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Shared-Based Payments (Tables)

9 Months Ended

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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