Stock Incentive Plan Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Stock Incentive Plan Compensation [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock option grants were as follows:

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:

	Year Ended December 31,
	2015		2014
Research and development	$	122,000	$	143,000
General and administrative		357,000		632,000
Severance charge		4,000		1,161,000
Total stock-based compensation expense	$	483,000	$	1,936,000

(1) The severance charge component of stock incentive plan compensation relates to accelerated vesting of stock options held by the Company’s former Chief Executive Officer and a former executive per the terms of their employment agreements.

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 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		(596,569)		596,569		8.47		-		-
Exercised		-		(214,815)		8.00		-		(383,994)
Forfeited		4,375		(4,812)		13.64		-		-
Expired		10,625		(147,868)		10.71		-		-
Balance, December 31, 2015		723,431		669,769	$	8.68		9.29	$	-
Vested or expected to vest at December 31, 2015				552,340	$	10.03		9.21	$	-
Exercisable at December 31, 2015				67,084	$	10.03		6.71	$	-

Shares Reserved for Future Issuance

As of December 31, 2015, the Company had reserved shares of its common stock for future issuance as follows:

	Shares Reserved
Stock options outstanding		669,769
Available for future grants under the Stock Incentive Plan		723,431
Warrants		1,209,649
Total shares reserved		2,602,849