Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

v3.7.0.1
STOCK OPTIONS
6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK OPTIONS

NOTE 9 – STOCK OPTIONS

 

Total stock-based compensation expense recognized for stock options issued using the straight-line method in the statement of operations for the six months ended June 30, 2017 and 2016 was as follows:

  

    Six months ended June 30,  
    2017     2016  
             
Research and development   $ 91     $ 10  
General and administrative     47       28  
    $ 138     $ 38  

 

The following table summarizes stock option activity for the six months ended June 30, 2017:

 

      Number of
shares
    Weighted-
average
exercise
price
    Weighted-average
remaining
contractual term
(in years)
    Aggregate
intrinsic
value (in
thousands)
 
Outstanding at December 31, 2016       268,877     $ 24.15                  
Granted       100,580     $ 0.55                  
Forfeited       (6,070 )   $ 73.67                  
Outstanding at June 30, 2017       363,387     $ 8.05       4.9     $  
                                   
Exercisable at June 30, 2017       172,738     $ 14.13       3.3     $  
                                     

As of June 30, 2017, there was approximately $158,000 of total unrecognized compensation cost related to non-vested stock options which vest which vest over time, and is estimated to be recognized $66,000 in 2017, $68,000 in 2018, $12,000 in 2019 and $12,000 in 2020. 

  

During the six months ended June 30, 2017, we issued options to purchase 4,670 shares of common stock to non-employee directors. Additionally, we issued options to purchase 95,910 shares of common stock to employees. During the six months ended June 30, 2016, we issued options to purchase 3,533 shares of common stock to non-employee directors. Additionally, we issued options to purchase 10,167 shares of common stock to consultants and advisors. The weighted-average fair value of the options granted during 2017 and 2016 was estimated at $0.59 and $2.10 per share, respectively, on the date of grant. During the six months ended June 30, 2017 and 2016, no options were exercised.

 

The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during the six months ended June 30, 2017 and 2016:

 

    Six months ended June 30,  
    2017     2016  
Volatility     128.5 %     76.3 %
Expected term (years)     3.2       2.8  
Risk-free interest rate     1.41 %     1.1 %
Dividend yield     0 %     0 %