STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
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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 |
The fair values of stock options granted for the years were estimated using the following assumptions:
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Option Grants Awarded During the Year Ended December 31, 2015 |
|
Option Grants Awarded During the Year Ended December 31, 2016 |
Stock Price |
$3.83 - $12.98 |
|
$1.93 - $5.50 |
Dividend Yield |
0% |
|
0% |
Expected Volatility |
60.0% |
|
60.0% |
Risk-free interest rate |
1.44% - 1.86% |
|
1.30% - 2.06% |
Expected Term |
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 year ended December 31, 2015:
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Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Remaining
Life In
Years
|
Outstanding, January 1, 2015 |
491,200 |
|
|
$ |
6.29 |
|
|
$ |
4.14 |
|
|
9.42 |
Granted |
77,500 |
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|
8.36 |
|
|
4.95 |
|
|
9.27 |
Exercised |
— |
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|
— |
|
|
— |
|
|
— |
Canceled/Forfeited |
(3,650 |
) |
|
7.28 |
|
|
4.51 |
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|
— |
Outstanding, December 31, 2015 |
565,050 |
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|
$ |
6.57 |
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|
$ |
4.25 |
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|
7.84 |
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Number of
Options
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|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Remaining
Life In
Years
|
Exercisable, January 1, 2015 |
142,895 |
|
|
$ |
6.02 |
|
|
$ |
4.01 |
|
|
9.41 |
Vested |
160,720 |
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|
6.47 |
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|
4.21 |
|
|
6.70 |
Exercised |
— |
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|
— |
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|
— |
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|
— |
Canceled/Forfeited |
(1,200 |
) |
|
8.06 |
|
|
5.19 |
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|
— |
Exercisable, December 31, 2015 |
302,415 |
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|
$ |
6.25 |
|
|
$ |
4.11 |
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|
7.07 |
The following is a summary of our stock option activity during the year ended December 31, 2016:
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Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Remaining
Life In
Years
|
Outstanding, January 1, 2016 |
565,050 |
|
|
$ |
6.57 |
|
|
$ |
4.25 |
|
|
7.84 |
|
Granted |
346,500 |
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|
3.03 |
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|
1.81 |
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|
8.51 |
|
Exercised |
— |
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|
— |
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|
— |
|
|
— |
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Canceled/Forfeited |
(109,860 |
) |
|
5.08 |
|
|
3.32 |
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|
— |
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Outstanding, December 31, 2016 |
801,690 |
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|
$ |
5.25 |
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|
$ |
3.32 |
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|
7.40 |
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|
Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Remaining
Life In
Years
|
Exercisable, January 1, 2016 |
302,415 |
|
|
6.25 |
|
|
4.11 |
|
|
7.07 |
|
Vested |
173,010 |
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|
5.37 |
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|
3.43 |
|
|
5.95 |
|
Exercised |
— |
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|
— |
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|
— |
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|
— |
|
Canceled/Forfeited |
(56,251 |
) |
|
5.87 |
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|
3.87 |
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Exercisable, December 31, 2016 |
419,174 |
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|
5.94 |
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|
3.86 |
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|
6.00 |
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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 December 31, 2016:
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Options Outstanding |
|
Options Exercisable |
|
Exercise
Price
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Outstanding
Number of
Options
|
|
Weighted
Average
Remaining
Life In
Years
|
|
Exercisable
Number
of Options
|
$1.93 - $2.00 |
|
194,314 |
|
|
7.12 |
|
44,820 |
|
$3.83 - $4.70 |
|
70,000 |
|
|
8.70 |
|
8,127 |
|
$5.06 - $6.00 |
|
366,420 |
|
|
5.26 |
|
277,828 |
|
$6.49 – $7.20 |
|
60,000 |
|
|
7.65 |
|
34,390 |
|
$7.54 – $7.55 |
|
73,456 |
|
|
7.12 |
|
37,125 |
|
$8.06 - $12.98 |
|
37,500 |
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|
8.10 |
|
16,884 |
|
|
|
801,690 |
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|
6.00 |
|
419,174 |
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| Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] |
A summary of restricted stock unit activity for the years ended December 31, 2015 is as follows:
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Number of
Restricted Share
Units
|
|
Weighted-Average
Grant-Date Fair
Value
|
Outstanding at January 1, 2015 |
131,267 |
|
|
$ |
6.00 |
|
Granted |
343,930 |
|
|
6.35 |
|
Vested |
(73,122 |
) |
|
6.07 |
|
Forfeited |
(26,446 |
) |
|
(8.06 |
) |
Outstanding at December 31, 2015 |
375,629 |
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|
$ |
6.16 |
|
A summary of restricted stock unit activity for the years ended December 31, 2016 is as follows:
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Number of
Restricted Share
Units
|
|
Weighted-Average
Grant-Date Fair
Value
|
Outstanding at January 1, 2016 |
375,629 |
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|
6.16 |
|
Granted |
1,383,159 |
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|
3.22 |
|
Vested |
(262,201 |
) |
|
4.54 |
|
Forfeited |
(41,029 |
) |
|
5.64 |
|
Outstanding at December 31, 2016 |
1,455,558 |
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|
$ |
3.64 |
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| Schedule of stock-based compensation |
Total equity-based compensation costs recorded in the consolidated statements of comprehensive loss is allocated as follows:
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Year Ended
December 31, 2015 |
Year Ended
December 31, 2016
|
Research and development |
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|
Employees |
$ |
721,000 |
|
$ |
944,000 |
|
Non-employees |
33,000 |
|
36,000 |
|
Total research and development |
754,000 |
|
980,000 |
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General and administrative |
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Employees and directors |
673,000 |
|
1,372,000 |
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Non-employees |
184,000 |
|
307,000 |
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Total general and administrative |
857,000 |
|
1,679,000 |
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Total equity-based compensation |
1,611,000 |
|
2,659,000 |
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