Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.8
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2014
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
March 31,
 
Cumulative
Development-
Stage Period
from November
7, 2002 through
March 31,
 
 
 
2014
 
2013
 
2014
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
63,427
 
$
105,838
 
$
1,226,700
 
General and administrative
 
 
184,385
 
 
312,039
 
 
4,572,794
 
Restructuring costs
 
 
—
 
 
—
 
 
705,518
 
 
 
 
247,812
 
 
417,877
 
 
6,505,012
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
14,714
 
 
1,011
 
 
152,266
 
General and administrative
 
 
—
 
 
7,010
 
 
286,651
 
 
 
 
14,714
 
 
8,021
 
 
438,917
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
262,526
 
$
425,898
 
$
6,943,929
 
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:
 
 
 
Three Months Ended
March 31, 2013
 
Volatility
 
 
109
%
Risk-free interest rate
 
 
0.92
%
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 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, 2013
 
 
12,693,166
 
$
0.91
 
 
 
 
 
 
 
Granted
 
 
—
 
$
—
 
 
 
 
 
 
 
Canceled
 
 
(324,108)
 
$
1.29
 
 
 
 
 
 
 
Forfeited
 
 
(289,473)
 
$
0.75
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
 
12,079,585
 
$
0.90
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, March 31, 2014
 
 
4,926,341
 
$
1.51
 
 
4.50
 
$
1,671
 
Unvested, March 31, 2014
 
 
7,153,244
 
$
0.48
 
 
9.42
 
$
218,729
 
Exercisable at March 31, 2014
 
 
4,926,341
 
$
1.51
 
 
4.50
 
$
1,671