|
STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| 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 stock-based compensation recorded in connection with stock options granted to non-employee consultants:
| |
|
Year Ended
December 31, |
|
|
Cumulative
Development-
Stage Period
from
November 7,
2002 through
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
| Employee and director stock option grants: |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
$ |
319,703 |
|
|
$ |
190,172 |
|
|
$ |
808,261 |
|
| General and administrative |
|
|
1,010,605 |
|
|
|
570,884 |
|
|
|
3,158,792 |
|
| |
|
|
1,330,308 |
|
|
|
761,056 |
|
|
|
3,967,053 |
|
| Non-employee consultant stock option grants: |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
79,879 |
|
|
|
36,157 |
|
|
|
116,036 |
|
| General and administrative |
|
|
93,110 |
|
|
|
110,247 |
|
|
|
275,081 |
|
| |
|
|
172,989 |
|
|
|
146,404 |
|
|
|
391,117 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total stock-based compensation |
|
$ |
1,503,297 |
|
|
$ |
907,460 |
|
|
$ |
4,358,170 |
|
| 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:
| |
|
Year Ended
December 31,
2012 |
|
|
Year Ended
December 31,
2011 |
|
| Volatility |
|
|
109% -115 |
% |
|
|
110% -115 |
% |
| Risk-free interest rate |
|
|
0.7% - 0.925 |
% |
|
|
0.89% – 3.17 |
% |
| Expected life (years) |
|
|
5.06 - 6.25 |
|
|
|
5.5 – 6.25 |
|
| Dividend |
|
|
0 |
% |
|
|
0 |
% |
| Weighted-average exercise price |
|
$ |
0.75 |
|
|
$ |
1.16 |
|
| Weighted-average grant-date fair value |
|
$ |
0.62 |
|
|
$ |
0.98 |
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [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 November 7, 2002 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
1,013,583 |
|
|
$ |
2.36 |
|
|
|
|
|
|
|
|
|
| Canceled |
|
|
(222,547 |
) |
|
$ |
2.63 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(21,847 |
) |
|
$ |
2.91 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2010 |
|
|
769,189 |
|
|
$ |
2.69 |
|
|
|
|
|
|
|
|
|
| Canceled |
|
|
(769,189 |
) |
|
$ |
2.69 |
|
|
|
|
|
|
|
|
|
| Options acquired in connection with a business combination |
|
|
49,159 |
|
|
$ |
100.52 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
5,226,500 |
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
| Canceled |
|
|
(9,992 |
) |
|
$ |
115.16 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(438,029 |
) |
|
$ |
2.44 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2011 |
|
|
4,827,638 |
|
|
$ |
1.82 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
1,956,650 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
| Canceled |
|
|
(1,666 |
) |
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(343,434 |
) |
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2012 |
|
|
6,439,188 |
|
|
$ |
1.52 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested, December 31, 2012 |
|
|
2,352,974 |
|
|
$ |
2.63 |
|
|
|
8.47 |
|
|
$ |
161,799 |
|
| Unvested, December 31, 2012 |
|
|
4,086,214 |
|
|
$ |
0.88 |
|
|
|
9.26 |
|
|
$ |
258,730 |
|
| Exercisable at December 31, 2012 |
|
|
2,352,974 |
|
|
$ |
2.63 |
|
|
|
8.47 |
|
|
$ |
161,799 |
|
|