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Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of stock-based compensation expense recognized by award type


	Three Months Ended				Nine months ended
	September 30,				September 30,
	2015		2016		2015		2016
Options awards	$	1,214,856	$	532,381	$	3,776,013	$	2,192,085
Restricted stock awards		196,875		(561,094)		549,562		(728,438)
Total stock-based compensation expense	$	1,411,731	$	(28,713)	$	4,325,575	$	1,463,647

Schedule of total compensation cost recognized for all stock-based compensation awards in the statements of operations


	Three Months Ended				Nine months ended
	September 30,				September 30,
	2015		2016		2015		2016
Research and development	$	385,376	$	22,112	$	1,202,335	$	86,751
General and administrative		1,026,355		(50,825)		3,123,240		1,376,896
Total stock-based compensation expense	$	1,411,731	$	(28,713)	$	4,325,575	$	1,463,647

Summary of activity for all options



		Weighted Average		Weighted Average	Aggregate
		Exercise Price		Contractual	Intrinsic
	Shares	Per Share		Life (In Years)	Value
Outstanding—December 31, 2015	4,020,783	$	5.48	7.8	$	—
Granted	—		—
Exercised	—		—
Forfeited	(1,652,793)		5.91
Outstanding—September 30, 2016	2,367,990	$	5.18	6.6	$	—
Vested and expected to vest—September 30, 2016	2,363,144	$	5.18	6.6	$	—
Exercisable at September 30, 2016	2,024,758	$	5.14	6.5	$	—

Schedule of warrants outstanding to purchase shares of the entity's common stock


		Number of
		Shares	Exercise
Warrant Series	Underlying Equity Security	Issuable	Price		Expiration Date
2007 Warrant	common stock	1,961	$	7.65	May 2017
2009/2010 Warrants	common stock	52,815	$	0.85	November 2019-March 2020

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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