Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Stockholders' Equity

5. Stockholders’ Equity:

Employee Stock Plans

Total stock-based compensation for the six months ended June 30, 2016 was approximately $0.9 million and is related to certain restricted stock units (“RSUs”) issued in 2014 and 2015 in connection with the Company’s Equity Incentive Plan. The expense is classified as research and development expense and general and administrative expense in the accompanying condensed statements of operations. The grant date fair value of RSUs was determined using the quoted market price of the Common Stock on the date of issuance and the number of shares expected to vest.

In June 2016, the vesting date for RSUs originally scheduled to vest in September 2016 was extended until March 2017. These RSUs were revalued using the quoted market price of the Company’s common stock on the date the vesting was extended. That expense associated with the increase in value will be recognized over the extended vesting period. There was approximately $2.4 million in unamortized stock-based compensation relating to RSUs at June 30, 2016, which is expected to be recognized over the next 26 months.

As of June 30, 2016, there were 25,891,738 RSUs granted to various members of the Board of Directors, management and other employees. On July 1, 2016, the three independent members of the Board of Directors and the Secretary received a total grant of 650,000 RSUs and 650,000 common stock options with an exercise price of $0.24 per share.