Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

v3.3.0.814
Common Stock (Tables)
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Summary of Stock Options Activity

Stock option transactions and the number of stock options outstanding are summarized below:

 

 

 

Number of

 

 

Weighted

 

 

 

Optioned

 

 

Average

 

 

 

Common

 

 

Exercise

 

 

 

Shares

 

 

Price

 

Balance,  December 31, 2014

 

 

1,283,419

 

 

$

10.55

 

Granted

 

 

493,297

 

 

 

1.93

 

Expired

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Forfeited

 

 

(53,120

)

 

 

14.37

 

Balance,  September 30, 2015

 

 

1,723,596

 

 

$

7.97

 

 

Summary of Fair Value of Option Awards

The fair value of each stock award for employees and directors is estimated on the grant date and for consultants at each reporting period, using the Black-Scholes option-pricing model based on the weighted-average assumptions noted in the following table:

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2015

 

 

2014

 

Risk-free interest rates

 

 

1.74

%

 

 

1.83

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected life

 

5.8 years

 

 

5.9 years

 

Expected volatility

 

 

62.31

%

 

 

81.51

%

 

Summary of Share-Based Compensation Expense for Stock Options and Restricted Stock

The results for the periods set forth below included share-based compensation expense for stock options and restricted stock units in the following expense categories of the consolidated statements of loss (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Research and development

 

$

351

 

 

$

513

 

 

$

920

 

 

$

1,454

 

General and administrative

 

$

361

 

 

 

439

 

 

 

1,020

 

 

 

1,514

 

Total stock-based compensation

 

$

712

 

 

$

952

 

 

$

1,940

 

 

$

2,968

 

 

Summary of Restricted Stock Unit Award Activity

The following table summarizes our restricted stock unit award activity during the nine months ended September 30, 2015:

 

 

 

 

 

 

 

Weighted

 

 

 

Number

 

 

Average

 

 

 

of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance,  December 31, 2014

 

 

680,201

 

 

$

7.34

 

Granted

 

 

245,400

 

 

 

1.93

 

Settled

 

 

(260,676

)

 

 

8.21

 

Forfeited or expired

 

 

(19,816

)

 

 

7.27

 

Balance,  September 30, 2015

 

 

645,109

 

 

$

4.94

 

 

Summary of Outstanding Warrants

The following is a summary of outstanding warrants to purchase common stock at September 30, 2015:

 

 

 

Total

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Exercise

 

 

 

 

 

and

 

 

price per

 

 

 

 

 

Exercisable

 

 

Share

 

 

Expiration Date

(1) Warrants issued in October 2010 financing

 

 

1,587,301

 

 

$

20.00

 

 

October 2015

(2) Series A Warrants issued in July 2014 financing

 

 

2,779,932

 

 

 

4.00

 

 

July 2019

(3) Series B Warrants issued in July 2014 financing

 

 

670,269

 

 

 

4.00

 

 

July 2019

(4) Series A-1 Warrants issued in April 2015 financing

 

 

239,234

 

 

 

2.40

 

 

October 2020

 

Summary of Fair Value of Warrants Issued

The estimated fair value of warrants issued and classified as liabilities is reassessed at each reporting date using the Black-Scholes option pricing model.

 

 

 

As of

 

 

 

September 30,

 

October 2010 Warrant Valuation Assumptions

 

2015

 

 

2014

 

Risk-free interest rates

 

 

0.33

%

 

 

0.15

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected life

 

0.06 years

 

 

1.06 years

 

Expected volatility

 

 

105.90

%

 

 

102.90

%

 

 

 

As of

 

 

 

September 30,

 

Series A and Series B Warrant Valuation Assumptions

 

2015

 

 

2014

 

Risk-free interest rates

 

 

1.09

%

 

 

1.68

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected life

 

3.75 years

 

 

4.75 years

 

Expected volatility

 

 

70.15

%

 

 

61.81

%