Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

v3.8.0.1
Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Summarizes Information About Stock Options

The following table summarizes information about stock options for the periods presented below:

 

          Weighted        
    Number     Average     Aggregate  
    Stock     Exercise     Intrinsic  
    Options     Price     Value  
Outstanding at December 31, 2016     1,633,313     $ 5.14          
Granted     365,000     $ 5.36          
Exercised         $          
Forfeited     (76,389 )   $ 5.00          
Outstanding at September 30, 2017     1,921,924     $ 5.19     $ 805,127  
Vested and exercisable at September 30, 2017     807,972     $ 5.13     $ 331,839  
Unvested at September 30, 2017     1,113,952     $ 5.23     $ 473,288  

Schedule of Stock-Based Compensation Awards Granted

Stock-based compensation expense for the three and nine months ended September 30, 2017 and 2016 was recognized as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
General and administrative expenses   $ 241,401     $ 292,085     $ 707,588     $ 447,232  
Research and development expenses     30,900       30,900       91,693       52,396  
    $ 272,301     $ 322,985     $ 799,281     $ 499,628  

Employees [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

The weighted average fair value of stock options granted to employees and members of the board of directors was $1.57 per share during the nine months ended September 30, 2017 and $1.32 per share during the nine months ended September 30, 2016, calculated using the following Black-Scholes valuation model assumptions:

 

    Nine Months Ended September 30,  
    2017     2016  
Risk free interest rate     1.53 %     1.40 %
Expected term of stock options (in years)     5.8       5.8  
Expected stock price volatility     50 %     50 %
Expected dividend yield     0 %     0 %

Non-employees [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

The weighted average fair value of stock options granted to non-employees was $4.32 per share at September 30, 2017 and $11.45 at September 30, 2016, with such fair values calculated using the following weighted-average Black-Scholes valuation model assumptions:

 

    Nine Months Ended September 30,  
    2017     2016  
Risk free interest rate     2.19 %     1.54 %
Expected term of stock options (in years)     9.0       9.6  
Expected stock price volatility     60 %     60 %
Expected dividend yield     0 %     0 %