| Stockholders Equity Note Disclosure [Text Block] | (9) Stockholders’ Equity (a) Issuance of Common Stock In March 2017, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), to sell shares of our common stock, with aggregate gross sales proceeds of up to $ 20.0 2,518,109 4.40 11.1 10.6 On October 13, 2017, the Company filed a Form S-3 (File No. 333-220942) (the “New Form S-3”) to replace the Existing Form S-3. The New Form S-3 has not yet been declared effective by the Securities and Exchange Commission. The New Form S-3, when effective, will register the sale of up to $ 150.0 25.0 (b) Rights Agreement On November 13, 2015, the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent, entered into a Rights Agreement. Also on November 12, 2015, the board of directors of the Company authorized and the Company declared a dividend of one preferred stock purchase right (each a “Right” and collectively, the “Rights”) for each outstanding share of common stock of the Company. The dividend was payable to stockholders of record as of the close of business on November 30, 2015 and entitles the registered holder to purchase from the Company one one-thousandth of a fully paid non-assessable share of Series A Junior Participating Preferred Stock of the Company at a price of $ 63.96 In general, in the event a person becomes an Acquiring Person, then each Right not owned by such Acquiring Person will entitle its holder to purchase from the Company, at the Right’s then current exercise price, in lieu of shares of Series A Junior Participating Preferred Stock, common stock of the Company with a market value of twice the Purchase Price. In addition, if after any person has become an Acquiring Person, (a) the Company is acquired in a merger or other business combination, or (b) 50% or more of the Company’s assets, or assets accounting for 50% or more of its earning power, are sold, leased, exchanged or otherwise transferred (in one or more transactions), proper provision shall be made so that each holder of a Right (other than the Acquiring Person, its affiliates and associates and certain transferees thereof, whose Rights became void) shall thereafter have the right to purchase from the acquiring corporation, for the Purchase Price, that number of shares of common stock of the acquiring corporation which at the time of such transaction would have a market value of twice the Purchase Price. The Company will be entitled to redeem the Rights at $ 0.001 (c) Share-Based Payments The Company recognizes stock-based compensation expense for grants of stock option awards, restricted stock units and restricted stock under the Company’s Incentive Plan to employees and nonemployee members of the Company’s board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award’s requisite service period. In addition, the Company grants stock options to nonemployee consultants from time to time in exchange for services performed for the Company. Equity instruments granted to nonemployees are subject to periodic revaluation over their vesting terms. The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company’s common stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected term), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. 939,000 460,000 2.2 1.9 Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Research and development $ 196,869 $ 147,769 $ 620,881 $ 477,068 General and administrative 742,411 260,954 1,596,828 1,405,924 Restructuring costs - 51,266 - 51,266 $ 939,280 $ 459,989 $ 2,217,709 $ 1,934,258 The Company did not issue any stock options during the three months ended September 30, 2017 and 2016, and issued 50,000 602,000 287,000 Key assumptions used in the determination of the fair value of stock options granted are as follows: Expected Term : The expected term represents the period that the stock-based awards are expected to be outstanding. Due to limited historical experience of similar awards, the expected term was estimated using the simplified method in accordance with the provisions of Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment, Risk-Free Interest Rate : The risk-free interest rate used was based on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term. Expected Dividend : The expected dividend assumption is based on management’s current expectation about the Company’s anticipated dividend policy. The Company does not anticipate declaring dividends in the foreseeable future. Expected Volatility : Since the Company did not have sufficient trading history, the volatility factor was based on the average of similar public companies through August 2014. When selecting similar companies, the Company considered the industry, stage of life cycle, size, and financial leverage. Beginning in August 2014, the volatility factor was based on a combination of the Company's trading history since March 2014 and the average of similar public companies. 2017 2016 Expected term 5.85 years 5.83 years Risk-free interest rate 1.96 % 1.68 % Expected dividend yield Expected volatility 85.56 % 82.33 % FASB ASC 718, Stock Compensation, As of September 30, 2017, there was $ 2.1 1.60 736,000 (d) Stock Option Plan In April 2014, the board of directors adopted the 2014 Stock and Incentive Plan ("2014 Plan") subject to shareholder approval which was received in June 2014. The 2014 Plan provides for the granting of nonqualified and incentive stock options, stock appreciation rights, restricted stock units, restricted stock and dividend equivalents. An aggregate of 1,000,000 271,906 1,271,906 2,471,906 896,020 Outstanding stock options Number of Weighted average shares exercise price Balance at December 31, 2016 2,225,850 $ 6.12 Options granted 50,000 3.83 Options exercised (190,383) 2.81 Options forfeited - - Options cancelled (17,500) 13.84 Balance at September 30, 2017 2,067,967 6.31 Options exercisable at September 30, 2017 1,501,446 6.36 Options outstanding Options exercisable Weighted Weighted average average remaining Weighted remaining Weighted contractual average Aggregate contractual average Aggregate Number life exercise intrinsic Number life exercise intrinsic outstanding (Years) price value exerciseable (Years) price value 2,067,967 6.42 $ 6.31 $ 867,905 1,501,446 5.46 $ 6.36 $ 735,625 The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value of stock options exercised during the nine months ended September 30, 2017 and 2016 was $ 202,000 22,000 190,383 5,445 (e) Restricted Stock Units Number of unvested restricted stock units Balance at December 31, 2016 - Granted 287,000 Vested (15,000) Cancelled - Balance at September 30, 2017 272,000 |
