General form of registration statement for all companies including face-amount certificate companies

12. Share-Based Compensation (Tables)

12. Share-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Schedule of Share-Based Compensation Expense

		Three Months Ended June 30,								Six Months Ended June 30,
		2016				2015				2016				2015
Research and development expenses		$	1,427,691			$	51,736			$	1,234,240			$	150,881
Administrative expenses			304,112				38,234				784,023				86,317
		$	1,731,803			$	89,970			$	2,018,263			$	237,198

		Year Ended December 31,
		2015				2014
Research and development expenses		$	229,964			$	952,829
General and administrative expenses			2,364,149				560,409
		$	2,594,113			$	1,513,238

Non-Vested Non-Employee Stock Options [Member]

Option activity

		Number of shares				Weighted-average grant date fair value
Balance as of January 1, 2015			15,511			$	8.16
Granted			30,304			$	13.13
Vested			(17,857	)		$	10.95
Balance as of December 31, 2015			27,958			$	11.77

Common Stock Awards [Member]

Option activity

		Number of shares
Balance as of January 1, 2014			13.943
Granted			104,006
Issued			(98,327	)
Balance as of December 31, 2014			19,622
Granted			34,403
Issued			(31,138	)
Balance as of December 31, 2015			22,887

Employee Stock Options [Member]

Assumptions used

		Year Ended December 31,
		2015				2014
Weighted-average expected dividend yield (%)			–				–
Weighted-average expected volatility (%)			124.17				103.36
Weighted-average risk-free interest rate (%)			0.44				1.48
Weighted-average expected life of option (years)			2.50				5.33
Weighted-average exercise price ($)			13.86				10.15
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, 2014			158,223				15.78
Granted			32,731				10.15
Exercised			(60,125	)			1.70							$	509,622
Expired			(3,967	)			30.58
Outstanding as of December 31, 2014			126,862				20.53				6.86			$	80,338
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

Vested or expected to vest as of December 31, 2015			619,259				15.22				8.92			$	1,915,942

Exercisable as of December 31, 2014			79,710			$	19.71				5.48			$	80,338
Exercisable as of December 31, 2015			239,819			$	17.17				7.78			$	688,343

Employee Stock Options [Member] | Non-Vested [Member]

Option activity

		Number of shares				Weighted-average grant date fair value
Balance as of January 1, 2015			47,152			$	5.03
Granted			493,945			$	9.35
Vested			(151,657	)		$	8.61
Balance as of December 31, 2015			379,440			$	9.14

Non Employee Stock Options [Member] | Non-Vested [Member]

Assumptions used

		Year Ended December 31,
		2015				2014
Weighted-average expected dividend yield (%)			–				–
Weighted-average expected volatility (%)			120.51				116.22
Weighted-average risk-free interest rate (%)			1.54				1.62
Weighted-average expected life of option (years)			10.00				7.60
Weighted-average exercise price ($)			13.86				8.25
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, 2014			12,592			$	18.18				5.90			$	49
Granted			14,546				8.25
Outstanding as of December 31, 2014			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

Vested or expected to vest as of December 31, 2015			57,442				13.39				8.23			$	220,764

Exercisable as of December 31, 2014			11,627			$	13.73				6.40			$	159
Exercisable as of December 31, 2015			29,484			$	13.37				7.37			$	119,164