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 |
|
|
$ |
– |
|
|