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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2014

Stockholders Equity Note [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Stock-based compensation cost that has been expensed in the statements of operations amounted to $1.0 million and $480,000 for the three months ended March 31, 2014 and 2013, allocated as follows:

		Three Months Ended March 31,
		2014			2013
Research and development		$	215,415		$	152,257
General and administrative			829,972			328,049
		$	1,045,387		$	480,306

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

For options granted during the three months ended March 31, 2014, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions:

		2014
Expected term			6.00  years
Risk-free interest rate			2.03	%
Expected dividend yield			—
Expected volatility			70.00	%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity is as follows:

		Outstanding stock options
		Number of shares		Weighted average exercise price
Balance at December 31, 2013		1,264,345		$	3.25
Options granted		31,500			8.25
Options exercised		-			-
Options forfeited		-			-
Options cancelled		(1,112)			12.84
Balance at March 31, 2014		1,294,733			3.36
Options exercisable at March 31, 2014		1,000,604			2.83

Schedule of Share-based Compensation, Activity [Table Text Block]

The following table summarizes information about stock options outstanding and exercisable at March 31, 2014:

Options outstanding										Options exercisable
Number outstanding		Weighted average remaining contractual life (Years)		Weighted average exercise price			Aggregate intrinsic value			Number exerciseable		Weighted average remaining contractual life (Years)		Weighted average exercise price			Aggregate intrinsic value
1,294,733		7.48		$	3.36		$	5,282,361		1,000,604		6.95		$	2.83		$	4,612,966

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

A summary of restricted common stock activity is as follows:

		Number of unvested restricted shares
Balance at December 31, 2013		103,784
Granted		-
Vested		(91,784)
Cancelled		-
Balance at March 31, 2014		12,000

A summary of restricted stock unit activity is as follows:

		Restricted Stock Units
Balance at December 31, 2013		15,000
Granted		-
Vested		-
Cancelled		-
Balance at March 31, 2014		15,000

X

- Definition

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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