Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.1.9
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 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:
 
 
 
Year Ended December 31,
 
 
 
2014
 
2013
 
Employee and director stock option grants:
 
 
 
 
 
 
 
Research and development
 
$
174,666
 
$
355,012
 
General and administrative
 
 
621,563
 
 
1,229,617
 
Restructuring costs
 
 
47,853
 
 
705,518
 
 
 
 
844,082
 
 
2,290,147
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
Research and development
 
 
6,268
 
 
21,516
 
General and administrative
 
 
—
 
 
11,570
 
 
 
 
6,268
 
 
33,086
 
Total stock-based compensation
 
$
850,350
 
$
2,323,233
 
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,
 
 
 
2014
 
 
2013
 
Volatility
 
 
107%-109
%
 
 
109
%
Risk-free interest rate
 
 
1.76%-1.83
%
 
 
0.92% - 2.05
%
Expected life (years)
 
 
6
 
 
 
5.75 - 6.55
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
3.69
 
 
$
9.20
 
Weighted-average grant-date fair value
 
$
3.01
 
 
$
5.60
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity is as follows:
 
 
Number of
 
 
Weighted
 
 
 
 
Shares
 
 
Average
 
 
 
 
Issuable Upon
 
Weighted
Remaining
 
 
 
 
Exercise of
 
Average
Contracted
 
Aggregate
 
 
Outstanding
 
Exercise
Term in
 
Intrinsic
 
 
Options
 
Price
Years
 
Value
 
Outstanding at December 31, 2012
 
 
321,959
 
$
30.40
 
 
 
 
 
 
 
Granted
 
 
344,278
 
$
9.20
 
 
 
 
 
 
 
Canceled
 
 
(9,452)
 
$
117.80
 
 
 
 
 
 
 
Forfeited
 
 
(22,127)
 
$
15.60
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
 
634,658
 
$
18.07
 
 
 
 
 
 
 
Granted
 
 
120,300
 
$
3.69
 
 
 
 
 
 
 
Canceled
 
 
(18,437)
 
$
24.19
 
 
 
 
 
 
 
Forfeited
 
 
(17,055)
 
$
14.58
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
719,466
 
$
15.59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, December 31, 2014
 
 
333,907
 
$
24.53
 
 
4.61
 
$
—
 
Unvested, December 31, 2014
 
 
385,559
 
$
7.85
 
 
9.09
 
$
17,500
 
Exercisable at December 31, 2014
 
 
333,907
 
$
24.53
 
 
4.61
 
$
—