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Shared-Based Payments (Tables) | 9 Months Ended
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Sep. 30, 2013
Schedule of Stock-Based Compensation Expense | The following stock-based compensation amounts were recognized for the years ended December 31, 2011 and 2012 and the nine month periods ended September 30, 2012 and 2013:
|  | Year Ended December 31, |  |  | Nine months ended September 30, |
|  | 2011 |  |  | 2012 |  |  | 2012 |  |  | 2013 |
|  |  |  |  |  |  |  | (unaudited) |
Research and development |  | $ | 1,018,935 |  |  | $ | 471,809 |  |  | $ | 353,856 |  |  | $ | 284,281 |
General and administrative |  |  | 1,328,504 |  |  |  | 366,586 |  |  |  | 274,940 |  |  |  | 109,280 |
Total stock-based compensation expense |  | $ | 2,347,439 |  |  | $ | 838,395 |  |  | $ | 628,796 |  |  | $ | 393,561 |
Schedule of Fair Value Option Award Estimated on the Date of Grant Using the Black-Scholes Option-Pricing Model | The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table:
|  | Year Ended December 31, |  |  | Nine months ended September 30, 2013 |
|  | 2011 |  |  | 2012 |  |
|  |  |  |  |  |  |  | (unaudited) |
Expected dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Expected volatility |  |  | 62 | % |  |  | 51 | % |  |  | 53% – 58 | %
Risk-free interest rate |  |  | 1.35 | % |  |  | 1.18 | % |  |  | 1.24% – 2.05 | %
Expected average life of options |  |  | 7 years |  |  |  | 7 years |  |  |  | 7 years |
Fair market value of common stock at: |  | $ | 0.94 |  |  | $ | 1.50 |  |  | $ | 1.50 – $7.51 |
Expected Forfeiture Rate |  |  | 5.58 | % |  |  | 5.57 | % |  |  | 5.06 | %
Stock Options Granted to Employees and Non-Employees | Information with respect to stock options granted to employees and non-employees from January 1, 2012 through September 30, 2013 was as follows:
Grant Date |  | Number of Options Granted |  |  | Exercise Price |  |  | Estimated Option Fair Value |  |  | Intrinsic Value |
01/08/2012 |  |  | 112,881 |  |  | $ | 0.94 |  |  | $ | 0.56 |  |  | $ | — |
03/14/2012 |  |  | 313,094 |  |  | $ | 0.94 |  |  | $ | 0.56 |  |  | $ | — |
06/13/2012 |  |  | 4,314 |  |  | $ | 0.94 |  |  | $ | 0.56 |  |  | $ | — |
09/19/2012 |  |  | 8,011 |  |  | $ | 0.94 |  |  | $ | 0.56 |  |  | $ | — |
11/08/2012 |  |  | 15,713 |  |  | $ | 0.94 |  |  | $ | 0.56 |  |  | $ | — |
01/06/2013 |  |  | 337,282 |  |  | $ | 1.50 |  |  | $ | 0.94 |  |  | $ | — |
03/08/2013 |  |  | 14,008 |  |  | $ | 1.50 |  |  | $ | 0.94 |  |  | $ | — |
06/19/2013 |  |  | 59,497 |  |  | $ | 2.63 |  |  | $ | 1.88 |  |  | $ | — |
07/19/2013 |  |  | 206,083 |  |  | $ | 4.69 |  |  | $ | 2.95 |  |  | $ | — |
09/18/2013 |  |  | 72,014 |  |  | $ | 7.51 |  |  | $ | 4.76 |  |  | $ | — |
Schedule of Stock Option Activity | The following table summarizes stock option activity under the Plan during the period then ended:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Contractual Term (in Years) |
Outstanding, December 31, 2011 |  |  | 2,885,417 |  |  | $ | 0.94 |  |  |  | 7.4 |
Granted |  |  | 454,014 |  |  |  | 0.94 |  |  |  | 6.7 |
Exercised |  |  | (49,883 | ) |  |  | 0.94 |  |  |  |  |
Forfeited or expired |  |  | (39,846 | ) |  |  | 0.94 |  |  |  |  |
Outstanding, December 31, 2012 |  |  | 3,249,702 |  |  |  | 0.94 |  |  |  | 7.3 |
Granted |  |  | 687,183 |  |  |  | 3.19 |  |  |  | 7.0 |
Exercised |  |  | (1,025,933 | ) |  |  | 0.75 |  |  |  |  |
Forfeited or expired |  |  | (33,949 | ) |  |  | 1.13 |  |  |  |  |
Outstanding, September 30, 2013 (unaudited) |  |  | 2,877,003 |  |  |  | 1.50 |  |  |  | 7.2 |
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |
Exercisable |  |  | 2,620,100 |  |  |  | 0.94 |  |  |  |  |
Vested and expected to vest |  |  | 2,734,949 |  |  |  | 0.94 |  |  |  |  |
September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |
Exercisable (unaudited) |  |  | 1,855,178 |  |  |  | 0.94 |  |  |  |  |
Vested and Expected to Vest (unaudited) |  |  | 918,600 |  |  |  | 2.44 |  |  |  |  |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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