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, 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
June 30,
 
Six Months Ended
June 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
47,274
 
$
106,774
 
$
110,701
 
$
212,612
 
General and administrative
 
 
176,581
 
 
264,243
 
 
360,965
 
 
576,282
 
Restructuring costs
 
 
47,853
 
 
—
 
 
47,853
 
 
—
 
 
 
 
271,708
 
 
371,017
 
 
519,519
 
 
788,894
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
1,982
 
 
3,311
 
 
16,697
 
 
4,322
 
General and administrative
 
 
—
 
 
3,565
 
 
—
 
 
10,575
 
 
 
 
1,982
 
 
6,876
 
 
16,697
 
 
14,897
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
273,690
 
$
377,893
 
$
536,216
 
$
803,791
 
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, 2014
 
 
Six Months Ended
June 30, 2013
 
Volatility
 
 
108
%
 
 
109
%
Risk-free interest rate
 
 
1.76
%
 
 
0.92
%
Expected life (years)
 
 
6.0
 
 
 
6.0
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
7.40
 
 
$
14.80
 
Weighted-average grant-date fair value
 
$
6.20
 
 
$
12.20
 
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, 2013
 
634,658
 
$
18.20
 
 
 
 
 
 
Granted
 
20,000
 
$
7.40
 
 
 
 
 
 
Canceled
 
(20,521)
 
$
23.17
 
 
 
 
 
 
Forfeited
 
(14,474)
 
$
15.00
 
 
 
 
 
 
Outstanding at June 30, 2014
 
619,663
 
$
17.80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, June 30, 2014
 
264,752
 
$
29.00
 
4.04
 
$
—
 
Unvested, June 30, 2014
 
354,911
 
$
9.20
 
9.26
 
$
—
 
Exercisable at June 30, 2014
 
264,752
 
$
29.00
 
4.04
 
$
—