Stock Option Plan

3 Months Ended

Mar. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Plan

Note 10. Stock Option Plan

In February 2014, pursuant to the Series E Agreement, the amount of shares reserved under the 2011 Plan was increased to 20% of the total outstanding shares of the Company calculated on a fully diluted basis. The shares reserved under the 2011 Plan were required to be kept at that percentage with each subsequent equity financing. At March 31, 2015, the number of shares reserved for future issuance under the 2011 plan is 12,752.

As of March 31, 2015, options to purchase 593,663 shares of Common Stock were outstanding, including 324,189 options that are fully vested. The remaining options vest over 2.4 years.

A summary of the Plans’ stock option activity is as follows:

	Number of Shares		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance at December 31, 2014	595,577		$	3.71	7.8
Granted	—
Exercised	(1,149	)		4.32
Forfeited	(765	)		8.65
Balance at March 31, 2015	593,663			3.70	7.5	$		6,114,729
Vested and expected to vest at March 31, 2015	583,536			3.69	7.5	$		6,016,256
Exercisable at March 31, 2015	324,189		$	3.39	6.4	$		3,439,645

Below is a summary of stock option grant activity and related fair value information for the three months ended March 31, 2014:

2014 Grants	OptionsGranted		Exercise Price		Fair Value of Common Stock on Date of Grant
January	2,094	$	2.15	$	2.15
March	249,361	$	2.15	$	2.15
Total	251,455

There were no stock options granted during the three months ended March 31, 2015.  

As of March 31, 2015, there was total unrecognized compensation expense of $628,473 related to unvested stock options, which the Company expects to recognize over a weighted-average period of approximately 3 years.