12. Share-Based Compensation (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2016 |
Dec. 31, 2015 |
Schedule of Share-Based Compensation Expense |
|
|
Three
Months Ended March 31, |
|
|
|
2016 |
|
|
2015 |
|
Research and development expenses |
|
$ |
(193,451 |
) |
|
$ |
99,145 |
|
Administrative expenses |
|
|
479,911 |
|
|
|
48,083 |
|
|
|
$ |
286,460 |
|
|
$ |
147,228 |
|
|
|
|
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 |
|
|