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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Total Stock-Based Compensation Expense

Total stock-based compensation expense, related to all of the Company’s share-based awards to employees, directors and non-employees recognized during three months ended March 31, 2014 and 2013, was comprised of the following:

 

    

Three Months Ended

March 31,

 
     2014      2013  

Research and development

   $ 97,417       $ 26,621   

General and administrative

     102,337         47,449   
  

 

 

    

 

 

 

Total share-based compensation expense

   $ 199,754       $ 74,070   
  

 

 

    

 

 

 
Weighted-Average Assumptions Used for Calculating Value of Options Granted

The following table describes the weighted-average assumptions used for calculating the value of options granted during the three months ended March 31, 2014:

 

     2014

Dividend yield

   0%

Expected volatility

   80%

Weighted-average risk-free interest rate

   2.0%

Expected term

   6.4 years

 

Stock Option Activity

Information regarding the stock options activity including employees, directors and non-employees as of March 31, 2014, and changes during the three-month period then ended, are summarized as follows:

 

     Number of
Shares
     Weighted-
Average
Exercise
Price
     Weighted-
Average
Contractual
Life
 

Outstanding at December 31, 2013 (audited)

     1,400,125       $ 1.98         5.3 years   

Options granted (unaudited)

     168,000       $ 17.35         6.4 years   

Options exercised (unaudited)

     —         $ —           —     

Options canceled or expired (unaudited)

     —         $ —           —     
  

 

 

    

 

 

    

Outstanding at March 31, 2014 (unaudited)

     1,568,125       $ 3.63         5.6 years   
  

 

 

    

 

 

    

Vested or expected to vest at March 31, 2014 (unaudited)

     1,568,125       $ 3.63      
  

 

 

    

 

 

    

Exercisable at March 31, 2014 (unaudited)

     1,174,640       $ 1.76         4.4 years