Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

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STOCK OPTIONS
9 Months Ended
Sep. 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 nine months ended September 30, 2017 and 2016 was as follows:

 

    Nine months ended September 30,  
    2017     2016  
             
Research and development   $ 111     $ 21  
General and administrative     63       49  
    $ 174     $ 70  

 

The following table summarizes stock option activity for the nine months ended September 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       104,747     $ 0.54                  
Forfeited       (9,108 )   $ 62.05                  
Outstanding at September 30, 2017       364,516     $ 7.71       4.6     $  
                                   
Exercisable at September 30, 2017       184,296     $ 12.76       3.3     $  

 

As of September 30, 2017, there was approximately $121,000 of total unrecognized compensation cost related to non-vested stock options which vest which vest over time, and is estimated to be recognized $29,000 in 2017, $68,000 in 2018, $12,000 in 2019 and $12,000 in 2020. 

 

During the nine months ended September 30, 2017, we issued options to purchase 8,837 shares of common stock to non-employee directors. Additionally, we issued options to purchase 95,910 shares of common stock to employees. During the nine months ended September 30, 2016, we issued options to purchase 5,300 shares of common stock to non-employee directors under the Plans pursuant to our non-employee director compensation policy. We also issued options to purchase 104,626 shares of common stock to employees. Additionally, we issued options to purchase 11,833 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 nine months ended September 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 nine months ended September 30, 2017 and 2016:

 

    Nine months ended September 30,  
    2017     2016  
Volatility     128.5 %     90.9 %
Expected term (years)     3.2       1.9  
Risk-free interest rate     1.41 %     1.0 %
Dividend yield     0 %     0 %