12. Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Schedule of Share-Based Compensation Expense |
| |
|
Year Ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Research and development expenses |
|
$ |
101,401 |
|
|
$ |
1,425,995 |
|
| General and administrative expenses |
|
|
1,691,692 |
|
|
|
1,798,657 |
|
| |
|
$ |
1,793,093 |
|
|
$ |
3,224,652 |
|
|
| Non-Vested Non-Employee Stock Options [Member] |
|
| Option activity |
| |
|
Number of
shares
|
|
|
Weighted-
average
exercise
price
|
|
|
Weighted-
average
remaining
life
(years)
|
|
|
Aggregate
intrinsic
value
|
|
| Outstanding as of January 1, 2016 |
|
|
57,442 |
|
|
$ |
13.39 |
|
|
|
8.23 |
|
|
$ |
220,764 |
|
| Granted |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2016 |
|
|
57,442 |
|
|
|
7.57 |
|
|
|
7.23 |
|
|
$ |
– |
|
| Granted |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(723 |
) |
|
|
10.34 |
|
|
|
|
|
|
$ |
|
|
| Outstanding as of December 31, 2017 |
|
|
56,719 |
|
|
|
7.53 |
|
|
|
6.31 |
|
|
$ |
– |
|
| Vested or expected to vest as of December 31, 2017 |
|
|
56,719 |
|
|
|
7.53 |
|
|
|
6.31 |
|
|
$ |
– |
|
| Exercisable as of December 31, 2016 |
|
|
47,341 |
|
|
$ |
8.21 |
|
|
|
6.92 |
|
|
$ |
– |
|
| Exercisable as of December 31, 2017 |
|
|
56,719 |
|
|
$ |
7.53 |
|
|
|
6.31 |
|
|
$ |
– |
|
|
| Common Stock Awards [Member] |
|
| Common stock awards |
| |
|
Number of shares |
|
| Balance as of January 1, 2016 |
|
|
22,887 |
|
| Granted |
|
|
26,760 |
|
| Issued |
|
|
(19,857 |
) |
| Balance as of December 31, 2016 |
|
|
29,790 |
|
| Granted |
|
|
41,800 |
|
| Settled in cash |
|
|
(8,773 |
) |
| Balance as of December 31, 2017 |
|
|
62,817 |
|
|
| Employee Stock Options [Member] |
|
| Assumptions used |
| |
|
Year Ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Weighted-average expected dividend yield (%) |
|
|
– |
|
|
|
– |
|
| Weighted-average expected volatility (%) |
|
|
111.37 |
|
|
|
110.11 |
|
| Weighted-average risk-free interest rate (%) |
|
|
1.79 |
|
|
|
1.63 |
|
| Weighted-average expected life of option (years) |
|
|
5.36 |
|
|
|
5.92 |
|
| Weighted-average exercise price ($) |
|
|
3.34 |
|
|
|
3.49 |
|
|
| Option activity |
| |
|
Number of
shares
|
|
|
Weighted-
average
exercise
price
|
|
|
Weighted-
average
remaining
life
(years)
|
|
|
Aggregate
intrinsic
value
|
|
| Outstanding as of January 1, 2016 |
|
|
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 |
|
| Granted |
|
|
700,000 |
|
|
|
3.34 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(113,343 |
) |
|
|
4.61 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2017 |
|
|
1,780,369 |
|
|
|
3.99 |
|
|
|
8.53 |
|
|
$ |
5,273 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2017 |
|
|
1,755,369 |
|
|
|
4.02 |
|
|
|
8.51 |
|
|
$ |
5,273 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2016 |
|
|
440,092 |
|
|
$ |
5.60 |
|
|
|
8.94 |
|
|
$ |
55,109 |
|
| Exercisable as of December 31, 2017 |
|
|
731,895 |
|
|
$ |
4.84 |
|
|
|
7.44 |
|
|
$ |
5,273 |
|
|
| Employee Stock Options [Member] | Non-Vested [Member] |
|
| Option activity |
| |
|
Number of
shares
|
|
|
Weighted-
average
grant date
fair value
|
|
| Balance as of January 1, 2017 |
|
|
753,620 |
|
|
$ |
4.49 |
|
| Granted |
|
|
700,000 |
|
|
$ |
2.70 |
|
| Forfeited |
|
|
(64,218 |
) |
|
$ |
6.15 |
|
| Vested |
|
|
(340,928 |
) |
|
$ |
5.87 |
|
| Balance as of December 31, 2017 |
|
|
1,048,474 |
|
|
$ |
2.86 |
|
|
| Non Employee Stock Options [Member] | Non-Vested [Member] |
|
| Option activity |
| |
|
Number of
shares
|
|
|
Weighted-
average
grant date
fair value
|
|
| Balance as of January 1, 2017 |
|
|
10,101 |
|
|
$ |
13.13 |
|
| Vested |
|
|
(10,101 |
) |
|
$ |
13.13 |
|
| Balance as of December 31, 2017 |
|
|
– |
|
|
$ |
– |
|
|