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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation Expense

Our stock-based compensation expense for the three and nine months ended September 30 was as follows:

 

     Three months ended
September 30,		     Nine months ended
September 30,		  
     2014     2013     2014     2013  

Research and development expense

    $ 188,357      $ 346,938      $ 414,246      $ 1,064,301   

Selling, general and administrative expense

      320,454        250,067        1,129,331        968,927   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stock-based compensation

    $ 508,811      $ 597,005      $ 1,543,577      $ 2,033,228   
  

 

 

    

 

 

    

 

 

    

 

 

  

Effect on basic and diluted net loss per share

    $ (0.01 )    $ (0.01 )    $ (0.03 )    $ (0.05 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Stock Option Activity

A summary of our stock option activity for the three months ended September 30, 2014 is as follows:

 

     Number of options     Weighted-average
exercise price ($) per share		  

Balance at June 30, 2014

      375,670        18.18   

Granted

      —         —     

Exercised

      —          —     

Cancelled

      (57,941 )      19.03   
  

 

 

    

Outstanding options at September 30, 2014

      317,729        18.03   
  

 

 

    
Summary of Changes in Unvested Options

A summary of changes in unvested options for the three months ended September 30, 2014 is as follows:

 

     Number of options     Weighted-average
exercise price ($) per share		      Weighted-average
grant
date fair value ($) per option		  

Unvested options at June 30, 2014

      7        8.90         7.26   

Granted

      —          —           —     

Vested

      (7 )      8.90         7.26   

Cancelled

      —          —           —     
  

 

 

       

Unvested options at September 30, 2014

      —          —           —     
  

 

 

       
Summary of Changes in Unvested Restricted Stock Units

A summary of changes in our restricted stock units for the three months ended September 30, 2014 is as follows:

 

     Number of RSUs     Weighted-average
grant
date fair value ($) per RSU		  

Outstanding restricted stock units at June 30, 2014

      3,137,440        1.53   

Granted(1)

      270,000        1.90   

Vested and exercised

      (22,500 )      1.75   

Cancelled

      —          —     
  

 

 

    

Outstanding restricted stock units at September 30, 2014

      3,384,940        1.55   
  

 

 

    

 

(1) 110,000 of these restricted stock units will vest and convert into shares of our common stock over a four year period from the date of grant; one-fourth of the award will vest on each grant date anniversary following the grant. 150,000 of these restricted stock units will vest and convert into shares of our common stock over a three year period from the date of grant; one-third of the award will vest on each grant date anniversary following the grant. 10,000 of these restricted stock units will vest and convert into shares of our common stock after one year from the date of grant.