Note 14 - Former Employee Severance Expense

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Former Employee Severance Expense [Text Block]

14.      Former Employee Severance Expense

On April 30, 2015, the Company entered into resignation agreements with the Company’s former Executive Vice President Preclinical Development and former Vice President of Pharmaceutical Sciences. As part of these resignation agreements, the Company modified their stock option agreements to provide for continued vesting until June 30, 2015 and to extend the post-termination exercise period from 90 days to one year, resulting in a minimal amount of additional stock-based compensation expense. On June 19, 2015, the Company entered into a resignation agreement with the Company’s former Chief Scientific Officer. Costs associated with the resignation agreements, primarily severance-related charges, are reflected in the former employee severance expense section in the condensed consolidated statement of operations for the three months and six months ended June 30, 2015. $685,824 related to these charges was included in other accrued liabilities as of June 30, 2015.