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Stock-Based Compensation (Tables)

6 Months Ended

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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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.

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Tabular disclosure of the changes in outstanding nonvested shares.

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