Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Stock-based Compensation

Summary of stock option activity

			Weighted average
	Shares		exercise price
Outstanding at January 1, 2016	289,350		$	159.66
Options granted	772,410		9.51
Options exercised	—		—
Options cancelled	(151,783	)	207.97
Outstanding at September 30, 2016	909,977		$	18.61
Exercisable at September 30, 2016	268,567		$	37.21

Summary of unvested restricted share activity

			Weighted average
			grant date fair
	Shares		value
Outstanding at January 1, 2016	12,192		$	91.46
Granted	208,765		9.46
Forfeited	(49	)	77.00
Vested	(62,574	)	22.31
Outstanding at September 30, 2016	158,334		$	10.67

Schedule of stock-based compensation expense

	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2016		2015		2016		2015
Stock-based compensation expense by type of award:
Employee stock options	$	1,346,761	$	—	$	1,346,761	$	—
Restricted stock	595,317		—		595,317		—
Change in control bonus plan (see Note 3)	5,410,840		—		5,410,840		—
Total stock-based compensation expense	$	7,352,918	$	—	$	7,352,918	$	—
Effect of stock-based compensation expense by line item:
Research and development	$	5,260,370	$	—	$	5,260,370	$	—
General and administrative	2,092,548		—		2,092,548		—
Total stock-based compensation expense included in net loss	$	7,352,918	$	—	$	7,352,918	$	—

Schedule of unrecognized stock-based compensation expense

Unrecognized stock-based compensation expense as of September 30, 2016 was as follows:

			Weighted
	Unrecognized		average
	stock		remaining
	compensation		period
	expense		(in years)
Employee stock options	$	4,868,528	2.56
Restricted stock	1,498,592		2.68
Total	$	6,367,120	2.59