Note 7 - Stock-based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-based Compensation

Stock Options

The following table summarizes stock option activity for employees and non-employees:

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value

Outstanding at December 31, 2014		1,235,526		$	4.19		7.1	$	7,709
Granted		589,924		$	12.68
Exercised		(25,188	)
Outstanding at September 30, 2015		1,800,262		$	7.00		7.4	$	13,061
Exercisable at September 30, 2015		775,789		$	3.22		5.2	$	8,310
Vested or expected to vest at September 30, 2015 (1)		1,683,543		$	6.91		7.3	$	12,403

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(1) Represents the number of vested options at September 30, 2015 plus the number of unvested options expected to vest based on the unvested options outstanding at September 30, 2015.

Employee Stock Purchase Plan

The 2014 ESPP initially authorized the issuance of up to 140,500 shares of Common Stock. The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 281,000 shares and any lower amount determined by the Company’s Board of Directors prior to each such January 1st. As of September 30, 2015, as a result of an increase on January 1, 2015 of one percent of the outstanding shares as of the end of the fiscal year ending December 31, 2014, the 2014 ESPP authorized the issuance of up to 304,991 shares of Common Stock. The first offering under the 2014 ESPP began on January 1, 2015 and ended on June 30, 2015. The second offering under the 2014 ESPP began on July 1, 2015 and will end on December 31, 2015. During the nine months ended September 30, 2015, 5,864 shares were issued under the 2014 ESPP with 299,127 shares remaining for future issuance under the plan as of September 30, 2015. The Company incurred $5,000 and $27,000 in stock-based compensation expense related to the 2014 ESPP for the three and nine months ended September 30, 2015, respectively.