Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

In January 2016, we granted to our executives, employees and certain consultants performance options with a market condition to purchase up to an aggregate 386,210 shares of common stock at an exercise price of $9.13.  Upon achievement of specified goals by January 4, 2018, such performance options shall begin to vest over four years in equal monthly installments, otherwise the options will be subject to forfeiture. The grant date fair value of $1.93 was determined using a Monte Carlo simulation and will be expensed using the accelerated attribution method over the requisite service period of 5.0 years.

In addition, our Compensation Committee of the Board of Directors approved annual option grants to our executives, members of board of directors, employees and certain consultants to purchase an aggregate of 574,482 shares of common stock at an exercise price of $6.14.  The weighted average grant date fair value of the options granted to our executives, members of board of directors and employees was $4.76.