Stock Incentive Plans

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
(In thousands)	2014		2015		2014		2015
Research and development	$	15	$	5	$	34	$	36
General and administrative		131		111		152		376
Total	$	146	$	116	$	186	$	412

Stock Options — Stock option activity was as follows:

	Options Outstanding
	Shares		Weighted Average Exercise Price
Outstanding, December 31, 2014		1,084,106	$	5.52
Options Issued		232,000	$	0.63
Outstanding September 30, 2015		1,316,106	$	4.66
Exercisable, September 30, 2015		674,830	$	8.16

The following table summarizes additional information on our stock options outstanding at September 30, 2015:

	Options Outstanding						Options Exercisable
			Weighted-Average
			Remaining						Weighted
Range of Exercise	Number		Contractual Life		Weighted Average		Number		Average
Prices	Outstanding		(Years)		Exercise Price		Exercisable		Exercise Price
$0.63 - $0.82		252,000		4.25	$	0.65		126,000	$	0.65
$0.83 - $1.07		1,019,000		7.75		1.07		504,974		1.07
$1.08 - $2.20		2,500		5.94		2.20		1,250		2.20
$2.21 - $50.00		10,500		2.70		47.60		10,500		47.60
$50.01 - $100.00		10,500		2.70		87.60		10,500		87.60
$100.01 - $200.00		16,000		2.70		141.35		16,000		141.35
$200.01 - $526.40		5,606		2.67		213.63		5,606		213.63
Totals		1,316,106		6.91	$	4.66		674,830	$	8.16
Weighted-Average Exercisable Remaining Contractual Life (Years)										5.84

In January 2015, we issued options to purchase 0.15 million 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 0.08 million 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 September 30, 2015, we had $0.55 million of total unrecognized compensation expense related to unvested stock options. We expect to recognize this cost over a weighted average period of 1.7 years.

At September 30, 2015, the intrinsic value of options outstanding or exercisable was zero as there were no options outstanding with an exercise price less than $0.31, the per share closing market price of our common stock at that date. No options were exercised during the nine months ended September 30, 2015.