Stock Incentive Plans

3 Months Ended

Mar. 31, 2015

Stock Incentive Plans [Abstract]

Stock Incentive Plans

Note 3 — Stock Incentive Plans

Stock-based Compensation. Certain option and share awards provide for accelerated vesting if there is a change in control as defined in the applicable plan and certain employment agreements. The following table summarizes stock-based compensation expense:

	Three months ended March 31,
(In thousands)	2014		2015
Research and development	$	10	$	26
General and administrative		10		145
Total	$	20	$	171

Stock Options — Stock option activity was as follows:

	Options Outstanding
	2015
	Shares		Weighted Average Exercise Price
Outstanding, January 1		1,084,106	$	5.52
Options Issued		232,000	$	0.63
Outstanding, March 31		1,316,106	$	4.66
Exercisable, March 31		293,856	$	17.34

The following table summarizes additional information on our stock options outstanding at March 31, 2015:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted-average Remaining Contractual Life (Years)		Weighted-average Exercise Price		Number Exercisable		Weighted- average Exercise Price
$0.63 - $0.82		252,000		4.75	$	0.65		126,000	$	0.65
$0.83 - $1.07		1,019,000		8.25		1.07		124,000		1.07
$1.08 - $2.20		2,500		6.44		2.20		1,250		2.20
$2.21 - $50.00		10,500		3.20		47.60		10,500		47.60
$50.01 - $100.00		10,500		3.20		87.60		10,500		87.60
$100.01 - $200.00		16,000		3.20		141.35		16,000		141.35
$200.01 - $526.40		5,606		3.17		213.63		5,606		213.63
Totals		1,316,106		7.41	$	4.66		293,856	$	17.34
Weighted-Average Exercisable Remaining Contractual Life										4.41

In January 2015, we issued options to purchase up to an aggregate of 152,000 shares of our common stock to non-employee members of our board of directors at an exercise price of $0.635 per share as the annual grant to such directors for their service on our board of directors during 2015, and we issued options to purchase up to an aggregate of 80,000 shares of our common stock to the members of our scientific advisory board at an exercise price of $0.63 per share as the annual grant to such persons for their service on our scientific advisory board during 2015.

At March 31, 2015, we had $0.75 million of total unrecognized compensation expense related to unvested stock options. We expect to recognize this cost over a weighted average period of 2.2 years.

At March 31, 2015, the intrinsic value of options outstanding or exercisable was zero as there were no options outstanding with an exercise price less than $0.58, the per share closing market price of our common stock at that date. No options were exercised during the three months ended March 31, 2015.