| 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 stock-based compensation recorded in connection with stock options granted to non-employee consultants:
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
Cumulative
Development
Stage Period
from
November 7,
2002 through
September 30, |
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
| Employee and director stock option grants: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
$ |
78,627 |
|
|
$ |
66,402 |
|
|
$ |
234,816 |
|
|
$ |
121,393 |
|
|
$ |
723,374 |
|
| General and administrative |
|
|
249,562 |
|
|
|
213,326 |
|
|
|
747,808 |
|
|
|
349,781 |
|
|
|
2,895,995 |
|
|
|
|
328,189 |
|
|
|
279,728 |
|
|
|
982,624 |
|
|
|
471,174 |
|
|
|
3,619,369 |
|
| Non-employee consultant stock option
grants: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
3,896 |
|
|
|
29,564 |
|
|
|
85,265 |
|
|
|
46,851 |
|
|
|
121,422 |
|
| General and administrative |
|
|
4,351 |
|
|
|
88,778 |
|
|
|
92,022 |
|
|
|
137,631 |
|
|
|
273,993 |
|
|
|
|
8,247 |
|
|
|
118,342 |
|
|
|
177,287 |
|
|
|
184,482 |
|
|
|
395,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total stock-based compensation |
|
$ |
336,436 |
|
|
$ |
398,070 |
|
|
$ |
1,159,911 |
|
|
$ |
655,656 |
|
|
$ |
4,014,784 |
|
|
| Schedule of Share-based Compensation, Stock Options, Activity [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:
| |
|
Three and Nine
Months Ended
September 30,
2012 |
|
|
Nine Months
Ended
September 30,
2011 |
|
| Volatility |
|
|
115 |
% |
|
|
110 |
% |
| Risk-free interest rate |
|
|
0.925 |
% |
|
|
1.84% – 3.17 |
% |
| Expected life (years) |
|
|
6.0 |
|
|
|
5.5 – 6.25 |
|
| Dividend |
|
|
0 |
% |
|
|
0 |
% |
| Weighted-average exercise price |
|
$ |
1.00 |
|
|
$ |
1.45 |
|
| Weighted-average grant-date fair value |
|
$ |
0.85 |
|
|
$ |
1.22 |
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
A summary of stock option activity under stock option plans 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, 2011 |
|
|
4,827,638 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at March 31, 2012 |
|
|
4,827,638 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at June 30, 2012 |
|
|
4,827,638 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
24,000 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(175,884 |
) |
|
$ |
1.36 |
|
|
|
|
|
|
|
|
|
| Outstanding at September 30, 2012 |
|
|
4,675,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested, September 30, 2012 |
|
|
1,954,046 |
|
|
$ |
2.92 |
|
|
|
8.69 |
|
|
$ |
252,062 |
|
| Unvested, September 30, 2012 |
|
|
2,721,708 |
|
|
$ |
1.06 |
|
|
|
8.87 |
|
|
$ |
620,198 |
|
| Exercisable at September 30, 2012 |
|
|
1,954,046 |
|
|
$ |
2.92 |
|
|
|
8.69 |
|
|
$ |
252,062 |
|
|