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Summarized Quarterly Data (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Data

Summarized quarterly data for the years ended December 31, 2015 and 2014 are as follows

 

 

For the Quarters Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

$

2,419,961

 

 

$

2,188,138

 

 

$

1,837,743

 

 

$

1,708,302

 

General and administrative expense

 

$

1,025,261

 

 

$

976,418

 

 

$

819,703

 

 

$

842,777

 

Net loss

 

$

(3,520,748

)

 

$

(3,241,163

)

 

$

(2,735,400

)

 

$

(2,624,152

)

Net loss per common share, basic and diluted (1)

 

$

(0.58

)

 

$

(0.52

)

 

$

(0.42

)

 

$

(0.37

)

Weighted average shares outstanding,

  basic and diluted

 

 

6,103,783

 

 

 

6,212,803

 

 

 

6,494,845

 

 

 

7,123,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

$

1,852,116

 

 

$

2,874,977

 

 

$

3,088,373

 

 

$

2,176,388

 

General and administrative expense

 

$

1,070,479

 

 

$

616,888

 

 

$

732,800

 

 

$

738,012

 

Net loss

 

$

(2,955,484

)

 

$

(3,547,040

)

 

$

(3,825,354

)

 

$

(2,919,803

)

Net loss per common share, basic and diluted (1)

 

$

(0.49

)

 

$

(0.59

)

 

$

(0.63

)

 

$

(0.48

)

Weighted average shares outstanding,

    basic and diluted

 

 

6,002,936

 

 

 

6,027,672

 

 

 

6,054,250

 

 

 

6,065,841

 

 

(1)

Net loss per share is computed independently for each of the quarters presented.  Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation.