Stock Options, Stock Purchase Plan and Warrants (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the years ended December 31, 2013, 2012 and 2011 was estimated as of the grant date using a trinomial lattice model with the following weighted average assumptions:

	2013	2012	2011
Expected term (in years)	2.5 - 4.5	2.5 – 4.5	3.0 – 4.5
Risk-free interest rate (%)	0.7%	0.6%	1.18%
Expected volatility (%)	46%	51%	55%
Dividend yield (%)	0%	0%	0%
Weighted average fair value/share at grant date	$1.19	$0.73	$0.51

Status of our Stock Options and Stock Awards

The status of our stock options and stock awards are summarized as follows:

	Number			Weighted Average
	Of Shares			Exercise Price
Outstanding at December 31, 2010		5,470,544		$	0.87
Granted		519,000			1.39
Exercised		(382,500	)		0.95
Canceled		(827,374	)		1.15
Outstanding at December 31, 2011		4,779,670			0.87
Granted		1,298,000			1.64
Exercised		(197,209	)		1.02
Canceled		(102,749	)		1.60
Outstanding at December 31, 2012		5,777,712			1.02
Granted		416,000			3.66
Exercised		(438,998	)		0.85
Canceled		(28,916	)		1.47
Outstanding at December 31, 2013		5,725,798			1.22
Exercisable at December 31, 2013		4,205,173		$	0.89

Roll Forward of Non-Vested Stock Options Activity

The number and weighted average grant-date fair values of options non-vested at the beginning and end of 2013, as well as options granted, vested and forfeited during the year was as follows:

	Number of Options			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2013		1,702,378		$	0.71
Granted in 2013		416,000		$	1.20
Vested in 2013		(573,588	)	$	0.63
Forfeited in 2013		(24,165	)	$	0.57
Non-vested at December 31, 2013		1,520,625		$	1.02

Summarizes Information about our Options Outstanding

The following table summarizes information about our options outstanding at December 31, 2013:

	Options Outstanding						Options Exercisable
Range of Exercise Prices ($)	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
0.00 – 0.50		930,000		1.0	$	0.28		930,000		1.0	$	0.28
0.51 – 0.75		350,504		2.3		0.64		350,504		2.3		0.64
0.76 – 1.00		1,589,000		1.8		0.80		1,589,000		1.8		0.80
1.01 – 1.50		1,274,294		2.4		1.38		864,669		2.2		1.38
1.51 – 2.00		1,166,000		2.8		1.69		462,000		2.2		1.66
2.01 – 3.00		40,000		4.2		2.60		5,000		4.0		2.48
3.01 – 3.98		376,000		4.4		3.77		4,000		4.3		3.76
		5,725,798		2.2	$	1.22		4,205,173		1.8	$	0.89

Warrants Issued to Members of Board of Directors

For the year ended December 31, 2012, 650,000 warrants previously issued to members of our board of directors and 348,417 warrants issued in June 2007 as part of a common stock offering were exercised or expired as follows:

Type of Exercise	Warrant Shares		Exercise Price / Share		Cash Received		Common Stock Shares Issued
For cash		175,000	$	1.50	$	262,500		175,000
Cashless net exercise		725,000	$	1.50	$	—		75,066
Expired unexercised		98,417	$	1.50	$	—		—

Warrant Activity is Summarized

Warrant activity is summarized as follows:

	Shares			Weighted Average Exercise Price
Warrants outstanding, December 31, 2010		6,326,750			0.65
Granted		—			—
Exercised		(4,170,000	)		0.29
Expired		—			—
Cancelled		—			—
Warrants outstanding, December 31, 2011		2,156,750			1.34
Granted		200,000			1.43
Exercised		(900,000	)		1.50
Expired		(98,417	)		1.50
Cancelled		—			—
Warrants outstanding, December 31, 2012		1,358,333		$	1.24
Granted		—			0.00
Exercised		—			0.00
Expired		—			0.00
Cancelled		—			0.00
Warrants outstanding, December 31, 2013		1,358,333		$	1.24

Summarizes Information on Warrants Outstanding

The following table summarizes information on warrants outstanding on December 31, 2013:

Number outstanding		Exercise price		Issued		Expire
	83,333	$	0.75		02/09/2009		02/08/2014
	625,000	$	1.05		03/16/2009		03/15/2014
	450,000	$	1.50		5/3/2010		5/2/2017
	200,000	$	1.43		1/12/2012		1/12/2017
	1,358,333	$	1.24

Warrant [Member]

Valuation of Option Items under Trinomial Lattice Model

On December 31, 2013 the Albitar Warrants were valued at approximately $479,000 based on a trinomial lattice model with the following terms:

Expected term in years	3.7
Risk-free interest rate (%)	0.5	%
Weighted average expected volatility (%)	52	%
Dividend yield (%)	0	%

Chief Information Officer [Member]

Valuation of Option Items under Trinomial Lattice Model

The stock options were valued at $192,000 based on a trinomial lattice model with the following terms:

Expected term in years	3.5
Risk-free interest rate (%)	0.5	%
Weighted average expected volatility (%)	45	%
Dividend yield (%)	0	%

Chief Medical Officer [Member]

Valuation of Option Items under Trinomial Lattice Model

At December 31, 2013 these stock options were valued at $535,000 based on a trinomial lattice model with the following terms:

Expected term in years	3.3
Risk-free interest rate (%)	0.6	%
Weighted average expected volatility (%)	53	%
Dividend yield (%)	0	%

Chief Executive Officer [Member]

Valuation of Option Items under Trinomial Lattice Model

The Supplemental Options are valued at $505,000 based on a trinomial lattice model with the following terms:

Expected term in years	3.8
Risk-free interest rate (%)	0.6	%
Weighted average expected volatility (%)	52	%
Dividend yield (%)	0	%