Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2016
Equity [Abstract]  

The Company has adopted two stock option plans. On July 16, 2007 (the “Effective Date”), the Company’s Board and stockholders adopted the 2007 Plan. On July 17, 2012, the Company’s Board and stockholders amended the 2007 Plan to increase the aggregate number of options available for grant to 903,224. On February 21, 2014 the Board approved the 2014 Plan, which was approved by stockholders at the Annual Meeting of Stockholders (the “Annual Meeting”) on June 19, 2014. Additionally, the Board also, approved subject to stockholder approval at the Annual Meeting under the Prospective Plan, 800,000 shares of common stock plus an annual increase to be added as of the first day of the Company’s fiscal year, beginning in 2015 and occurring each year thereafter through 2020, equal to the lower of 200,000, or 1% of the outstanding shares of common stock as of the end of the Company’s immediately preceding fiscal year and any lesser number of shares determined by the Board, provided that the aggregate number of shares available for issuance pursuant to such increases shall not exceed a total of 800,000 shares reserved for issuance under the terms of the 2014 Plan. As of December 31, 2016, the aggregate options approved in the 2007 Plan and 2014 Plan are 1,903,273 with 1,535,187 outstanding and expected to vest and 368,086 available for future issuance. During the year ended December 31, 2016, there were 21,334 options forfeited and 8,666 options expired; such options were included in the stock option plans.


The 2007 and 2014 Plans provides for the Board or a Committee of the Board (the “Committee”) to grant awards to optionees and to determine the exercise price, vesting term, expiration date and all other terms and conditions of the awards, including acceleration of the vesting of an award at any time. All options granted under the 2007 and 2014 Plans are intended to be incentive stock options (“ISOs”), unless specified by the Committee to be non-qualified options (“NQOs”) as defined by the Internal Revenue Code. ISOs and NQOs may be granted to employees, consultants or Board members at an option price not less than the fair market value of the common stock subject to the stock option agreement. The following table summarizes information about stock options outstanding as of December 31, 2016 and 2015:


    Year Ended   Year Ended
    December 31, 2016   December 31, 2015
        Weighted       Weighted
        Average       Average
        Exercise       Exercise
    Shares   Price   Shares   Price
Outstanding at beginning of period     1,464,203     8.02       1,048,927     $ 7.24  
Forfeited     (21,334 )     8.02       (9,710 )   9.16  
Expired     (8,666 )     7.88       (7,514 )     6.55  
Granted     100,984       6.20       432,500     9.92  
Outstanding at end of period and expected to vest     1,535,187       7.90       1,464,203     8.02  
Options exercisable     1,179,143     $ 7.64       880,457     $ 7.19  
Weighted average fair value of options                                
granted during the year           $ —               $ 5.25  


The weighted average remaining contractual term of stock options outstanding and expected to vest at December 31, 2016 is 6.4 years. The weighted average remaining contractual term of stock options exercisable at December 31, 2016 is 5.8 years.


Stock-based compensation expense for the years ended December 31, 2016 and 2015 was:


    2016   2015
Research and development   $ 439,982     $ 724,776  
Plasma centers     52,973       48,386  
General and administrative     757,119       937,885  
Total stock-based compensation expense   $ 1,250,074     $ 1,711,047  


As of December 31, 2016, the total unrecognized compensation expense related to unvested options totaled $1,616,337. The weighted-average vesting period over which the total compensation expense will be recorded related to unvested options at December 31, 2016 was approximately 2.2 years.


The aggregate intrinsic value is calculated as the difference between (i) the closing price of the common stock at December 31, 2016 and (ii) the exercise price of the underlying awards, multiplied by the number of options that had an exercise price less than the closing price on the last trading day. The Company’s outstanding and exercisable options had an intrinsic value of $260,974 as of December 31, 2016.