.32		7.8		$	10,938
Vested or expected to vest as of June 30, 2017		2,707,597			7.32		7.8		$	10,938
Exercisable as of June 30, 2017		1,359,958			7.85		6.9		$	4,843

Weighted-Average Fair Value of Options Granted

		Six Months Ended		Six Months Ended
		June 30, 2017		June 30, 2016
Expected term		6.25 years		6.25 years
Expected volatility		75.19%		68.82%
Risk-free interest rate		2.09%		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 six months ended June 30, 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 June 30, 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

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