Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.0.8
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2013
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 stock-based compensation recorded in connection with stock options granted to non-employee consultants:
 
 
 
Three Months Ended 
September 30,
 
Nine Months Ended   
September 30,
 
Cumulative 
Development-
Stage Period 
from 
November 7, 
2002 through 
September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
2013
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
$
84,949
 
$
78,627
 
$
297,561
 
$
234,816
 
$
1,105,822
 
General and administrative
 
 
206,449
 
 
249,562
 
 
782,731
 
 
747,808
 
 
3,941,523
 
 
 
 
291,398
 
 
328,189
 
 
1,080,292
 
 
982,624
 
 
5,047,345
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
5,812
 
 
3,896
 
 
10,134
 
 
85,265
 
 
126,170
 
General and administrative
 
 
464
 
 
4,351
 
 
11,039
 
 
92,022
 
 
286,120
 
 
 
 
6,276
 
 
8,247
 
 
21,173
 
 
177,287
 
 
412,290
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
297,674
 
$
336,436
 
$
1,101,465
 
$
1,159,911
 
$
5,459,635
 
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
September 30,
2013
 
 
Nine Months
Ended 
September 30,
2013
 
 
Three and Nine
Months Ended
September 30, 2012
 
Volatility
 
 
109
%
 
 
109
%
 
 
115
%
Risk-free interest rate
 
 
1.82
%
 
 
0.915% - 1.82
%
 
 
0.925
%
Expected life (years)
 
 
6.0
 
 
 
6.0
 
 
 
6.0
 
Dividend
 
 
0
%
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
0.43
 
 
$
0.47
 
 
$
1.00
 
Weighted-average grant-date fair value
 
$
0.36
 
 
$
0.39
 
 
$
0.85
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity under stock option plans 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, 2012
 
 
6,439,188
 
$
1.52
 
 
 
 
 
 
 
Granted
 
 
160,000
 
$
0.47
 
 
 
 
 
 
 
Forfeited
 
 
(338,386)
 
$
0.81
 
 
 
 
 
 
 
Expired
 
 
(156,135)
 
$
2.47
 
 
 
 
 
 
 
Outstanding at September 30, 2013
 
 
6,104,667
 
$
1.51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, September 30, 2013
 
 
3,674,390
 
$
1.96
 
 
7.95
 
$
 
Unvested, September 30, 2013
 
 
2,430,277
 
$
0.83
 
 
8.67
 
$
 
Exercisable at September 30, 2013
 
 
3,674,390
 
$
1.96
 
 
7.95
 
$