Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The Company issued stock options and had restricted stock awards outstanding during the three months ended March 31, 2016. A summary of the status of the Company’s stock option activity at March 31, 2016 and changes during the three months then ended is presented in the table and narrative below.

	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2015		4,796,005		$	3.78
Granted		1,139,500		$	1.08
Exercised		─			─
Forfeited		(351,085	)	$	1.38
Outstanding at March 31, 2016		5,584,420		$	3.38		7.17	$	88,258
Vested or expected to vest at March 31, 2016		3,176,655		$	5.04		5.82	$	43,329
Exercisable at March 31, 2016		2,537,373		$	6.00		4.99	$	27,625

Assumptions used in Black-Scholes Pricing Model for New Grants

The fair value of stock options subject only to service or performance conditions that are granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table:

	Three Months Ended March 31,
	2016		2015
Volatility factor	73.79%-73.91%		78.7%
Expected term (in years)	6.25		6.25
Risk-free interest rates		1.38%		1.54%
Dividend yield		—		—

Restricted Stock Activity

The restricted stock activity for the three months ended March 31, 2016 is as follows:

	Number of Shares			Weighted- Average Fair-Value
Unvested at December 31, 2015		42,750		$	1.61
Granted		—			—
Vested/Released		(42,750	)		1.61
Unvested at March 31, 2016		—			—