Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Payments (Tables)

Stock-Based Payments (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of weighted-average assumptions used in Black-Scholes option-pricing model

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Weighted-average risk-free interest rate	1.32	%	1.72	%	1.35	%	1.76	%
Expected dividend yield	-	%	-	%	-	%	-	%
Expected option term	5.94		6.11		5.98		6.09
Volatility	85.34	%	81.88	%	85.40	%	82.59	%

Summary of stock-based compensation expense for stock options and restricted common stock

The following table summarizes the stock-based compensation expense for stock options and restricted common stock granted to employees and non-employees recorded in the Company’s statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Research and development	$	1,238	$	1,076	$	2,727	$	2,073
General and administrative		456		185		777		312
Total stock-based compensation expense	$	1,694	$	1,261	$	3,504	$	2,385