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STOCK-BASED COMPENSATION PLANS (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Fair Value of Stock Options Grants
The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions:
 
 
 
For the Three Months Ended September 
30,
 
 
For the Nine Months Ended September 
30,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Expected term (years)
 
 
6.25
 
 
 
6.25
 
 
 
6.25
 
 
 
6.25
 
Risk-free interest rate
 
 
1.82
%
 
 
1.12
%
 
 
1.79
%
 
 
1.49
%
Expected volatility
 
 
123.85
%
 
 
122.80
%
 
 
124.38
%
 
 
122.63
%
Expected dividend yield
 
 
0.00
%
 
 
0.00
%
 
 
0.00
%
 
 
0.00
%
Summary of Stock Option Activity Under the Option Plan
A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2017, is presented below:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
Average
 
Aggregate
 
 
 
Number
 
Average
 
Remaining
 
Intrinsic
 
 
 
of Shares
 
Exercise
 
Contractual
 
Value
 
 
 
(in thousands)
 
Price
 
Life (Years)
 
(in thousands)
 
Outstanding at December 31, 2016
 
 
2,233
 
$
0.40
 
 
6.76
 
$
130
 
Granted
 
 
511
 
$
0.41
 
 
 
 
 
 
 
Exercised
 
 
—
 
 
—
 
 
 
 
 
 
 
Forfeited
 
 
(787)
 
$
0.31
 
 
 
 
 
 
 
Outstanding at September 30, 2017
 
 
1,957
 
$
0.43
 
 
6.40
 
$
2,769
 
Exercisable at September 30, 2017
 
 
1,415
 
$
0.44
 
 
5.41
 
$
1,975