Note 8 — Stock Incentive Plans

At December 31, 2015, options to purchase up to 1.3 million shares of our common stock were outstanding, and 8.2 million shares were reserved for future awards under our stock incentive plans.

Our current stock incentive plans include the 2008 Stock Incentive Plan and the 2014 Long Term Incentive Plan. Under our stock compensation plans, we are authorized to grant options to purchase shares of common stock to our employees, officers and directors and other persons who provide services to us. The options to be granted are designated as either incentive stock options or non-qualified stock options by our board of directors, which also has discretion as to the person to be granted options, the number of shares subject to the options and the terms of the option agreements. Only employees, including officers and part-time employees, may be granted incentive stock options. Under our 2008 and 2014 stock incentive plans, we are authorized to grant awards of stock options, restricted stock, stock appreciation rights and performance shares. At December 31, 2015, no stock appreciation rights or performance shares have been granted. Standard options granted under the plans generally have terms of ten years from the date of grant and vest over three years.

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:

	Year Ended December 31,
(In thousands)	2014		2015
Research and development	$	48	$	42
General and administrative		229		462
Total	$	277	$	504

Stock Options — Stock option activity in 2014 and 2015 was as follows:

	Year Ended December 31,
	2014					2015
	Shares			Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding on January 1		284,829		$	39.46		1,084,106	$	5.52
Issued		1,039,000			1.07		232,000		0.63
Forfeited/expired		(239,723	)		18.02		-		-
Outstanding on December 31		1,084,106		$	5.52		1,316,106	$	4.66
Exercisable as of December 31		179,106		$	28.06		750,356	$	7.44

The following table summarizes additional information on our stock options outstanding at December 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		4.00	$	0.65		136,000	$	0.66
$1.07 - $2.20		1,021,500		7.49		1.07		571,750		1.07
$47.60 - $87.60		21,000		2.44		67.60		21,000		67.60
$127.60 - $207.60		21,500		2.44		158.30		21,500		158.30
$526.40		106		1.10		526.40		106		526.40
Totals		1,316,106		6.66	$	4.66		750,356	$	7.44
	Weighted-Average Exercisable Remaining Contractual Life (Years)									5.84

We use Black-Scholes to determine the fair value of our stock-based awards. The determination of the fair value of stock-based awards on the date of grant using an option-pricing model is affected by our stock price, as well as by assumptions regarding a number of complex and subjective variables. We meet the criteria, having had significant past structural changes, such that our historical exercise data are not reasonably extrapolated to an expected term. Given the terms of the awards and the population of recipients, we believe that expected term is equal to the contractual term. We estimate volatility of our common stock by using our stock price history to forecast stock price volatility. The risk-free interest rates used in the valuation model were based on U.S. Treasury issues with terms similar to the expected term on the options. We do not anticipate paying any dividends in the foreseeable future. We granted 1.0 million and 0.2 million options in 2014 and 2015, respectively.

At December 31, 2015, we had $0.5 million of total unrecognized compensation expense related to unvested stock options. We expect to recognize this cost over a weighted average period of 1.8 years.

At December 31, 2015, the intrinsic value of options outstanding or exercisable was $0, as there were no options outstanding with an exercise price less than the per share closing market price of our common stock at that date. No options were exercised in either 2014 or 2015. The total grant date fair value of options that vested during 2014 and 2015 was $0.12 million and $0.06 million, respectively.