STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of fair values of stock options granted, estimated using Black-Scholes option valuation model assumptions

We estimated the fair value of stock options awarded during the six months ended June 30, 2015 and June 30, 2016 using the Black-Scholes option valuation model. The fair values of stock options granted for the period were estimated using the following assumptions: 

	Stock Option Grants Awarded During the Six Months Ended June 30, 2015	Stock Option Grants Awarded During the Six Months Ended June 30, 2016
Stock Price	$4.13 to $12.98	$1.93 to $4.00
Dividend Yield	0.00%	0.00%
Expected Volatility	60%	60%
Risk-free interest rate	1.44% - 1.83%	1.49% - 1.74%
Expected Life	7 years	7 years

Summary of stock option activity

The following is a summary of our stock option activity during the six months ended June 30, 2016: 

	Number of Stock Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Life In Years
Outstanding, January 1, 2016	565,050		$	6.57	$	4.25	7.84
Granted	236,500		2.13		1.27		9.42
Exercised	—		—		—		—
Canceled/Forfeited	(58,125	)	5.68		3.76		—
Outstanding, June 30, 2016	743,425		$	5.23	$	3.34	8.57

	Number of Stock Options		Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Life In Years
Exercisable, January 1, 2016	302,415		$	6.25	$	4.11	7.07
Vested	71,839		5.78		3.70		8.33
Exercised	—		—		—		—
Canceled/Forfeited	(53,750	)	5.99		3.95		—
Exercisable, June 30, 2016	320,504		$	6.19	$	4.05	8.07

Schedule of information related to stock options outstanding and exercisable

The following table presents information related to stock options outstanding and exercisable at June 30, 2016: 

Stock Options Outstanding		Stock Options Exercisable
Exercise Price	Outstanding Number of Stock Options	Weighted Average Remaining Life In Years	Exercisable Number of Stock Options
$1.93 – $2.00	212,125	9.16	13,846
$3.83 – $4.35	42,500	8.94	5,158
$6.00	314,000	7.91	234,965
$6.49 – $7.20	60,000	8.15	26,888
$7.54 – $7.55	77,300	8.39	27,453
$8.06 – $12.98	37,500	8.60	12,194
	743,425	8.07	320,504

Schedule of restricted stock unit activity

A summary of restricted stock unit activity for the six months ended June 30, 2016 is as follows: 

	Number of Restricted Share Units		Weighted- Average Grant-Date Fair Value
Outstanding at January 1, 2016	375,629		$	6.16
Granted	459,238		2.57
Vested	(176,390	)	4.32
Canceled	—		—
Outstanding at June 30, 2016	658,477		$	4.08

Schedule of stock-based compensation

Total equity-based compensation cost recorded in the condensed consolidated statements of operations, which includes the value of stock options and restricted stock units issued to employees, directors and non-employees for services and excludes the performance bonus accrual and warrant consultant cost, is allocated as follows: 

	Three Months Ended June 30, 2015		Three Months Ended June 30, 2016		Six Months Ended June 30, 2015		Six Months Ended June 30, 2016
Research and development
Employees	$	131,000	$	182,000	$	307,000	$	345,000
Non-employees	2,000		7,000		19,000		10,000
General and administrative
Employees and directors	168,000		231,000		328,000		428,000
Non-employees	1,000		20,000		21,000		31,000
	$	302,000	$	440,000	$	675,000	$	814,000