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Stockholders Equity (Tables)

12 Months Ended

Dec. 31, 2017



Number of Shares	Exercise
Underlying Outstanding	Price		Expiration
Warrants	Per Share		Date
236,632	$	0.33	July 18, 2018
301,986		0.33	January 16, 2019
15,250		0.33	January 30, 2019

Stock-Based Compensation Expense



	2017		2016		2015
Research and development expense	$	1,280,909	$	1,033,005	$	802,329
General and administrative expense		2,479,893		1,931,762		1,521,274
Total stock-based compensation expense	$	3,760,802	$	2,964,767	$	2,323,603

2003 Stock Incentive Plan

Company's Stock Option Activity



				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 December 31, 2017	713,211		1.25	2.2	$	11,086
Vested as of December 31, 2017	713,211		1.25	2.2	$	11,086
Exercisable as of December 31, 2017	713,211		1.25	2.2	$	11,086

2013 Equity Incentive Plan

Company's Stock Option Activity


					WEIGHTED-
			WEIGHTED-		AVERAGE	AGGREGATE
			AVERAGE		REMAINING	INTRINSIC
	OUTSTANDING		EXERCISE		CONTRACTUAL	VALUE (IN
	OPTIONS		PRICE		TERM(YEARS)	THOUSANDS)
Outstanding as of December 31, 2016		2,066,105	$	7.41	7.9
Options granted		674,738		7.03
Options exercised		(54,521)		6.35
Options forfeited		(22,159)		7.35
Outstanding as of December 31, 2017		2,664,163		7.34	7.4	$	25,091
Vested or expected to vest as of December 31, 2017		2,664,163		7.34	7.4	$	25,091
Exercisable as of December 31, 2017		1,569,935		7.81	6.5	$	14,079

Weighted-Average Fair Value of Options Granted


	2017	2016	2015
Expected term	6.25 years	6.25 years	6.25 years
Expected volatility	75.20%	68.98%	80.76%
Risk-free interest rate	2.08%	1.70%	1.70%
Expected dividend yield	0%	0%	0%

Summary of RSU Activity

The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2017:



			Weighted-Average
		Number	Grant Date
	of Shares			Fair Value
Unvested at December 31, 2016		16,916	$	5.04
Granted		—		—
Forfeited		—		—
Vested		7,249		5.61
Unvested at December 31, 2017		9,667		4.61

- 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.

+ References + Details