Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.7.0.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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:
 
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
Summary of stock option activity
The following is a summary of our stock option activity during the year ended December 31, 2015:
 
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

 
8.36

 
4.95

 
9.27
Exercised

 

 

 
Canceled/Forfeited
(3,650
)
 
7.28

 
4.51

 
Outstanding, December 31, 2015
565,050

 
$
6.57

 
$
4.25

 
7.84

 
Number of
Options
 
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

 
6.47

 
4.21

 
6.70
Exercised

 

 

 
Canceled/Forfeited
(1,200
)
 
8.06

 
5.19

 
Exercisable, December 31, 2015
302,415

 
$
6.25

 
$
4.11

 
7.07
The following is a summary of our stock option activity during the year ended December 31, 2016:
 
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

 
3.03

 
1.81

 
8.51

Exercised

 

 

 

Canceled/Forfeited
(109,860
)
 
5.08

 
3.32

 

Outstanding, December 31, 2016
801,690

 
$
5.25

 
$
3.32

 
7.40


 
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

 
5.37

 
3.43

 
5.95

Exercised

 

 

 

Canceled/Forfeited
(56,251
)
 
5.87

 
3.87

 
 
Exercisable, December 31, 2016
419,174

 
5.94

 
3.86

 
6.00

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:
Options Outstanding
 
Options Exercisable
Exercise
Price
 
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

 
8.10
 
16,884

 
 
801,690

 
6.00
 
419,174

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:
 
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

 
$
6.16


A summary of restricted stock unit activity for the years ended December 31, 2016 is as follows:

 
Number of
Restricted Share
Units
 
Weighted-Average
Grant-Date Fair
Value
Outstanding at January 1, 2016
375,629

 
6.16

Granted
1,383,159

 
3.22

Vested
(262,201
)
 
4.54

Forfeited
(41,029
)
 
5.64

Outstanding at December 31, 2016
1,455,558

 
$
3.64

Schedule of stock-based compensation
Total equity-based compensation costs recorded in the consolidated statements of comprehensive loss is allocated as follows: 
 
Year Ended
December 31, 2015
Year Ended
December 31, 2016
Research and development
 

 
Employees
$
721,000

$
944,000

Non-employees
33,000

36,000

Total research and development
754,000

980,000

 
 
 
General and administrative
 
 
Employees and directors
673,000

1,372,000

Non-employees
184,000

307,000

Total general and administrative
857,000

1,679,000

 
 
 
Total equity-based compensation
1,611,000

2,659,000