Stockholders' Equity And Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

Stockholders' Equity And Stock-Based Compensation [Abstract]

Stockholders' Equity And Stock-Based Compensation

6. Stockholders’ Equity and Stock-Based Compensation

Equity Plans

As of June 30, 2016, the Company had one active equity compensation plan, the 2015 Stock Incentive Plan (the “2015 Plan”).

The following table summarizes stock option activity for the Company’s 2015 Plan for the six-month period ended June 30, 2016 (in thousands, except per share amounts):


	Stock Options Outstanding
			Weighted	Weighted average
	Number		average	remaining life
	of shares		exercise price	(in years)
Balances — December 31, 2015	875	$	3.51	7.77
Options granted	171		4.12
Options exercised	—		—
Options canceled	(6)		4.00
Options expired	(19)		2.67
Balances — June 30, 2016	1,021	$	3.63	7.76
Exercisable	142

Stock-based Compensation

During the three-month period ended June 30, 2016, in connection with the closing of the Company’s initial public offering, the Company issued warrants as compensation to the underwriters of the Company’s initial public offering to purchase a total 574,985 shares of the Company’s Common Stock at a price of $5.00 per share. The warrants become exercisable 180 days after issuance and are exercisable for a period of five years. The value of the warrants totaled $1,443,000 valued at the date of grant using the Black-Scholes Option Pricing Model and was recorded as part of the costs of the initial public offering as additional paid-in capital.

Total stock-based compensation expense consisted of the following (in thousands):



	Three-Month Periods Ended				Six-Month Periods Ended
	June 30,				June 30,
	2016		2015		2016		2015
General and administrative	$	147	$	107	$	295	$	161
Research and development		49		—		94		—
Total stock-based compensation expense	$	196	$	107	$	389	$	161

The Company estimated the fair value of employee stock options on the grant date using the Black-Scholes option pricing model. The estimated fair value of employee stock options is amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following weighted average assumptions:


	Three-Month Periods Ended June 30,		Six-Month Periods Ended June 30,
	2016	2015	2016	2015
Expected term in years	6.1	3.6	6.1	3.6
Expected volatility	80%	89%	80%	89%
Risk-free interest rate	1.31%	1.18%	1.39%	0.94%
Dividend yield	—	—	—	—