Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.8
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2013
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:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
Cumulative
Development
Stage Period
from
November 7,
2002 through
June 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
2013
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
106,774
 
$
78,145
 
$
212,612
 
$
156,189
 
$
1,020,873
 
General and administrative
 
 
264,243
 
 
249,278
 
 
576,282
 
 
498,246
 
 
3,735,074
 
 
 
 
371,017
 
 
327,423
 
 
788,894
 
 
654,435
 
 
4,755,947
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
3,311
 
 
34,355
 
 
4,322
 
 
81,369
 
 
120,358
 
General and administrative
 
 
3,565
 
 
44,344
 
 
10,575
 
 
87,671
 
 
285,656
 
 
 
 
6,876
 
 
78,699
 
 
14,897
 
 
169,040
 
 
406,014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
377,893
 
$
406,122
 
$
803,791
 
$
823,475
 
$
5,161,961
 
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, 2013
 
 
Volatility
 
 
109
%
 
Risk-free interest rate
 
 
0.915
%
 
Expected life (years)
 
 
6.0
 
 
Dividend
 
 
0
%
 
Weighted-average exercise price
 
$
0.74
 
 
Weighted-average grant-date fair value
 
$
0.61
 
 
Schedule of Share-based Compensation, Stock Options, Activity [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, 2012
 
 
6,439,188
 
$
1.52
 
 
 
 
 
 
 
Granted
 
 
20,000
 
$
0.74
 
 
 
 
 
 
 
Forfeited
 
 
(167,550)
 
$
0.75
 
 
 
 
 
 
 
Outstanding at March 31, 2013
 
 
6,291,638
 
$
1.54
 
 
 
 
 
 
 
Granted
 
 
—
 
 
 
 
 
 
 
 
 
 
Forfeited
 
 
—
 
 
 
 
 
 
 
 
 
 
Outstanding at June 30, 2013
 
 
6,291,638
 
$
1.54
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, June 30, 2013
 
 
3,418,004
 
$
2.12
 
 
8.14
 
$
8,068
 
Unvested, June 30, 2013
 
 
2,873,634
 
$
0.86
 
 
8.82
 
$
6,432
 
Exercisable at June 30, 2013
 
 
3,418,004
 
$
2.12
 
 
8.14
 
$
8,068