Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Stock-Based Compensation [Abstract]

Weighted-Average Valuation Assumptions, Stock Option Grants

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock option grants were as follows for the nine months ended September 30, 2016:

	September 30,
	2016
Risk-free interest rate	1.22 - 1.63	%
Expected volatility	113-123	%
Expected term (in years)	6.0
Expected dividend yield	0.0	%

Allocation of Stock-Based Compensation Expenses

The estimated grant-date fair value of the Company’s stock-based awards is amortized ratably over the awards’ service periods. Stock-based compensation expense recognized for the three and nine months ended September 2016 and September 30, 2015 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Research and development	$	37,000	$	29,000	$	89,000	$	88,000
General and administrative		297,000		120,000		1,609,000		165,000
Total stock-based compensation	$	334,000	$	149,000	$	1,698,000	$	253,000

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2016:

			Options Outstanding
							Average
					Weighted		Remaining
	Shares				Average		Contractual
	Available				Exercise		Term		Intrinsic
	For Grant		Shares		Price		(Years)		Value
Balance, December 31, 2015		723,431		669,769	$	8.68		9.29	$	-
Granted		(231,208)		231,208		2.82		-		-
Exercised		-		-		-		-		-
Forfeited/Cancelled		158,856		(158,856)		8.86		-		-
Expired		1,083		(5,183)		12.72		-		-
Shares authorized		1,000,000		-		-		-		-
Balance, September 30, 2016		1,652,162		736,938	$	6.78		8.60	$	-
Vested or expected to vest at September 30, 2016				626,777	$	7.10		8.50	$	-
Exercisable at September 30, 2016				179,501	$	8.76		7.15	$	-

Shares Reserved for Future Issuance

As of September 30, 2016, the Company had reserved shares of its common stock for future issuance as follows:

	Shares Reserved
Stock options outstanding		736,938
Employee stock purchase plan		120,000
Available for future grants under the 2016 Plan		1,652,162
Warrants		2,443,479
Total shares reserved		4,952,579