Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.3.1.900
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 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:
 
 
 
Year Ended December 31,
 
 
 
2015
 
2014
 
Employee and director stock option grants:
 
 
 
 
 
 
 
Research and development
 
$
130,901
 
$
174,666
 
General and administrative
 
 
317,257
 
 
621,563
 
Restructuring costs
 
 
—
 
 
47,853
 
 
 
 
448,158
 
 
844,082
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
Research and development
 
 
(858)
 
 
6,268
 
General and administrative
 
 
—
 
 
—
 
 
 
 
(858)
 
 
6,268
 
Total stock-based compensation
 
$
447,300
 
$
850,350
 
 
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:
 
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
Volatility
 
 
106%-107
%
 
 
107%-109
%
Risk-free interest rate
 
 
1.70%-1.95
%
 
 
1.76%-1.83
%
Expected life (years)
 
 
6
 
 
 
6
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
26.50
 
 
$
36.90
 
Weighted-average grant-date fair value
 
$
21.60
 
 
$
30.10
 
 
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
 
 
63,466
 
$
180.70
 
 
 
 
 
 
 
Granted
 
 
12,030
 
$
36.90
 
 
 
 
 
 
 
Expired
 
 
(1,844)
 
$
241.90
 
 
 
 
 
 
 
Forfeited
 
 
(1,706)
 
$
145.80
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
71,946
 
$
155.90
 
 
 
 
 
 
 
Granted
 
 
46,520
 
$
26.50
 
 
 
 
 
 
 
Exercised
 
 
(833)
 
$
27.40
 
 
 
 
 
 
 
Expired
 
 
(18,340)
 
$
241.80
 
 
 
 
 
 
 
Forfeited
 
 
(28,377)
 
$
82.20
 
 
 
 
 
 
 
Outstanding at December 31, 2015
 
 
70,916
 
 
79.80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, December 31, 2015
 
 
23,683
 
$
180.70
 
 
5.70
 
$
—
 
Unvested, December 31, 2015
 
 
47,233
 
$
29.20
 
 
9.35
 
$
—
 
Exercisable at December 31, 2015
 
 
23,683
 
$
180.70
 
 
5.70
 
$
—