Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.5.0.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2016
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
June 30,
 
Six Months Ended
June 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
13,335
 
$
40,296
 
$
24,370
 
$
83,653
 
General and administrative
 
 
106,606
 
 
29,101
 
 
198,855
 
 
174,436
 
 
 
 
119,941
 
 
69,397
 
 
223,225
 
 
258,089
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
28
 
 
2,358
 
 
(338)
 
 
5,456
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
119,969
 
$
71,755
 
$
222,887
 
$
263,545
 
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 Ended
June 30, 2016
 
 
Six Months Ended
June 30, 2015
 
Volatility
 
 
109
%
 
 
105-107
%
Risk-free interest rate
 
 
1.39
%
 
 
1.70-1.95
%
Expected life (years)
 
 
6.0
 
 
 
6.0
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
1.48
 
 
$
2.65-2.69
 
Weighted-average grant-date fair value
 
$
1.19
 
 
$
2.17-2.20
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity is as follows:
 
 
 
Number of Shares Issuable Upon Exercise of 
Outstanding Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contracted
Term in Years
 
Aggregate Intrinsic Value
 
Outstanding at December 31, 2015
 
 
70,933
 
$
78.63
 
 
 
 
 
 
 
Granted
 
 
332,800
 
$
1.48
 
 
 
 
 
 
 
Expired
 
 
(4,085)
 
$
145.19
 
 
 
 
 
 
 
Forfeited
 
 
(1,766)
 
$
140.86
 
 
 
 
 
 
 
Outstanding at June 30, 2016
 
 
397,882
 
$
13.19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, June 30, 2016
 
 
31,295
 
$
121.37
 
 
6.40
 
$
—
 
Unvested, June 30, 2016
 
 
366,587
 
$
3.95
 
 
9.78
 
$
652,288
 
Exercisable at June 30, 2016
 
 
31,295
 
$
121.37
 
 
6.40
 
$
—