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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation Expense | Our stock-based compensation expense for the three and six months ended June 30 was as follows:
|  | Three months ended |  |  | Six months ended |
| June 30, |  |  | June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Research and development expense |  | $ | (551,156 | ) |  | $ | 698,039 |  |  | $ | (237,780 | ) |  | $ | 1,281,708 |
General and administrative expense |  |  | (368,956 | ) |  |  | 653,535 |  |  |  | 1,170,094 |  |  |  | 1,378,760 |
Total stock-based compensation |  | $ | (920,112 | ) |  | $ | 1,351,574 |  |  | $ | 932,314 |  |  | $ | 2,660,468 |
Effect on basic and diluted net loss per share |  | $ | 0.08 |  |  | $ | (0.17 | ) |  | $ | (0.09 | ) |  | $ | (0.39
Stock Option Activity | A summary of our stock option activity for the three months ended June 30, 2016 is as follows:
|  | Number of options |  |  | Weighted-average exercise price ($) per share |
Outstanding options at March 31, 2016 |  |  | 155,847 |  |  |  | 32.80 |
Granted 1 |  |  | 6,250 |  |  |  | 3.12 |
Exercised |  |  | — |  |  |  | — |
Cancelled |  |  | (134,266 | ) |  |  | 10.10 |
Outstanding options at June 30, 2016 |  |  | 27,831 |  |  |  | 135.64 |
Summary of Changes in Unvested Options | A summary of changes in unvested options for the three months ended June 30, 2016 is as follows:
|  | Number of options |  |  | Weighted-average exercise price ($) per share |  |  | Weighted-average grant date fair value ($) per option |
Unvested options at March 31, 2016 |  |  | 124,600 |  |  |  | 7.91 |  |  |  | 5.18 |
Granted |  |  | 6,250 |  |  |  | 3.12 |  |  |  | — |
Vested |  |  | 12,416 |  |  |  | 8.13 |  |  |  | 5.28 |
Cancelled |  |  | 117,184 |  |  |  | 7.63 |  |  |  | 4.89 |
Unvested options at June 30, 2016 |  |  | 1,250 |  |  |  | 8.52 |  |  |  | 5.53 |
Summary of Changes in Restricted Stock Units | A summary of changes in our restricted stock units for the three months ended June 30, 2016 is as follows:
|  | Number of RSUs |  |  | Weighted Average Grant Date Fair Value ($) |
Outstanding at March 31, 2016 |  |  | 810,951 |  |  |  | 11.06 |
Granted |  |  | — |  |  |  | — |
Vested and exercised |  |  | (32,078 | ) |  |  | 20.25 |
Cancelled |  |  | (571,939 | ) |  |  | 10.69 |
Outstanding at June 30, 2016 |  |  | 206,934 |  |  |  | 10.66 |
1 | This stock award is performance based and vest on achievement of predefined milestones. In light of the decision to terminate the Pathway Study, our available strategic alternatives and our current cash position, the Board of Directors approved a plan to wind down our current operations. As part of this process, we conducted a reduction in work force impacting all of our remaining full-time employees, consisting of approximately 50 employees, effective August 1, 2016. This grant was forfeited unvested.

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