STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of fair values of stock options granted, estimated using Black-Scholes option valuation model assumptions |
We estimated the fair value of stock options awarded during the nine months ended September 30, 2014 and September 30, 2015 using the Black-Scholes option valuation model. The fair values of stock options granted for the period were estimated using the following assumptions:
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Stock Option Grants Awarded During the Nine Months Ended September 30, 2014 |
Stock Option Grants Awarded During the Nine Months Ended September 30, 2015 |
Stock Price |
$6.00 to $7.20 |
$3.83 to $12.98 |
Dividend Yield |
0.00% |
0.00% |
Expected Volatility |
56.6% - 69.8% |
60% |
Risk-free interest rate |
2.01% - 2.56% |
1.44% - 1.86% |
Expected Life |
6.93 to 7 years |
7 years |
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| Summary of stock option activity |
The following is a summary of our stock option activity during the nine months ended September 30, 2014:
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Number of
Stock Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Grant Date
Fair Value |
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Weighted
Average
Remaining
Life In
Years |
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Total Grant
Date Fair
Value |
Outstanding, January 1, 2014 |
— |
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$ |
— |
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$ |
— |
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— |
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$ |
— |
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Granted |
421,500 |
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6.00 |
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|
4.03 |
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9.70 |
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1,701,000 |
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Exercised |
— |
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— |
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— |
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— |
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— |
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Canceled or expired |
— |
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— |
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— |
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— |
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— |
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Outstanding, September 30, 2014 |
421,500 |
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$ |
6.00 |
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$ |
4.03 |
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9.70 |
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$ |
1,701,000 |
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Exercisable, January 1, 2014 |
— |
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$ |
— |
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$ |
— |
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— |
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$ |
— |
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Vested |
124,892 |
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6.00 |
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4.01 |
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9.70 |
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560,000 |
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Exercised |
— |
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— |
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— |
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— |
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— |
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Canceled or expired |
— |
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— |
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— |
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— |
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— |
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Exercisable, September 30, 2014 |
124,892 |
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$ |
6.00 |
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$ |
4.01 |
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9.70 |
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$ |
560,000 |
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The following is a summary of our stock option activity during the nine months ended September 30, 2015:
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Number of
Stock Options
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Weighted
Average
Exercise
Price
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Weighted
Average
Grant Date
Fair Value
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Weighted
Average
Remaining
Life In
Years
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Total Grant
Date Fair
Value
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Outstanding, January 1, 2015 |
491,200 |
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$ |
6.13 |
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$ |
4.14 |
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9.42 |
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$ |
2,034,000 |
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Granted |
77,500 |
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|
8.36 |
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4.95 |
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9.52 |
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384,000 |
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Exercised |
— |
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— |
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— |
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— |
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— |
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Forfeited |
(2,400 |
) |
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8.06 |
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5.19 |
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— |
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(12,000 |
) |
Outstanding, September 30, 2015 |
566,300 |
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$ |
6.57 |
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$ |
4.25 |
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8.11 |
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$ |
2,406,000 |
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Exercisable, January 1, 2015 |
142,895 |
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$ |
6.02 |
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$ |
4.01 |
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9.41 |
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$ |
574,000 |
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Vested |
131,723 |
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6.36 |
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4.19 |
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6.60 |
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552,000 |
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Exercised |
— |
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— |
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— |
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— |
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— |
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Forfeited |
(1,200 |
) |
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8.06 |
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5.19 |
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— |
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(6,000 |
) |
Exercisable, September 30, 2015 |
273,418 |
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$ |
6.20 |
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$ |
4.09 |
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7.21 |
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$ |
1,120,000 |
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| Schedule of information related to stock options outstanding and exercisable |
The following table presents information related to stock options outstanding and exercisable at September 30, 2015:
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Stock Options Outstanding |
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Stock Options Exercisable |
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Exercise
Price
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Outstanding
Number of
Stock Options
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Weighted
Average
Remaining
Life In
Years
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Exercisable
Number
of Stock Options
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$3.83 – $6.00 |
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391,500 |
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|
6.95 |
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239,679 |
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$6.49 – $6.97 |
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47,500 |
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8.95 |
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11,723 |
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$7.20 – $8.06 |
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97,300 |
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|
9.05 |
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18,264 |
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$11.44 – $12.98 |
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30,000 |
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9.41 |
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3,752 |
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566,300 |
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7.21 |
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273,418 |
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| Schedule of restricted stock unit activity |
A summary of restricted stock unit activity for the nine months ended September 30, 2014 is as follows:
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Number of
Restricted Share
Units
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Weighted-
Average
Grant-Date Fair
Value
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Outstanding at January 1, 2014 |
— |
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$ |
— |
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Granted |
174,500 |
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6.00 |
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Vested |
(12,817 |
) |
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6.00 |
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Canceled |
— |
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— |
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Outstanding at September 30, 2014 |
161,683 |
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$ |
6.00 |
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A summary of restricted stock unit activity for the nine months ended September 30, 2015 is as follows:
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Number of
Restricted Share
Units
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Weighted-
Average
Grant-Date Fair
Value
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Outstanding at January 1, 2015 |
131,267 |
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$ |
6.00 |
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Granted |
343,930 |
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|
6.36 |
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Vested |
(37,080 |
) |
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6.14 |
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Canceled |
(26,446 |
) |
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(8.06 |
) |
Outstanding at September 30, 2015 |
411,671 |
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$ |
6.13 |
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| Schedule of stock-based compensation |
Total equity-based compensation cost recorded in the condensed consolidated statements of operations, which includes the value of stock options and restricted stock units issued to employees, directors and non-employees for services and excludes the performance bonus accrual and warrant consultant cost, is allocated as follows:
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Three Months Ended September 30, 2014 |
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Three Months Ended September 30, 2015 |
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Nine Months Ended
September 30, 2014 |
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Nine Months Ended
September 30, 2015 |
Research and development |
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Employees |
$ |
64,000 |
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$ |
154,000 |
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$ |
230,000 |
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$ |
461,000 |
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Non-employees |
11,000 |
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13,000 |
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56,000 |
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32,000 |
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General and administrative |
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Employees and directors |
53,000 |
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265,000 |
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161,000 |
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593,000 |
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Non-employees |
17,000 |
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19,000 |
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198,000 |
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40,000 |
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$ |
145,000 |
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$ |
451,000 |
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$ |
645,000 |
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$ |
1,126,000 |
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Common Stock Issued to Consultants
In September 2015 we issued a total of 33,000 shares of our common stock to two consultants in exchange for business and corporate development services provided both in Asia and in the United States. We recorded $156,000 in stock compensation expense related to these stock issuances for the three and nine months ended September 30, 2015, which represents the fair value of the stock on the date of issuance. There were no similar items, or expense recorded, for the three or nine months ended September 30, 2014.
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