STOCK BASED COMPENSATION (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock-Based Compensation Costs

Stock-based compensation costs under the Plans for the three and six month periods ended June 30, 2016 and 2015 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Research and development	$	215,388	$	284,947	$	387,209	$	554,750
General and administrative		797,544		672,004		1,534,156		1,368,209
Total	$	1,012,932	$	956,951	$	1,921,365	$	1,922,959

Stock-based compensation costs under the Plan for the year ended December 31, 2015 and 2014 are as follows:

	Year Ended December 31,
	2015		2014
Research and development	$	804,739	$	979,792
General and administrative		2,668,021		3,543,876
Total	$	3,472,760	$	4,523,668

Schedule of Share-based Compensation, Activity

The Company issued the following stock options during the three and six month periods ended June 30, 2016 and 2015, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Stock Options		2,371,151		-		2,459,799		-
Market Options		1,621,106		-		1,621,106		-
Total granted		3,992,257		-		4,080,905		-

During the years ended December 31, 2015 and December 31, 2014 the Company issued the following stock options:

	Year Ended December 31,
	2015		2014
Options granted		73,399		2,423,742

Assumptions Used in Estimating Fair Value of Each Option Award Granted Using Black-Scholes Option-Pricing Model

The Company estimated the fair value of the stock options granted using the Black-Scholes option-pricing model. The Company estimated the fair value of the Market Options granted using the Monte Carlo simulation model. The following key assumptions were used for both option grants for the three and six months ended June 30, 2016 as no options were granted in the three and six months ended June 30, 2015: 

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Expected volatility		85% - 156%			N/A		82% - 156%			N/A
Expected term		6 - 10 years			N/A		6 - 10 years			N/A
Dividend yield		0.0	%		N/A		0.0	%		N/A
Risk- free interest rate		1.14% - 1.58%			N/A		1.14% - 1.58%			N/A
Stock price		0.37			N/A		$0.30 - $0.37			N/A
Forfeiture rate		0.0	%		N/A		0.0	%		N/A

The Company estimated the fair value of each option award granted using the Black-Scholes option-pricing model. The following assumptions were used for the years ended December 31, 2015 and 2014:

	Year Ended December 31,
		2015	2014
Expected volatility		82%	86% - 92%
Expected term		6 years	6 years
Dividend yield		0.0%	0.0%
Risk- free interest rate		1.64%	1.57% - 1.63%
Stock price		$0.36 - $0.37	$0.85 - $2.90
Forfeiture rate		0.0%	0.0%

Summary of Status of Options Issued And Changes in Options Outstanding

A summary of the status of the options issued under the Company’s Plans at June 30, 2016, and information with respect to the changes in options outstanding, is as follows:  

	Number of Shares		Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding at December 31, 2015		7,027,658	$	2.57	$	-
Granted		4,080,905		0.37		886
Exercised		-		-		-
Cancelled		(97,757)		2.23		-
Options outstanding at June 30, 2016		11,010,806	$	1.76	$	886
Options vested and expected to vest at June 30, 2016		11,010,806	$	1.76	$	886
Exercisable at June 30, 2016		5,997,540	$	2.59	$	123
Shares available for grant under the 2016 Plan		5,007,743

A summary of the status of the options issued under the Plan at December 31, 2015, and information with respect to the changes in options outstanding is as follows:  

			Weighted-		Aggregate
	Number of		Average		Intrinsic
	Shares		Exercise Price		Value
Options outstanding at December 31, 2014		7,339,118	$	2.59	$	-
Granted		73,399		-		-
Exercised		-		-		-
Cancelled		(384,859)	$	2.51		-
Options outstanding at December 31, 2015		7,027,658	$	2.57	$	-
Options vested and expected to vest at December 31, 2015		7,027,658	$	2.57	$	-
Exercisable at December 31, 2015		4,975,174	$	2.67	$	-
Shares available for grant under the 2005 Plan		4,087,657

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at June 30, 2016:

		Outstanding						Exercisable
	Exercise Price	Number of Shares		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Number of Shares		Weighted- Average Exercise Price
$	0.30		88,648		9.53	$	0.30		12,312	$	0.30
$	0.36		48,399		9.35	$	0.36		9,410	$	0.36
$	0.37		4,017,257		9.77	$	0.37		103,397	$	0.37
$	0.85		136,785		8.35	$	0.85		72,192	$	0.85
$	1.30		100,000		8.27	$	1.30		50,000	$	1.30
$	2.40		5,097,075		6.71	$	2.40		4,485,864	$	2.40
$	2.90		1,420,259		7.57	$	2.90		1,161,982	$	2.90
$	8.00		65,000		4.07	$	8.00		65,000	$	8.00
$	19.38		37,383		1.78	$	19.38		37,383	$	19.38
	Total		11,010,806		7.97	$	1.76		5,997,540	$	2.59

The following table summarizes information about stock options outstanding at December 31, 2015:

		Outstanding						Exercisable
				Weighted-
				Average		Weighted-
				Remaining		Average				Weighted-
		Number of		Contractual		Exercise		Number of		Average
Exercise Price		Shares		Life (Years)		Price		Shares		Exercise Price
$	0.36		48,399		9.84	$	0.36		1,344	$	0.36
$	0.37		25,000		9.84	$	0.37		-	$	0.37
$	0.85		136,785		8.84	$	0.85		49,394	$	0.85
$	1.30		100,000		8.77	$	1.30		31,250	$	1.30
$	2.23		97,757		0.25	$	2.23		97,757	$	2.23
$	2.40		5,097,075		7.21	$	2.40		3,752,444	$	2.40
$	2.90		1,420,259		8.07	$	2.90		940,602	$	2.90
$	8.00		65,000		4.57	$	8.00		65,000	$	8.00
$	19.38		37,383		2.28	$	19.38		37,383	$	19.38
Total			7,027,658		7.32	$	2.57		4,975,174	$	2.67