Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Stock-Based Compensation [Abstract]

Allocation of Stock-Based Compensation Expenses

The estimated grant-date fair value of the Company’s stock-based awards is amortized ratably over the awards’ service periods. Stock-based compensation expense recognized was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Research and development	$	30,000	$	40,000	$	59,000	$	78,000
General and administrative		22,000		195,000		45,000		390,000
Total stock-based compensation	$	52,000	$	235,000	$	104,000	$	468,000

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2015:

			Options Outstanding
							Average
					Weighted		Remaining
	Shares				Average		Contractual
	Available				Exercise		Term		Intrinsic
	For Grant		Shares		Price		(Years)		Value
Balance, December 31, 2014		785,000		440,695	$	9.37		8.18	$	640,837
Granted		-		-		-		-		-
Exercised		-		(80,000)		8.00		-		(149,750)
Forfeited		-		-		-		-		-
Expired		-		(60)		455.00		-		-
Balance, June 30, 2015		785,000		360,635	$	9.60		7.62	$	491,087
Vested or expected to vest at June 30, 2015				358,504	$	9.60		7.62	$	202,222
Exercisable at June 30, 2015				325,222	$	9.00		7.60	$	202,222

Shares Reserved for Future Issuance

As of June 30, 2015, the Company had reserved shares of its common stock for future issuance as follows:

	Shares Reserved
Stock options outstanding		360,635
Available for future grants under the Stock Incentive Plan		785,000
Warrants		1,209,650
Total shares reserved		2,355,285