Quarterly report pursuant to Section 13 or 15(d)

Stock Options (Tables)

Stock Options (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The assumptions used principally in determining the fair value of options granted were as follows:

		Three Months Ended March 31,
		2017				2016
Risk free interest rate			2.17	%			1.81	%
Expected dividend yield			0	%			0	%
Expected term in years			6.35				6.28
Expected volatility			85.8	%			88.3	%
Estimated forfeiture rate			5	%			5	%

Summary of Option Activity

A summary of option activity for the three months ended March 31, 2017 is presented below:

										Weighted
										Average
										Remaining
						Weighted				Contractual				Aggregate
						Average				Term in				Intrinsic
Options		Shares				Exercise Price				Years				Value
Outstanding at December 31, 2016			6,610,179			$	2.54
Granted			1,063,500				9.05
Exercised			(160,549	)			0.50
Forfeited			—				—
Outstanding at March 31, 2017			7,513,130			$	3.51				8.31			$	36,752,235
Vested at March 31, 2017			3,290,104			$	1.26				7.36			$	23,011,278