Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.1.9
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2015
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,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Employee and director stock option grants:
 
 
 
 
 
 
 
Research and development
 
$
43,356
 
$
63,427
 
General and administrative
 
 
145,336
 
 
184,385
 
 
 
 
188,692
 
 
247,812
 
 
 
 
 
 
 
 
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
Research and development
 
 
3,098
 
 
14,714
 
 
 
 
3,098
 
 
14,714
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
191,790
 
$
262,526
 
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, 2015
 
Volatility
 
 
107
%
Risk-free interest rate
 
 
1.70
%
Expected life (years)
 
 
6.0
 
Dividend
 
 
0
%
Weighted-average exercise price
 
$
2.69
 
Weighted-average grant-date fair value
 
$
2.20
 
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, 2014
 
 
719,466
 
$
15.59
 
 
 
 
 
 
 
Granted
 
 
110,200
 
$
2.69
 
 
 
 
 
 
 
Canceled
 
 
—
 
$
 
 
 
 
 
 
 
 
Forfeited
 
 
—
 
$
 
 
 
 
 
 
 
 
Outstanding at March 31, 2015
 
 
829,666
 
$
13.88
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, March 31, 2015
 
 
365,865
 
$
22.84
 
 
4.80
 
$
6,657
 
Unvested, March 31, 2015
 
 
463,801
 
$
6.81
 
 
9.06
 
$
58,127
 
Exercisable at March 31, 2015
 
 
365,865
 
$
22.84
 
 
4.80
 
$
6,657