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Stock Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Expense

The amounts included in the consolidated statements of operations relating to stock-based compensation are as follows:

 

     Three Months ended March 31,  
     2017      2016  

Research and development expenses

    $ 262,964      $ 234,922  

General and administrative expenses

      595,132        374,186  
  

 

 

     

 

 

  

Total stock-based compensation expense

    $ 858,096      $ 609,108  
  

 

 

     

 

 

  
Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options for the three months ended March 31, 2017:

 

     Number of
Shares		      Weighted
Average
Exercise Price		      Weighted
Average
Contractual
Term		      Aggregate
Intrinsic
Value(a)		  

Outstanding at December 31, 2016

      1,498,585      $ 4.63        7.86      $ 2,185,696  

Granted

      739,536        5.12        

Cancelled

      —          —          

Forfeited

      —          —          

Exercised

      —          —          
  

 

 

           

Outstanding at March 31, 2017

      2,238,121      $ 4.79        7.62      $ 1,857,888  
  

 

 

     

 

 

        

Exercisable at March 31, 2017

      933,337      $ 1.86        6.37      $ 1,736,438  
  

 

 

     

 

 

        

 

(a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of the Company’s common stock on March 31, 2017 of $5.00 and the price of the underlying options.