Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.6.0.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Dec. 31, 2016
Summary Of Significant Accounting Policies Tables  
Summary of stock-based compensation expense

The table below summarizes stock-based compensation expense included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended December 31, 2016 and 2015. 

 

     Three Months Ended      Nine Months Ended  
     December 31,      December 31,  
     2016      2015      2016      2015  
                         
 Research and development expense:                        
                         
 Stock option grants   $ 113,900     $ 71,300     $ 239,900     $ 118,700  
 Warrants granted to officer in March 2014     -       2,800       -       8,500  
 Warrants granted to officer in September 2015     -       -       -       852,200  
                                 
      113,900       74,100       239,900       979,400  
                                 
 General and administrative expense:                                
                                 
 Stock option grants     153,300       20,400       334,000       36,500  
 Warrants granted to officers and directors                                
      in March 2014     -       3,900       -       11,700  
 Warrants granted to officers, directors and                                
      consultants in September 2015     -       -       -       2,840,700  
                                 
      153,300       24,300       334,000       2,888,900  
                                 
 Total stock-based compensation expense   $ 267,200     $ 98,400     $ 573,900     $ 3,868,300  

 

Warrant assumptions

We valued the options granted in June, September and November 2016 using the Black-Scholes Option Pricing Model and the following weighted average assumptions:

 

Assumption:   June 2016     September 2016     November 2016  
Market price per share at grant date   $ 3.49     $ 4.27     $ 3.80  
Exercise price per share   $ 3.49     $ 4.27     $ 3.80  
Risk-free interest rate     1.34 %     1.29 %     1.76 %
Contractual or estimated term in years     6.68       6.25       6.79  
Volatility     81.69 %     83.26 %     84.38 %
Dividend rate     0.0 %     0.0 %     0.0 %
Shares     655,000       125,000       560,000  
                         
Fair Value per share   $ 2.50     $ 3.05     $ 2.81  

 

We valued the warrants and options granted in September 2015 using the Black-Scholes Option Pricing Model and the following assumptions:

 

Assumption:   Warrants     Employee Options     Non-employee Options  
Market price per share at grant date   $ 9.11     $ 9.11     $ 9.11  
Exercise price per share   $ 9.25     $ 9.25     $ 9.25  
Risk-free interest rate     1.52 %     2.02 %     2.20 %
Contractual or estimated term in years     5.00       6.25       10.00  
Volatility     77.19 %     79.48 %     103.42 %
Dividend rate     0.0 %     0.0 %     0.0 %
Shares     650,000       60,000       30,000  
                         
Fair Value per share   $ 5.68     $ 6.35     $ 8.27  

 

Schedule of potentially dilutive securities excluded from computation of earnings per share

Potentially dilutive securities excluded in determining diluted net loss attributable to common stockholders per common share are as follows:

 

    As of December 31,  
    2016     2015  
             
Series A Preferred stock issued and outstanding (1)     750,000       750,000  
                 
Series B Preferred stock issued and outstanding (2)     1,160,240       3,588,863  
                 
Series C Preferred stock issued and outstanding (3)     2,318,012       -  
                 
Outstanding options under the 2016 (formerly 2008) and 1999 Stock Incentive Plans     1,659,324       296,738  
                 
Outstanding warrants to purchase common stock     4,550,370       4,971,497  
                 
Warrant shares issuable to PLTG upon exchange of Series A Preferred                
    under the terms of the October 11, 2012 Note Exchange and Purchase                
    Agreement, as subsequently amended     -       535,715  
                 
                 
Total     10,437,946       10,142,813  
____________                
(1) Assumes exchange under the terms of the October 11, 2012 Note Exchange and Purchase Agreement with PLTG, as amended            
(2) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series B 10% Convertible Preferred Stock, effective May 5, 2015            
(3) Assumes exchange under the terms of the Certificate of Designation of the Relative Rights and Preferences of the Series C Convertible Preferred Stock, effective January 25, 2016