Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.2.0.727
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]
The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants and recorded in connection with stock options granted to non-employee consultants:
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
40,296
 
$
47,274
 
$
83,653
 
$
110,701
 
General and administrative
 
 
29,101
 
 
176,581
 
 
174,436
 
 
360,965
 
Restructuring
 
 
—
 
 
47,853
 
 
—
 
 
47,853
 
 
 
 
69,397
 
 
271,708
 
 
258,089
 
 
519,519
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
2,358
 
 
1,982
 
 
5,456
 
 
16,697
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
71,755
 
$
273,690
 
$
263,545
 
$
536,216
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following table summarizes weighted-average values and assumptions used for options granted to employees, directors and consultants in the periods indicated:
 
 
 
Six Months
 
 
Six Months
 
 
 
Ended
 
 
Ended
 
 
 
June 30, 2015
 
 
June 30, 2014
 
Volatility
 
 
105-107
%
 
 
108
%
Risk-free interest rate
 
 
1.70-1.95
%
 
 
1.76
%
Expected life (years)
 
 
6.0
 
 
 
6.0
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
2.65-2.69
 
 
$
7.40
 
Weighted-average grant-date fair value
 
$
2.17-2.20
 
 
$
6.20
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity is as follows:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Number of
 
 
 
Average
 
 
 
 
 
Shares Issuable
 
 
 
Remaining
 
 
 
 
 
Upon Exercise
 
Weighted
 
Contracted
 
Aggregate
 
 
 
of Outstanding
 
Average
 
Term in
 
Intrinsic
 
 
 
Options
 
Exercise Price
 
Years
 
Value
 
Outstanding at December 31, 2014
 
 
719,466
 
$
15.59
 
 
 
 
 
 
 
Granted
 
 
510,200
 
$
2.65
 
 
 
 
 
 
 
Canceled
 
 
105,072
 
$
27.22
 
 
 
 
 
 
 
Forfeited
 
 
229,475
 
$
9.29
 
 
 
 
 
 
 
Outstanding at June 30, 2015
 
 
895,119
 
$
8.47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, June 30, 2015
 
 
315,203
 
$
18.14
 
 
5.33
 
$
7,969
 
Unvested, June 30, 2015
 
 
579,916
 
$
3.21
 
 
9.73
 
$
110,269
 
Exercisable at June 30, 2015
 
 
315,203
 
$
18.14
 
 
5.33
 
$
7,969