Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Stock Option Activity

The following table summarizes option activity under the incentive plans:

	Stock Options Outstanding		Weighted-Average Exercise Price
Options outstanding at December 31, 2012		67,232	$	3.24
Granted		542,610	$	1.26
Options outstanding at December 31, 2013		609,842	$	1.48
Granted		264,190	$	6.84
Options outstanding at December 31, 2014		874,032	$	3.10

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at:

Period Ending	Number Exercisable		Outstanding Shares Weighted- Average Remaining Contractual Life		Exercisable Shares Weighted- Average Remaining Contractual Life
December 31, 2014		134,294		8.74		7.47
December 31, 2013		96,949		9.32		7.41

Schedule of Stock-Based Compensation Expense

Stock-based compensation is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statement of operations as follows:

	Years Ended December 31,
	2014		2013
Research and development expenses	$	647,150	$	481,598
General and administrative expenses		1,389,923		1,220,115
Total stock-based compensation expense	$	2,037,073	$	1,701,713

Employee stock options [Member]

Schedule of Fair Value of Stock Option Assumptions

The assumptions used in determining fair value of the employee stock options for the years ended December 2014 and 2013, are as follows:

	December 31, 2014			December 31, 2013
Expected dividend yield		0	%		0	%
Anticipated volatility		88.57	%		88.57	%
Estimated stock price	$	4.99 - $8.00		$	10.56 - $11.03
Exercise price	$	4.99 - $8.00		$	0.552 - $4.56
Expected life (years)		6.00 - 6.25			5.47 - 7.85
Risk free interest rate		1.92% - 2.03	%		1.71% - 2.34	%

Non-Employee Stock Options [Member]

Schedule of Fair Value of Stock Option Assumptions

In determining the expense associated with their vesting, those non-employee stock options were valued using the Black-Scholes option-pricing model using the fair value of the common stock and the following assumptions:

	December 31, 2014			December 31, 2013
Expected dividend yield		0	%		0	%
Anticipated volatility		88.57	%		88.57	%
Estimated stock price	$	7.22		$	11.85
Exercise price	$	0.552		$	3.24
Expected life (years)		8.69			3.27 - 3.35
Risk free interest rate		2.17	%		0.78	%