Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Weighted-Average Valuation Assumptions, Stock Option Grants

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:



	March 31,
	2016
Risk-free interest rate	1.58 to 1.63	%
Expected volatility	113.0	%
Expected term (in years)	6.0
Expected dividend yield	0.0	%

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 March 31,
	2016		2015
	(Unaudited)		(Unaudited)
Research and development	$	26,000	$	29,000
General and administrative		790,000		23,000
Total stock-based compensation	$	816,000	$	52,000

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2016:



			Options Outstanding
							Average
					Weighted		Remaining
	Shares				Average		Contractual
	Available				Exercise		Term		Intrinsic
	For Grant		Shares		Price		(Years)		Value
Balance, December 31, 2015		723,431		669,769	$	8.68		9.29	$	-
Granted		(207,208)		207,208		2.83		-		-
Exercised		-		-		-		-		-
Forfeited		-		-		-		-		-
Expired		-		(4,000)		10.00		-		-
Balance, March 31, 2016		516,223		872,977	$	7.29		9.26	$	229,076
Vested or expected to vest at March 31, 2016				704,778	$	7.63		9.18	$	141,846
Exercisable at March 31, 2016				99,394	$	9.19		7.69	$	-

Shares Reserved for Future Issuance

As of March 31, 2016, the Company had reserved shares of its common stock for future issuance as follows:



	Shares Reserved
Stock options outstanding		872,977
Available for future grants under the Stock Incentive Plan		516,223
Warrants		1,379,649
Total shares reserved		2,768,849