Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Research and development	$	29,000	$	38,000	$	88,000	$	116,000
General and administrative		116,000		209,000		161,000		598,000
Severance charge		4,000		1,161,000		4,000		1,161,000
Total stock-based compensation	$	149,000	$	1,408,000	$	253,000	$	1,875,000

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 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
Increase in authorized shares		520,000
Granted		(547,181)		547,181		8.72		-		-
Exercised		-		(214,815)		8.00		-		(383,994)
Forfeited		4,812		(4,812)		13.64		-		-
Expired		-		(137,123)		10.19		-		-
Balance, September 30, 2015		762,631		631,126	$	9.06		9.38	$	256,843
Vested or expected to vest at September 30, 2015				499,995	$	9.05		9.26	$	-
Exercisable at September 30, 2015				66,205	$	11.45		5.98	$	-

Shares Reserved for Future Issuance

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

	Shares Reserved
Stock options outstanding		631,126
Available for future grants under the Stock Incentive Plan		762,631
Warrants		1,209,681
Total shares reserved		2,603,438