Stock-based Activity (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Stock-based Activity Tables

Stock-based Compensation

Total estimated stock-based compensation expense, related to all of the Company’s stock-based payment awards recognized under ASC 718, “Compensation—Stock Compensation” was comprised of the following:

	2015		2014
Research and development	$	41,576	$	38,628
General and administrative		41,196		42,814
Total share-based compensation expense	$	82,772	$	81,442

	Years Ended December 31,
	2014		2013
Research and development	$	163,019	$	166,796
General and administrative		441,957		159,848
Total share-based compensation expense	$	604,976	$	326,644

Stock-based Award Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2015:

	Options Outstanding		Weighted- Average Exercise Price
Outstanding at December 31, 2014		242,893	$	3.92
Granted		-		-
Exercised		-		-
Forfeited/cancelled/expired		-		-
Outstanding and expected to vest at March 31, 2015		242,893	$	3.92
Vested and exercisable at March 31, 2015		166,254	$	3.81

The following table summarizes the Company’s stock option activity for the years ended December 31, 2014 and 2013:

	Options Outstanding		Weighted- Average Exercise Price
Outstanding at December 31, 2012		58,639	$	0.83
Granted		93,378		1.44
Exercised		—		—
Forfeited/cancelled/expired		—		—
Outstanding at December 31, 2013		152,017	$	1.19
Granted		90,876		8.47
Exercised		—		—
Forfeited/cancelled/expired		—		—
Outstanding and expected to vest at December 31, 2014		242,893	$	3.92
Vested and exercisable at December 31, 2014		154,877	$	3.77

Valuation Assumptions Used to Determine Stock-based Expense

Treasury yield for a period consistent with the expected term of the stock award in effect at the time of the grant.

	Years Ended December 31,
	2014			2013
Risk-free interest rate		0.1 to 2	%		0.6	%
Dividend yield		—	%		—	%
Expected volatility		84 to 100	%		86	%
Expected life of options, in years		5 and 6.25			5
Weighted-average grant date fair value	$	4.73		$	11.84

Common stock reserved for future issuance

Common stock reserved for future issuance consists of the following at March 31, 2015:

Common stock reserved for conversion of preferred stock	23,815,600
Common stock reserved for exercise of warrants	3,330,500
Common stock options outstanding	242,893
Authorized for future grant or issuance under the Stock Plan	8,529,148
Total	35,918,141

Common stock reserved for future issuance consists of the following at December 31, 2014:

Common stock reserved for conversion of preferred stock and warrants	2,591,256
Common stock options outstanding	242,893
Authorized for future grant or issuance under the Stock Plan	326,431
Total	3,160,580