Annual report pursuant to Section 13 and 15(d)

12. Share-Based Compensation (Tables)

v3.7.0.1
12. Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Schedule of Share-Based Compensation Expense
    Year Ended December 31,  
    2016     2015  
    Research and development expenses   $ 1,425,995     $ 229,964  
    General and administrative expenses     1,798,657       2,364,149  
    $ 3,224,652     $ 2,594,113  
Non-Vested Non-Employee Stock Options [Member]  
Option activity
      Number of shares     Weighted-average grant date fair value  
  Balance as of January 1, 2016       27,958     $ 11.77  
  Vested       (17,857 )   $ 10.99  
  Balance as of December 31, 2016       10,101     $ 13.13  
Common Stock Awards [Member]  
Option activity
      Number of shares  
  Balance as of January 1, 2015       19,622  
  Granted       34,402  
  Issued       (31,137 )
  Balance as of December 31, 2015       22,887  
  Granted       26,760  
  Issued       (19,857 )
  Balance as of December 31, 2016       29,790  
Employee Stock Options [Member]  
Assumptions used
    Year Ended December 31,  
    2016     2015  
Weighted-average expected dividend yield (%)            
Weighted-average expected volatility (%)     110.11       124.17  
Weighted-average risk-free interest rate (%)     1.63       0.44  
Weighted-average expected life of option (years)     5.92       2.50  
Weighted-average exercise price ($)     3.49       13.86  
Model used     Black-Scholes       Black-Scholes  
Option activity
      Number of shares     Weighted-average exercise price     Weighted-average remaining life (years)     Aggregate intrinsic value  
  Outstanding as of January 1, 2015       126,862       20.53                  
  Granted       493,945       13.86                  
  Expired       (1,548 )     15.51                  
  Outstanding as of December 31, 2015       619,259       15.22       8.92     $ 1,915,942  
  Granted       603,622       3.49                  
  Expired       (29,169 )     12.38                  
  Outstanding as of December 31, 2016       1,193,712       4.43       8.94     $ 526,073  
                                     
  Vested or expected to vest as of December 31, 2016       1,193,712       4.43       8.94     $ 526,073  
                                     
  Exercisable as of December 31, 2015       239,819     $ 17.17       7.78     $ 688,343  
  Exercisable as of December 31, 2016       440,092     $ 5.60       8.94     $ 55,109  
Employee Stock Options [Member] | Non-Vested [Member]  
Option activity
      Number of shares     Weighted-average grant date fair value  
  Balance as of January 1, 2016       379,440     $ 9.14  
  Granted       603,622     $ 2.94  
  Forfeited       (16,970 )        
  Vested       (212,472 )   $ 8.00  
  Balance as of December 31, 2016       753,620     $ 4.49  
Non Employee Stock Options [Member] | Non-Vested [Member]  
Assumptions used
    Year Ended December 31,  
    2015  
Weighted-average expected dividend yield (%)      
Weighted-average expected volatility (%)     120.51  
Weighted-average risk-free interest rate (%)     1.54  
Weighted-average expected life of option (years)     10.00  
Weighted-average exercise price ($)     13.86  
Model used     Black-Scholes  
Option activity
      Number of shares     Weighted-average exercise price     Weighted-average remaining life (years)     Aggregate intrinsic value  
  Outstanding as of January 1, 2015       27,138     $ 12.86       7.60     $ 159  
  Granted       30,304       13.86                  
  Outstanding as of December 31, 2015       57,442       13.39       8.23     $ 220,764  
  Granted                                
  Outstanding as of December 31, 2016       57,442       7.57       7.23     $  
                                     
  Vested or expected to vest as of December 31, 2016       57,442       7.57       7.23     $  
                                     
  Exercisable as of December 31, 2015       29,484     $ 13.37       7.37     $ 119,164  
  Exercisable as of December 31, 2016       47,341     $ 8.21       6.92     $