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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Stock-Based Compensation [Abstract]  
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 for the six months ended June 30, 2016:







 

 

 



 

 

 



 

June 30,



 

2016

Risk-free interest rate

 

1.46 to 1.63

%

Expected volatility

 

113 to 115

%

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 June 30,

 

Six Months Ended June 30,



 

2016

 

2015

 

2016

 

2015



 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Research and development

 

$

 26,000 

 

$

 30,000 

 

$

 52,000 

 

$

 59,000 

General and administrative

 

 

 436,000 

 

 

 22,000 

 

 

 1,226,000 

 

 

 45,000 

Total stock-based compensation

 

$

 462,000 

 

$

 52,000 

 

$

 1,278,000 

 

$

 104,000 



Summary of Stock Option Activity

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

 

 

 (224,208)

 

 

 224,208 

 

 

 2.85 

 

 

 -

 

 

 -

Exercised

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Forfeited

 

 

 150,956 

 

 

 (150,856)

 

 

 9.03 

 

 

 -

 

 

 -

Expired

 

 

 -

 

 

 (4,100)

 

 

 14.39 

 

 

 -

 

 

 -

Shares authorized

 

 

 1,000,000 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Balance, June 30, 2016

 

 

 1,650,179 

 

 

 739,021 

 

$

 6.81 

 

 

 8.99 

 

$

 -

Vested or expected to vest at June 30, 2016

 

 

 

 

 

 612,640 

 

$

 7.18 

 

 

 8.91 

 

$

 -

Exercisable at June 30, 2016

 

 

 

 

 

 154,312 

 

$

 8.93 

 

 

 7.91 

 

$

 -



Shares Reserved for Future Issuance

As of June 30, 2016, the Company had reserved shares of its common stock for future issuance as follows:





 

 

 



 

 

 



 

Shares Reserved

Stock options outstanding

 

 

 739,021 

Available for future grants under the 2016 Plan

 

 

 1,650,179 

Warrants

 

 

 2,443,479 

Total shares reserved

 

 

 4,832,679