Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.1.9
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 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
September 30,
 
Nine Months Ended
September 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
31,441
 
$
84,949
 
$
142,142
 
$
297,561
 
General and administrative
 
 
130,700
 
 
206,449
 
 
491,665
 
 
782,731
 
Restructuring costs
 
 
—
 
 
—
 
 
47,853
 
 
—
 
 
 
 
162,141
 
 
291,398
 
 
681,660
 
 
1,080,292
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
(15,582)
 
 
5,812
 
 
1,115
 
 
10,134
 
General and administrative
 
 
—
 
 
464
 
 
—
 
 
11,039
 
 
 
 
(15,582)
 
 
6,276
 
 
1,115
 
 
21,173
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
146,559
 
$
297,674
 
$
682,775
 
$
1,101,465
 
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:
 
 
 
Nine Months Ended
September 30, 2014
 
 
Nine Months Ended
September 30, 2013
 
 
Volatility
 
 
108
%
 
 
109
%
 
Risk-free interest rate
 
 
1.76
%
 
 
0.92% - 1.82
%
 
Expected life (years)
 
 
6.0
 
 
 
6.0
 
 
Dividend
 
 
0
%
 
 
0
%
 
Weighted-average exercise price
 
$
7.40
 
 
$
9.40
 
 
Weighted-average grant-date fair value
 
$
6.20
 
 
$
7.80
 
 
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
 
$
18.07
 
 
 
 
 
 
Granted
 
20,000
 
$
7.40
 
 
 
 
 
 
Canceled
 
(21,018)
 
$
19.57
 
 
 
 
 
 
Forfeited
 
(14,474)
 
$
15.00
 
 
 
 
 
 
Outstanding at September 30, 2014
 
619,166
 
$
17.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, September 30, 2014
 
278,051
 
$
27.98
 
4.04
 
$
—
 
Unvested, September 30, 2014
 
341,115
 
$
9.21
 
9.02
 
$
—
 
Exercisable at September 30, 2014
 
278,051
 
$
27.98
 
4.04
 
$
—