UNITED STATES SECURITIES AND EXCHANGE
COMMISSIONWashington, D.C. 20549










Form 10-K/A



(Amendment No. 1)



xANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For
the fiscal year ended December 31, 2015



or



 ̈TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For
the transition period from          to



Commission File No. 001-15281










Repros Therapeutics Inc.

(Exact name of registrant as specified
in its charter)



|Delaware                                 | 76-0233274         
|---------------------------------------- | -------------------
|(State or other jurisdiction of          | (I.R.S. Employer   
|incorporation or organization)           | Identification No.)
|                                         |                    
|2408 Timberloch Place, Suite B-7         | 77380              
|The Woodlands, Texas                     | (Zip Code)         
|(Address of principal executive offices) |                    



(281) 719-3400
(Registrant's telephone number, including area code)










Securities registered pursuant to Section
12(b) of the Act:



|Title of Each Class           | Name of Each
        Exchange on Which Registered
|----------------------------- | -------------------------------------------------
|Common Stock, $.001 par value | The Nasdaq Stock Market LLC                      





Indicate by check mark whether the registrant is a
well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes  ̈
No x



Indicate by check mark
if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act. Yes  ̈No
x



Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.    Yes x
No  ̈



Indicate by check mark
whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). Yes x
No  ̈



Indicate by check mark
if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. x



Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See definitions of "large accelerated filer,” accelerated filer" and “smaller reporting company” in
Rule 12b-2 of the Exchange Act.:



|Large accelerated filer  ̈ |                                             | Accelerated filer x        
|------------------------- | ------------------------------------------- | ---------------------------
|Non-accelerated filer  ̈   | (Do not check if smaller reporting company) | Smaller reporting company  ̈



Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ̈
No x



The aggregate market
value of the common stock held by non-affiliates of the registrant was approximately $146,809,556 as of June 30, 2015, the last
business day of the registrant's most recently completed second fiscal quarter, based on the closing sales price of the registrant's
common stock on the Nasdaq Capital Market on such date of $7.15 per share. For purposes of the preceding sentence only, all directors,
executive officers and beneficial owners of ten percent or more of the shares of the registrant's common stock are assumed to be
affiliates.



As of April 22, 2016,
there were 24,318,111 shares of the registrant's common stock outstanding.



Documents incorporated
by reference: None in this Amendment No. 1.


















REPROS THERAPEUTICS INC
2015 FORM 10-K/A ANNUAL REPORT



TABLE OF CONTENTS



|         |                                                                                                | Page
|-------- | ---------------------------------------------------------------------------------------------- | ----
|         |                                                                                                |     
|PART III |                                                                                                | 2   
|Item 10. | Directors, Executive Officers and Corporate Governance                                         | 2   
|Item 11. | Executive Compensation                                                                         | 7   
|Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 17  
|Item 13. | Certain Relationships and Related Transactions, and Director Independence                      | 19  
|Item 14. | Principal Accountant Fees and Services                                                         | 20  
|         |                                                                                                |     
|PART IV  |                                                                                                | 21  
|Item 15. | Exhibits                                                                                       | 21  



This Annual Report
on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "may," "anticipate,"
"believe," "expect," "estimate," "project," "suggest," "intend" and
similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect
to future events and financial performance and are subject to certain risks, uncertainties and assumptions, including those discussed
in "Item 1A. Risk Factors." Should one or more of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those anticipated, believed, expected, estimated, projected, suggested
or intended.



EXPLANATORY NOTE



We are filing this
amendment to our Annual Report on Form 10-K, originally filed with the Securities and Exchange Commission on March 14, 2016, solely
for the purpose of amending and supplementing Part III of the Annual Report on Form 10-K. This amendment changes our Annual Report
only by including the information required by Part III (Items 10, 11, 12, 13 and 14) of Form 10-K. In addition, we are also including
Exhibits 31.1 and 31.2 as required by the filing of this amendment.











PART
III



| |  | ITEM 10. Directors, Executive Officers and Corporate Governance
| |  | ---------------------------------------------------------------



Directors



The names of the Company’s
directors and certain additional information with respect to each of them are set forth below.



|Name                          |  | Age |  | Position with the Company                       |  | Year FirstBecameDirector
|----------------------------- |  | --- |  | ----------------------------------------------- |  | ------------------------
|Joseph S. Podolski            |  | 68  |  | President, Chief Executive Officer and Director |  | 1992                    
|Daniel F. Cain                |  | 70  |  | Director                                        |  | 2004                    
|Nola E. Masterson             |  | 69  |  | Director and Chair of the Board                 |  | 2004                    
|Saira Ramasastry              |  | 40  |  | Director                                        |  | 2013                    
|Michael G. Wyllie, Ph.D., DSC |  | 65  |  | Director                                        |  | 2011                    



Joseph S. Podolski.
Mr. Podolski has served as Chief Executive Officer and as a director since 1992. He joined us in 1989 as Vice President of Operations
and is the named inventor on the majority of the Company’s patents for both Androxal® and Proellex®.
Previously, Mr. Podolski spent twelve years in various engineering, product development and manufacturing positions at G.D. Searle,
a subsidiary of Monsanto Company. Before joining Monsanto, Mr. Podolski held positions in manufacturing, engineering, quality control
and development of fine chemicals, antibiotics, pharmaceuticals and hospital products with Abbott Laboratories, Dearborn Chemical
Company and Baxter Pharmaceuticals. Mr. Podolski holds a B.S. degree in chemistry and a M.S. degree in chemical engineering from
the Illinois Institute of Technology.



Daniel F. Cain.
Mr. Cain was elected a director in 2004 and was chair of the board of directors from 2005 to 2008. Since October 1994, Mr. Cain
has provided consulting services for small businesses. From 1969 to 1994, Mr. Cain held various positions with Miles Laboratories,
Inc., Hexcel Corporation, Scripps-Miles, Inc., Synbiotics Corporation and Heska Corporation. Mr. Cain has 45 years of broad business
experience including 28 years with medical companies. Sixteen of these years were with three different biotechnology startup companies,
one of which he co-founded. Mr. Cain has held a wide variety of executive level management positions including chief executive
officer, president and chief financial officer. Mr. Cain earned a B.S. degree from LeTourneau College and an M.B.A. degree from
Indiana University.



Nola E. Masterson.Ms. Masterson was elected a director in 2004 and became chair of the board in 2009. She is currently Managing Director of Science
Futures Management Co. LLC, an investment and advisory service business specializing in biopharmaceuticals, NGS and genomic tools
and diagnostics. She was previously a Venture Partner with Techno Venture Management Capital, a large global venture fund. She
currently is Adjunct Professor at the University of San Francisco in the Business and Management Department. Ms. Masterson joined
the Board of Directors of ZIVO BioScience, Inc. (OTCQB: ZIVO) in September 2014. She was the founding CEO of Sequenom, Inc., a
genetic analysis company located in San Diego. Ms. Masterson was the first biotechnology analyst on Wall Street, working with Drexel
Burnham Lambert and Merrill Lynch. Ms. Masterson began her business career at Ames Company, a division of Bayer in diagnostic sales,
and spent eight years at Millipore Corporation in sales management and as Vice President of the biotechnology division.



Saira Ramasastry. Ms. Ramasastry was elected a director in March 2013. Ms. Ramasastry is the Founder and Managing Partner of Life Sciences Advisory,
LLC, a firm that provides strategic business advice for the biopharmaceutical industry. Previously, Ms. Ramasastry was an investment
banker at Merrill Lynch & Co., where she was responsible for originating M&A, strategic and capital markets transactions
in the biotechnology industry. Prior to Merrill Lynch, she worked in the M&A group at Wasserstein Perella & Co. Ms.
Ramasastry currently serves on the Industry Advisory Board of the Michael J. Fox Foundation for Parkinson’s Research, the
Board of Directors of Sangamo Biosciences, Inc. (NASDAQ: SGMO) and the Board of Directors of Pain Therapeutics (NASDAQ: PTIE). 
Ms. Ramasastry received her B.A. in Economics with Honors and Distinction and an M.S. in Management Science and Engineering from
Stanford University, Phi Beta Kappa, as well as an M. Phil. in Management Studies from the University of Cambridge where she is
a guest lecturer for the Bioscience Enterprise Programme and serves on the Cambridge Judge Business School Advisory Council.



-2-







Michael G. Wyllie,
Ph.D., DSC.Dr. Wyllie was elected a director in 2011. Dr. Wyllie has over 30 years of
experience in senior management positions in the pharmaceutical industry. He is a director and founder of Global Pharma Consulting
and is a graduate of the University of Aberdeen. While Director of Biology at Pfizer, he was involved in the discovery, development,
regulatory filing and marketing of eight major pharmaceutical products including doxazosin (Cardura), darifenacin (Enablex) and
sildenafil (Viagra). Subsequently, Dr. Wyllie has been involved in founding several start-up companies and the successful listing
of four of these on the London Stock Market. He is founder and Chief Scientific Officer of Plethora Solutions Holdings, Plc (LON:PLE),
which has a product, PSD502, approved in the EU for premature ejaculation. He is Chairman of Glycomar Ltd, an Oban-based marine
biotechnology company and Chairman of Morvus Technology Limited, a pharmaceutical company specializing in the discovery and commercialization
of novel drugs for the oncology market. He is a member of the Clinical Trials Committee for the International Consultation in Sexual
Medicine.



Executive Officers



Set forth below is certain
information concerning the executive officers of the Company, including the business experience of each during the past five years.



|Name                            |  | Age |  | Position                                        
|------------------------------- |  | --- |  | ------------------------------------------------
|Joseph S. Podolski              |  | 68  |  | President, Chief Executive Officer and Director 
|                                |  |     |  |                                                 
|Katherine A. Anderson, C.P.A.   |  | 58  |  | Chief Financial Officer and Secretary           
|                                |  |     |  |                                                 
|Jaye Thompson, Ph.D.            |  | 50  |  | Senior Vice President of Clinical and Regulatory
|                                |  |     |  |                                                 
|Joachim F. Wernicke, Ph.D, M.D. |  | 68  |  | Chief Medical Officer                           



Information pertaining
to Mr. Podolski may be found above under “Directors”.



Katherine A. Anderson,
C.P.A. Ms. Anderson originally joined us in 2002 as an independent contractor controller and, effective October 2009, assumed
the additional position of Chief Accounting Officer. She has been Chief Financial Officer since August 2011. Ms. Anderson is a
certified public accountant with over 30years of experience in accounting and finance. Ms. Anderson earned a B.S.degree
in accounting from The University of Houston.



Jaye Thompson, Ph.D.
Dr. Thompson joined us in 2013 as the Senior Vice President of Clinical and Regulatory after serving as a member of our board of
directors since 2009. Ms. Thompson has more than 20 years of experience in the clinical research industry and prior to joining
us served as the Senior Vice President of Clinical Development and Regulatory Affairs with Opexa Therapeutics, Inc. Prior to joining
Opexa, she was the Senior Vice President for Regulatory Affairs and Emerging Biotechnologies at inVentiv Clinical Solutions, LLC,
a wholly-owned subsidiary of inVentiv Health, a full-serve contract research organization. Prior to its acquisition by inVentiv
in 2006, Dr. Thompson was President and Founder of SYNERGOS, Inc., a leading contract research organization based in The Woodlands,
Texas. Under her leadership, SYNERGOS (founded in 1991) grew and gained a reputation as one of the foremost clinical research organizations
in the region. She started her career as a Biostatistician and Project Leader for Applied Logic Associates. Dr. Thompson holds
a Bachelor’s degree in Applied Mathematics from Texas A&M University and an M.S. and a Ph.D. in Biostatistics from The
University of Texas Health Science Center in Houston. She serves on the Gulf Coast Regional Center of Innovation and Commercialization
Executive Board, the MD Anderson Technology Review Committee and the BioHouston Associate Advisory Board.



Joachim F. Wernicke,
Ph.D, M.D. Dr. Wernicke joined us in 2013 as the Chief Medical Officer and has over 30 years of experience in clinical development
and regulatory matters. From 2004 until his in retirement in 2012, Dr. Wernicke was part of the Global Patient Safety group at
Eli Lilly and Company, where he was at various times responsible for Cymbalta, Strattera, Zyprexa, Symbyax, and Effient. He was
also involved in the development and approval of Strattera and Cymbalta between 1999 and 2004 and clinical development and regulatory
matters related to Prozac and other central nervous system drugs between 1984 and 1990. During his career, he has also served as
the VP of Clinical and Regulatory Affairs for Cyberonics, Inc. and as a consultant for various pharmaceutical, biotechnology and
medical device companies. Dr. Wernicke received a Ph.D. in biochemistry from U.C.L.A. in 1974, and an M.D. from U.C. Irvine in
1979, followed by a child neurology fellowship.



corporate governance



Board Meetings



Our operations are
managed under the broad supervision of the board of directors, which has ultimate responsibility for the establishment and implementation
of our general operating philosophy, objectives, goals and policies. The positions of chair of the board of directors and the chief
executive officer of the Company are currently held by different individuals, Nola E. Masterson and Joseph Podolski, respectively.
The Company believes that this structure provides the Company with the appropriate level of risk oversight. Our board of directors
is currently comprised of a majority of independent directors. The board of directors has determined that Mr. Cain, Ms. Masterson,
Ms. Ramasastry and Dr. Wyllie are all “independent” as independence is defined under the listing standards for The
NASDAQ Stock Market. The board based these determinations primarily on a review of the responses our directors provided to questions
regarding employment and compensation history, affiliations and family and other relationships. During 2015, the board of directors
convened on five occasions. All directors attended 100% of the meetings held by the board and any committee of the board on which
he or she served during his or her tenure in 2015. Our current policy is to have our directors attend our annual meeting of stockholders,
and each of our directors attended our 2015 meeting of stockholders.



-3-







Board Committees



Pursuant to delegated
authority, various board functions are discharged by the standing committees of the board. The board of directors has appointed
three principal standing committees: the compensation and option committee, the nominating and corporate governance committee and
the audit committee. Copies of the audit committee charter, the compensation and option committee charter and the nominating and
corporate governance committee charter are available in the Corporate Governance section of our web site at www.reprosrx.com. The
current members of the committees are identified in the following table:



|Director                       |  | Audit     |  | Compensationand Option |  | Nominating andCorporate Governance
|------------------------------ |  | --------- |  | ---------------------- |  | ----------------------------------
|Daniel F. Cain                 |  | √ (Chair) |  | √                      |  | √                                 
|Nola E. Masterson              |  | √         |  | √(Chair)               |  | √                                 
|Saira Ramasastry.              |  | √         |  | √                      |  | √                                 
|Michael G. Wyllie, Ph.D., DSC. |  |           |  |                        |  | √(Chair)                          



Audit Committee.
The audit committee, which is currently comprised of Mr. Cain, as chair, Ms. Masterson and Ms. Ramasastry, provides assistance
to the board of directors in fulfilling its responsibilities relating to corporate accounting and reporting practices, recommends
to the board of directors the engagement by us of our independent public accountants, approves services performed by our independent
public accountants, including fee arrangements and the range of audit and non-audit services, maintains a direct line of communication
between the board of directors and our independent public accountants and performs such other functions as may be prescribed with
respect to audit committees under applicable rules, regulations and policies of The NASDAQ Stock Market. The audit committee also
evaluates our system of internal controls, the internal audit function and other related areas. The audit committee holds a private
executive session with our independent auditors following every audit committee meeting. This executive session excludes management.
The audit committee meets quarterly and convened five times in 2015.



As required by The
NASDAQ Stock Market and SEC rules regarding audit committees, the board of directors has reviewed the qualifications of its audit
committee and has determined that none of the current members of the audit committee have a relationship with us that might interfere
with the exercise of their independence from us or management and has determined that each member of the audit committee is independent,
as independence is defined in the listing standards for The NASDAQ Stock Market. The board of directors has determined that Mr.
Cain, chair of the audit committee, is an audit committee financial expert as described in Item 401(h) of Regulation S-K.



Compensation and
Option Committee. The compensation and option committee, which is currently comprised of Ms. Masterson, as chair, Mr. Cain
and Ms. Ramasastry, establishes the compensation for our President and Chief Executive Officer, including applicable bonus milestones
and equity/option grants. The committee also may be involved in or may approve, depending on the availability of the board of directors,
grants of awards to other employees, may determine the terms and conditions provided for in each option grant, and may, as requested
by our President and Chief Executive Officer, review and recommend to the board of directors the amount of compensation to be paid
to our officers. The compensation committee generally convenes on an as needed basis. The compensation and option committee met
three times in 2015. The board of directors has determined that each member of the compensation and option committee is independent,
as independence is defined in the listing standards for The NASDAQ Stock Market.



Nominating and Corporate
Governance Committee. The nominating and corporate governance committee is currently comprised of Dr. Wyllie, as chair, Mr.
Cain, Ms. Masterson and Ms. Ramasastry. The nominating and corporate governance committee investigates and makes recommendations
to the board with respect to qualified candidates to be nominated for election to the board and reviews and makes recommendations
to the board of directors with regard to candidates for directors nominated by stockholders in accordance with our bylaws. This
committee also investigates and makes recommendations to the board with regard to all matters of corporate governance, including
the structure, operation and evaluation of the board and its committees. The nominating and corporate governance committee met
twiceduring 2015. The board of directors has determined that each current member of the nominating
and corporate governance committee is independent, as independence is defined in the listing standards for The NASDAQ Stock Market.



Executive Sessions
of the Board of Directors. Our policy is to have non-management directors meet regularly in executive sessions following each
of our regularly scheduled meetings of the board of directors in a calendar year. A non-management director is any director who
is not an employee and does not include any director who is not independent as determined by the board of directors. Non-management
directors presently consist of all current directors except Mr. Podolski. The non-management directors met a total of four times
during calendar year 2015.



-4-







Communications with
Directors. Our security holders and other interested parties may communicate with any of our directors (including any presiding
director or the non-management directors as a group) by mail to our Secretary, Repros Therapeutics Inc., 2408 Timberloch Place,
Suite B-7, The Woodlands, Texas 77380. Such communications should specify the intended recipient or recipients. All such communications,
other than commercial solicitations or communications, will be forwarded to the appropriate director or directors.



Stockholder Nominations.
The nominating and corporate governance committee will consider stockholder proposals for director nominees. In order to nominate
a director at the annual meeting, a stockholder must follow the procedures set forth in Section 2.12 of our bylaws (available on
our web site at www.reprosrx.com). In order to recommend a nominee for a director position, a stockholder must be a stockholder
of record at the time the stockholder gives notice of its recommendation and the stockholder must be entitled to vote for the election
of directors at the meeting at which such nominee will be considered. Stockholder recommendations must be made pursuant to written
notice delivered to our principal executive offices no less than 50 days nor more than 75 days prior to the date of the annual
or special meeting at which directors are to be elected; provided, that if the date of the annual or special meeting was not publicly
announced more than 65 days prior to the annual or special meeting, such notice by the stockholder will be timely if delivered
to the Secretary no later than the close of business on the 15th day following the day on which such announcement of
the date of the meeting was communicated to the stockholders.



The stockholder notice
must set forth the following:



1.    As to each person
the stockholder proposes to nominate for election as a director, all information relating to such person that would be required
to be disclosed in solicitations of proxies for the election of such nominees as directors pursuant to Regulation 14A under the
Securities Exchange Act of 1934, or the Exchange Act;



2.    The written consent
to serve as a director if elected by each person nominated;



3.    Name and address
of the stockholder as they appear on our books; and



4.    The class and
number of shares of common stock beneficially owned by such stockholder.



In addition to complying
with the foregoing procedures, any stockholder nominating a director must also comply with all applicable requirements of the Exchange
Act and the rules and regulations thereunder.



Nominating and Corporate
Governance Committee Nominations. The nominating and corporate governance committee selects each nominee based on the nominee’s
skills, achievements and experience. The Company seeks directors who represent a diversity of backgrounds and experiences and believes
that such diversity will enhance the quality of the board’s deliberations and decisions. In selecting candidates, the following
will be considered, among other things: knowledge, experience and skills in areas critical to understanding us and our business
(including financial expertise); personal characteristics, such as integrity and judgment; and candidates’ commitments to
the boards of other companies. As part of its periodic self-assessment process, the board determines the diversity of specific
skills and characteristics necessary for the optimal functioning of the board.



When seeking candidates
for director, the nominating and corporate governance committee may solicit suggestions from incumbent directors, management, stockholders
or others. While the committee has authority under its charter to retain a search firm for this purpose, no such firm was utilized
in 2015. After conducting an initial evaluation of a potential candidate, the committee will interview that candidate if it believes
such candidate might be suitable to be a director. The committee may also ask the candidate to meet with management. If the committee
believes a candidate would be a valuable addition to the board of directors, it will recommend to the full board of directors that
candidate’s election. All of our current directors are standing for re-election at the annual meeting.



Code of Conduct and Ethics



We have adopted a Code
of Business Conduct and Ethics for directors, officers and employees and a Code of Ethics for Senior Financial Officers, which
are available on the Corporate Governance section of our website at www.reprosrx.com. If any substantive amendments are made to
either code, the nature of such amendment will be disclosed on our website. In addition, if a waiver from either code is granted
to an executive officer, director or principal accounting officer, the nature of such waiver will be disclosed on our website.



Compensation Committee Interlocks and
Insider Participation



All members of the
compensation and option committee are independent directors, and none of them are present or past employees or officers of ours.
No member of the compensation and option committee has had any relationship with us requiring disclosure under Item 404 of Regulation
S-K under the Exchange Act. None of our executive officers has served on the board or compensation committee (or other committee
serving an equivalent function) of any other entity which has one of their executive officers who served on our board or compensation
and option committee.



The Board’s Role in Risk Oversight



The board of directors’
role in the Company’s risk oversight process includes regular discussions and meetings with members of senior management
on areas of material risk to the Company, including operational, financial, legal, regulatory, strategic and reputational risks.
In addition, several members of the Company’s board are actively involved in several key areas of risk to the Company, namely,
regulatory strategy and interactions with the U.S. Food and Drug Administration, and financing matters. Due to the relatively small
size of the board, and the centralized management at the Company, senior management is able to frequently interact with the full
board (or the appropriate Committee in the case of risks that are under the purview of a particular Committee). This structure
enables the board and its Committees to be heavily involved in the risk oversight role.



-5-







Section
16(a)Beneficial ownership Reporting Compliance



Section 16(a) of the
Exchange Act requires our directors and officers, and persons who own more than 10% of our common stock, to file initial reports
of ownership and reports of changes in ownership (Forms 3, 4 and 5) of common stock with the SEC. Officers, directors and greater
than 10% stockholders are required by SEC regulation to furnish us with copies of all such forms that they file. To our knowledge,
based solely on our review of the copies of such reports received by us and on written representations by certain reporting persons
that no reports on Form 5 were required, we believe that during the fiscal year ended December 31, 2015, all Section 16(a) filing
requirements applicable to our officers, directors and 10% stockholders were complied with in a timely manner.



-6-







ITEM 11. EXECUTIVE COMPENSATION



Compensation Discussion and Analysis



Philosophy



We have designed our
compensation programs to attract and retain key employees, motivate all of our employees to be productive and reward our employees,
officers and directors for exceptional performance.  We have implemented different types of compensation programs to
motivate performance both in the short-term and in the long-term, with the ultimate goal of long-term increased value for our stockholders.



We believe that our
executive compensation programs are essential to our ultimate success and also impact the environment of compensation for all employees.  Executive
compensation programs set the general level of expectations for us and also demonstrate the types of goals we expect all employees
to reach.



In setting executive
compensation, we first determine the goals that will ultimately make the Company successful.  Generally, for the past
three years, our success has been dependent upon two key factors:



| | · | the successful continued clinical development of our two products, enclomiphene and Proellex®;
and
| | - | --------------------------------------------------------------------------------------------------



| | · | our ability to raise capital to allow us to continue such development.
| | - | ----------------------------------------------------------------------



Because these are goals
that are best measured over the long term, we believe that the most effective means of motivating our executives is by providing
compensation that will reward long-term success with competitive short-term compensation being used to retain our key executives.  We
have utilized traditional long-term compensation programs, namely, stock option programs, to effectuate these goals.



Overview of Compensation and Process



Our compensation programs
consist of the following:



| | · | Base cash salary;
| | - | -----------------



| | · | Annual cash incentive payments and cash bonuses;
| | - | ------------------------------------------------



| | · | Equity incentives; and
| | - | ----------------------



| | · | General employee benefits available to all employees (Simple IRAmatching program, life,
health and dental insurance).
| | - | ---------------------------------------------------------------------------------------------------------------------



The board of directors
establishes and oversees compensation for all our executive officers through the Company’s compensation and option committee
or its chief executive officer as applicable. The compensation and option committee is responsible for determining the compensation
for our chief executive officer (Mr. Podolski), reviewing the proposed compensation of other senior management persons and key
employees, and for administering our incentive plans under which grants may be made to all of our employees as well as directors.
This includes establishing performance based milestones for purposes of our chief executive officer’s bonus compensation.
The committee also determines whether any potential bonus was earned by our chief executive officer, how any potential bonus will
be paid and reviews and approves the proposed bonus payments for all other officers and key employees.  Our chief executive
officer does not participate in deliberations relating to these determinations. The chief executive officer provides recommendations
to the compensation and option committee regarding the compensation of the other officers in the Company, namely Katherine A. Anderson,
Dr. Jaye Thompson and Dr. Joachim F. Wernicke, and the compensation and option committee then meets with our chief executive officer
concerning their compensation and makes its final determination of the appropriate compensation amounts for each of them.



In determining the
level and composition of the compensation of our chief executive officer and our other executives, the compensation and option
committee or our chief executive officer takes into account various qualitative and quantitative indicators, including comparisons
with the compensation awarded to the officers of other companies of similar size, revenue and market capitalization in the biotechnology
and pharmaceutical industries.



Due to the time consuming
and extensive clinical trials necessary for approval of our drug candidates by the FDA and the setbacks that may be encountered
from time to time during this process, we have, from time to time, experienced difficulty in raising the capital needed on satisfactory
terms. As a result, conservation of our limited cash is paramount. This has impacted the Company’s philosophy on compensating
our executive officers and other employees, using equity awards from time to time to incentivize the Company’s employees.



-7-







In order to facilitate
the use of equity compensation as a primary component of our overall compensation program, the compensation and option committee
adopted the 2011 Equity Incentive Plan in early 2011 on behalf of the board of directors in order to provide a more comprehensive
equity incentive program for the employees, directors and consultants of the Company. The 2011 Equity Incentive Plan provides a
variety of equity based compensation incentives such as stock appreciation rights, performance based stock awards, incentive and
non-qualified stock options, restricted stock and restricted stock units, and other awards that will provide the compensation and
option committee with more responsive methods of rewarding and incentivizing management as the Company progresses.  Such
2011 Equity Incentive Plan also operates to simplify the Company’s equity compensation structure by combining all prior and
pending equity plans into one comprehensive plan.



Section 162(m) of the
Internal Revenue Code of 1986, or the Code, places a $1 million annual cap on the deductible compensation that can be paid to certain
executives of publicly-traded corporations.  Amounts that qualify as “performance based” compensation under
Section 162(m)(4) of the Code are exempt from the cap and do not count toward the $1 million limit.  Generally, stock
options will qualify as performance based compensation.  The committee has discussed and considered and will continue
to evaluate the potential impact of Section 162(m) on us in making compensation determinations, but has not established a set policy
with respect to future compensation determinations.



The Company does not
believe that its compensation policies and practices for its employees are reasonably likely to have a material adverse effect
on the Company.



The compensation committee
notes that at our 2015 annual meeting of stockholders, the compensation of our named executive officers was approved by 84.8% of
the votes cast. The compensation committee believes that this signifies our stockholders’ support of our approach to executive
compensation. Based on the substantial stockholder support of our executive compensation programs, the compensation committee elected
not to make significant changes to our program in 2015. The compensation committee remains open to any concerns expressed by our
stockholders and will continue to consider the outcome of future say-on-pay votes when making compensation decisions for our named
executive officers.



Overall 2015 Compensation



The Summary Compensation
Table set forth below reflects the compensation that our named executive officers were paid in 2015 in accordance with SEC rules.
However, particularly with respect to compensation from option awards, such table reflects compensation that relates to options
granted prior to 2015 which vested in 2015. In order to provide additional clarification on all compensation paid in consideration
of 2015 performance, we are providing the following table. It should not be read as a replacement of the Summary Compensation Table
or the other tables appearing in this Item 11, but as a supplement thereto. The amounts reflected in this table include:



| | · | 2015 annual salary;
| | - | -------------------



| | · | 2015 annual incentive compensation (bonus paid in 2016 in consideration of 2015 performance);
| | - | ---------------------------------------------------------------------------------------------



| | · | Other compensation paid in 2015; and
| | - | ------------------------------------



| | · | Options granted for service in 2015.
| | - | ------------------------------------



|Name                          |  | Salary |         |     | Annual Cash Incentive Compensation |   |         | All Other Compensation (1) |  |   | Total Cash Compensation |  |  | 2015 Options |        
|----------------------------- |  | ------ | ------- | --- | ---------------------------------- | - | ------- | -------------------------- |  | - | ----------------------- |  |  | ------------ | -------
|                              |  |        |         |     |                                    |   |         |                            |  |   |                         |  |  |              |        
|Joseph S. Podolski            |  | $      | 495,000 |     |                                    | $ | 346,500 |                            |  | $ | 35,048                  |  |  | $            | 876,548
|Katherine A. Anderson         |  | $      | 325,000 |     |                                    | $ | 48,750  |                            |  | $ | 18,750                  |  |  | $            | 392,500
|Jaye Thompson, Ph.D.          |  | $      | 250,000 |     |                                    | $ | 37,500  |                            |  | $ | 7,818                   |  |  | $            | 295,318
|Joachim Wernicke, Ph.D., M.D. |  | $      | 200,000 |     |                                    | $ | 37,063  |                            |  | $ | 6,636                   |  |  | $            | 243,699
|Ronald Wiehle, Ph.D.          |  | $      | 237,500 | (2) |                                    | $ | 28,500  |                            |  | $ | 30,124                  |  |  | $            | 296,124



| | 1) | Includes (i) $20,198, $9,000, $318, $636 and $24,424 paid for health benefits on behalf of Mr.
Podolski, Ms. Anderson, Dr. Thompson, Dr. Wernicke and Dr. Wiehle, respectively; and (ii) $14,850, $9,750, $7,500, $6,000 and $5,700
in contributions in a simple IRA made by us on behalf of Mr. Podolski, Ms. Anderson, Dr. Thompson, Dr. Wernicke and Dr. Wiehle,
respectively.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2) | Includes $47,500 in severance compensation upon Dr. Wiehle’s retirement effective December
31, 2015.
| | -- | ----------------------------------------------------------------------------------------------------



-8-







SUMMARY
COMPENSATION TABLE



The following table
sets forth the cash and non-cash compensation for the last three fiscal years awarded to or earned by the individuals who served
as our chief executive officer and chief financial officer and our three other most highly compensated executive officers during
fiscal year 2015: Joseph S. Podolski, Chief Executive Officer, Katherine A. Anderson, Chief Financial Officer, Dr. Jaye Thompson,
Senior Vice President of Clinical and Regulatory, Dr. Joachim F. Wernicke, Chief Medical Officer and Ronald Wiehle, Ph.D., Vice
President, Research and Development. We have entered into employment agreements with Mr. Podolski, Ms. Anderson and Dr. Thompson.  
The material terms of those agreements are described below.



Based on the summary
compensation information provided below, “Salary” accounted for approximately 63% of the total compensation paid to
the named executive officers for 2015.





|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           | Change in Pension |  |   |              |  |  |       |  
|--------------------- |  | ---- | ---- |  | ------ | - | ------- | ----- |  | - | ------- | --- |  | ---------- | - |  | -------------- | - | --------- | ----------------- |  | - | ------------ |  |  | ----- | -
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           | Value and         |  |   |              |  |  |       |  
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           | Nonqualified      |  |   |              |  |  |       |  
|Name and              |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  | Non-Equity     |   |           | Deferred          |  |   |              |  |  |       |  
|Principal             |  |      |      |  |        |   |         |       |  |   | Stock   |     |  | Option     |   |  | Incentive Plan |   |           | Compensation      |  |   | All Other    |  |  |       |  
|Position              |  | Year |      |  | Salary |   |         | Bonus |  |   | Awards  |     |  | Awards (1) |   |  | Compensation   |   |           | Earnings          |  |   | Compensation |  |  | Total |  
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           |                   |  |   |              |  |  |       |  
|Joseph S. Podolski    |  |      | 2015 |  |        | $ | 495,000 |       |  | $ | 346,500 | (2) |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —
|President & CEO       |  |      | 2014 |  |        | $ | 495,000 |       |  | $ | 396,000 |     |  |            | — |  |                | $ | 2,040,000 |                   |  |   | —            |  |  |       | —
|                      |  |      | 2013 |  |        | $ | 495,000 |       |  | $ | 25,990  |     |  |            | — |  |                |   | —         |                   |  | $ | 121,275      |  |  |       | —
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           |                   |  |   |              |  |  |       |  
|Katherine A. Anderson |  |      | 2015 |  |        | $ | 325,000 |       |  | $ | 48,750  |     |  |            | — |  |                | $ | 205,500   |                   |  |   | —            |  |  |       | —
|CFO and Secretary     |  |      | 2014 |  |        | $ | 325,000 |       |  |   | —       |     |  |            | — |  |                | $ | 83,900    |                   |  |   | —            |  |  |       | —
|                      |  |      | 2013 |  |        | $ | 275,000 |       |  |   | —       |     |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           |                   |  |   |              |  |  |       |  
|Jaye Thompson, Ph.D.  |  |      | 2015 |  |        | $ | 250,000 |       |  | $ | 37,500  |     |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —
|VP, Clin. & Reg.      |  |      | 2014 |  |        | $ | 250,000 |       |  |   | —       |     |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —
|                      |  |      | 2013 |  |        | $ | 191,346 |       |  |   | —       |     |  |            | — |  |                | $ | 707,000   |                   |  |   | —            |  |  |       | —
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           |                   |  |   |              |  |  |       |  
|Joachim Wernicke,     |  |      | 2015 |  |        | $ | 200,000 |       |  | $ | 37,063  |     |  |            | — |  |                | $ | 67,500    |                   |  |   | —            |  |  |       | —
|Ph.D., M.D.           |  |      | 2014 |  |        | $ | 200,000 |       |  |   | —       |     |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —
|Chief Medical Officer |  |      | 2013 |  |        | $ | 181,083 |       |  |   | —       |     |  |            | — |  |                | $ | 953,000   |                   |  |   | —            |  |  |       | —
|                      |  |      |      |  |        |   |         |       |  |   |         |     |  |            |   |  |                |   |           |                   |  |   |              |  |  |       |  
|Ronald Wiehle, Ph.D.  |  |      | 2015 |  |        | $ | 237,500 | (15)  |  | $ | 28,500  |     |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —
|VP, R&D               |  |      | 2014 |  |        | $ | 190,000 |       |  |   | —       |     |  |            | — |  |                | $ | 1,020,000 |                   |  |   | —            |  |  |       | —
|                      |  |      | 2013 |  |        | $ | 183,271 |       |  |   | —       |     |  |            | — |  |                |   | —         |                   |  |   | —            |  |  |       | —







1)   Represents
grant date fair value of stock options granted in 2015, 2014 and 2013. Based on the assumptions set forth in Note 3 to our Notes
to Condensed Consolidated Financial Statements set forth in our Annual Report on Form 10-K for the year ended December 31, 2015
related to calculation of value of stock based compensation.



2)   Paid
in January 2016 for services performed in 2015.



3)   This
amount is comprised of $20,198 paid by us on behalf of Mr. Podolski for health benefits and $14,850 in contributions made by us
on behalf of Mr. Podolski in a simple IRA.



4)   This
amount is comprised of $22,939 paid by us on behalf of Mr. Podolski for health benefits and $14,500 in contributions made by us
on behalf of Mr. Podolski in a simple IRA.



5)   This
amount is comprised of $22,383 paid by us on behalf of Mr. Podolski for health benefits and $14,500 in contributions made by us
on behalf of Mr. Podolski in a simple IRA.



6)   This
amount is comprised of $9,000 paid by us on behalf of Ms. Anderson for health benefits and $9,750 in contributions made by us
on behalf of Ms. Anderson in a simple IRA.



7)   This
amount is comprised of $9,479 paid by us on behalf of Ms. Anderson for health benefits and $9,750 in contributions made by us
on behalf of Ms. Anderson in a simple IRA.



8)   This
amount is comprised of $9,417 paid by us on behalf of Ms. Anderson for health benefits and $8,250 in contributions made by us on
behalf of Ms. Anderson in a simple IRA.



9)   This
amount is comprised of $318 paid by us on behalf of Dr. Thompson for health benefits and $7,500 in contributions made by us on
behalf of Dr. Thompson in a simple IRA.



10)   This
amount is comprised of $338 paid by us on behalf of Dr. Thompson for health benefits and $5,938 in contributions made by us on
behalf of Dr. Thompson in a simple IRA.



11)    This
amount is comprised of $348 paid by us on behalf of Dr. Thompson for health benefits.



12)   This
amount is comprised of $636 paid by us on behalf of Dr. Wernicke for health benefits and $6,000 in contributions made by us on
behalf of Dr. Wernicke in a simple IRA.



-9-







13)   This
amount is comprised of $676 paid by us on behalf of Dr. Wernicke for health benefits and $6,000 in contributions made by us on
behalf of Dr. Wernicke in a simple IRA.



14)   This
amount is comprised of $696 paid by us on behalf of Dr. Wernicke for health benefits and $5,000 in contributions made by us on
behalf of Dr. Wernicke in a simple IRA.



15)   Includes
$47,500 in severance compensation upon Dr. Wiehle’s retirement effective December 31, 2015.



16)   This
amount is comprised of $24,424 paid by us on behalf of Dr. Wiehle for health benefits and $5,700 in contributions made by us on
behalf of Dr. Wiehle in a simple IRA.



17)   This
amount is comprised of $26,913 paid by us on behalf of Dr. Wiehle for health benefits and $5,700 in contributions made by us on
behalf of Dr. Wiehle in a simple IRA.



18)   This
amount is comprised of $25,949 paid by us on behalf of Dr. Wiehle for health benefits and $5,498 in contributions made by us on
behalf of Dr. Wiehle in a simple IRA.



Base Salary



Salaries are provided
to employees as compensation for basic services to the Companyand to meet the objective of
attracting and retaining talent.  The board of directors initially approves the hiring and promotion of any of our executive
officers, including their compensation and option package.  The base salary for Mr. Podolski is normally reviewed on
an annual basis by the compensation and option committee.  The base salaries for Ms. Anderson, Dr. Thompson, Dr. Wernicke
and Dr. Wiehle are recommended to our compensation and option committee by our chief executive officer, and the compensation and
option committee then meets with our chief executive officer concerning his recommendations and makes its final determination of
the appropriate compensation amounts for each of such officers.



When establishing or
reviewing base compensation levels for Mr. Podolski, the compensation and option committee, in accordance with its general compensation
policy, considers or considered, as applicable, numerous factors, including:



| | · | the responsibilities relevant to the position;
| | - | ----------------------------------------------



| | · | the qualifications of the executive and the relevant experience of the particular individual;
| | - | ---------------------------------------------------------------------------------------------



| | · | strategic goals for which the executive has responsibility; and
| | - | ---------------------------------------------------------------



| | · | general compensation surveys and data available in the industry.
| | - | ----------------------------------------------------------------



No pre-determined
weights are given to any one of such factors.



No changes were made
during 2015 to the annual salaries of the named executive officers.



Annual Cash Incentives and Bonus



The Company awards
annual cash incentive awards as it deems appropriate in order to align employees’ goals with the Company’s objectives.  In
2015, Mr. Podolski was eligible to receive, upon the decision of the compensation and option committee, a cash incentive award
to the extent to which certain defined personal and corporate performance goals were achieved.  Mr. Podolski’s
employment agreement, dated June 16, 2014, established a potential cash incentive of not less than 100% of base salary.  Each
year, the compensation and option committee meets with Mr. Podolski to establish suitable incentive milestones for him according
to our needs and his particular job responsibilities. For calendar year 2015, the compensation and option committee established
applicable value weights or percentages for each particular milestone, for purposes of earning his annual cash incentive award.
These 2015 milestones included, with applicable weights: submission of a New Drug Application for Androxal®, 50%;
positive outcome at the FDAs advisory committee meeting related to our enclomiphene product candidate, 50%; produce launch supplies
of enclomiphene, 10%; keep cost of goods for enclomiphene finished product less than $0.25 per dose, 10%; complete enrollment in
the Phase 2 clinical study for low dose oral Proellex® in the treatment of endometriosis, 10%; present publication at a major
conference, 10%; and request a type C meeting with the FDA for low dose Proellex®, 10%. Achievement of all such milestones
could have resulted in a cash incentive payment of 150% of Mr. Podolski’s base salary. The compensation and option committee
usually meets around the end of the calendar year to review the performance of Mr. Podolski and make a recommendation as to the
achievement of such milestone targets. For 2015, the committee determined, based on the pre-determined incentive milestones, to
award Mr. Podolski 70% of his base salary (as compared to the maximum available 150%), which was paid in January 2016.



-10-







Equity Compensation



All of our employees,
including executive officers, are eligible to receive long-term stock-based incentive awards under our 2011 Equity Incentive Plan
as a means of providing such individuals with a continuing proprietary interest.  We believe that such grants further
the mutuality of interest between our employees and our stockholders by providing significant incentives for such employees to
achieve and maintain high levels of performance.  The equity incentive plan enhances our ability to attract and retain
the services of qualified individuals.  We consider this plan to be the primary means of providing long-term equity compensation
to our employees and officers.  The compensation and option committee, which acts as administrator of this plan, considers
several factors in determining whether such awards are granted to an executive officer, including the following:



| | · | the executive officer’s position and his or her performance and responsibilities;
| | - | ---------------------------------------------------------------------------------



| | · | the amount of stock options, if any, currently held by the officer;
| | - | -------------------------------------------------------------------



| | · | the vesting schedules of any such options;
| | - | ------------------------------------------



| | · | the executive officer’s other compensation; and
| | - | -----------------------------------------------



| | · | similar equity percentages of peer companies.
| | - | ---------------------------------------------





While the compensation
and option committee does not adhere to any firmly established formulas or schedules for the issuance of awards such as options,
the committee will generally tailor the terms of any such grant to achieve its goal as a long-term incentive award by providing
for a vesting schedule encompassing several years or tying vesting to particular corporate or job performance milestones, particularly
milestones related to the two key factors mentioned under “Compensation Discussion and Analysis – Philosophy”
above: drug development and fund raising.



During 2015, we granted
options to purchase 234,000 shares to all of our employees and officers, which represented 1% of our outstanding common stock at
December 31, 2015 and, of such amount, we granted options to purchase 40,000 shares to our executive officers (30,000 to Ms. Anderson
and 10,000 to Dr. Wernicke), representing 17% of the total number of shares granted to our employees and officers.



Perquisites



We match employee contributions
to a simple IRA on a dollar for dollar basis up to 3% of salary and bonus after one year of continued employment with the Company.  These
contributions are available to all employees.  We provide health, dental and life insurance benefits to all of our employees.  These
benefits are provided to attract and retain talent.



-11-







GRANTS OF PLAN-BASED AWARDS



The following table
presents each grant of stock options in 2015 to the individuals named in the summary compensation table.  There were
no estimated future payouts to report under either non-equity or equity incentive plan awards:





|Name                                                         |  | Grant Date |         |  | All Other Stock Awards: No. of Shares of Stock or Units |  |   | All Other Option Awards: No. of Securities Underlying Options |  |  | Exercise or Base Price of  Option Awards |  |  | Closing Price of  Stock on Grant Date |      |  | Grant Date Fair Value of Option Awards(1) |  
|------------------------------------------------------------ |  | ---------- | ------- |  | ------------------------------------------------------- |  | - | ------------------------------------------------------------- |  |  | ---------------------------------------- |  |  | ------------------------------------- | ---- |  | ----------------------------------------- | -
|                                                             |  |            |         |  |                                                         |  |   |                                                               |  |  |                                          |  |  |                                       |      |  |                                           |  
|Joseph S. Podolski, President & CEO                          |  |            | —       |  |                                                         |  | — |                                                               |  |  | —                                        |  |  |                                       | —    |  |                                           |  
|                                                             |  |            |         |  |                                                         |  |   |                                                               |  |  |                                          |  |  |                                       |      |  |                                           |  
|Katherine A. Anderson, Chief Financial Officer and Secretary |  |            | 2/5/15  |  |                                                         |  | — |                                                               |  |  | 30,000                                   |  |  | $                                     | 8.44 |  |                                           | $
|                                                             |  |            |         |  |                                                         |  |   |                                                               |  |  |                                          |  |  |                                       |      |  |                                           |  
|Jaye Thompson, Ph.D.,VP Clinical and Regulatory              |  |            | —       |  |                                                         |  | — |                                                               |  |  | —                                        |  |  |                                       | —    |  |                                           |  
|                                                             |  |            |         |  |                                                         |  |   |                                                               |  |  |                                          |  |  |                                       |      |  |                                           |  
|Joachim Wernicke, Ph.D., M.D., Chief Medical Officer         |  |            | 1/28/15 |  |                                                         |  | — |                                                               |  |  | 10,000                                   |  |  | $                                     | 8.33 |  |                                           | $
|                                                             |  |            |         |  |                                                         |  |   |                                                               |  |  |                                          |  |  |                                       |      |  |                                           |  
|Ronald Wiehle, Ph.D., VP R&D                                 |  |            | —       |  |                                                         |  | — |                                                               |  |  | —                                        |  |  |                                       | —    |  |                                           |  



(1)    Based on the assumptions set forth in Note 3 to our
Notes to Condensed Consolidated Financial Statements set forth in our Annual Report on Form 10-K for the year ended December 31,
2015 related to calculation of value of stock-based compensation.



-12-







OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END



The following table
presents information about unexercised options that were held by each of the individuals listed in the summary compensation table
as of December 31, 2015.  None of the individuals listed in the summary compensation table hold any stock awards.



|                              |  | Number of Securities Underlying Unexercised Options Exercisable |         |  | Number of Securities Underlying Unexercised Options Unexercisable |  |        | Equity Incentive Plan Awards: No. of Securities Underlying Unexercised Unearned Options |  |  | Option Exercise Price |  |  | Option Expiration Date
|----------------------------- |  | --------------------------------------------------------------- | ------- |  | ----------------------------------------------------------------- |  | ------ | --------------------------------------------------------------------------------------- |  |  | --------------------- |  |  | ----------------------
|                              |  |                                                                 |         |  |                                                                   |  |        |                                                                                         |  |  |                       |  |  |                       
|Joseph S. Podolski,           |  |                                                                 | 12,500  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|President & CEO               |  |                                                                 | 12,500  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 21,740  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 16,589  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 11,479  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 26,672  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 15,114  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 27,274  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 26,478  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 300,000 |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,085   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 74,823  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 7,293   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,644   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 50,000  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 87,500  |  |                                                                   |  | 62,500 | (1)                                                                                     |  |  | —                     |  |  | $                     
|                              |  |                                                                 |         |  |                                                                   |  |        |                                                                                         |  |  |                       |  |  |                       
|Katherine A. Anderson         |  |                                                                 | 10,000  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|Chief Financial Officer       |  |                                                                 | 50,000  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|and Secretary                 |  |                                                                 | 5,000   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 125,000 |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 20,000  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 2,919   |  |                                                                   |  | 2,081  | (2)                                                                                     |  |  | —                     |  |  | $                     
|                              |  |                                                                 | —       |  |                                                                   |  | 30,000 | (3)                                                                                     |  |  | —                     |  |  | $                     
|                              |  |                                                                 |         |  |                                                                   |  |        |                                                                                         |  |  |                       |  |  |                       
|Jaye Thompson, Ph.D.          |  |                                                                 | 10,000  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|VP, Clinical &                |  |                                                                 | 1,250   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|Regulatory                    |  |                                                                 | 40,000  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,000   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,000   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 91,663  |  |                                                                   |  | 8,337  | (4)                                                                                     |  |  | —                     |  |  | $                     
|                              |  |                                                                 |         |  |                                                                   |  |        |                                                                                         |  |  |                       |  |  |                       
|Joachim Wernicke, M.D., Ph.D. |  |                                                                 | 91,663  |  |                                                                   |  | 8,337  | (5)                                                                                     |  |  | —                     |  |  | $                     
|Chief Medical Officer         |  |                                                                 | —       |  |                                                                   |  | 10,000 | (6)                                                                                     |  |  | —                     |  |  | $                     
|                              |  |                                                                 |         |  |                                                                   |  |        |                                                                                         |  |  |                       |  |  |                       
|Ronald Wiehle, Ph.D.,         |  |                                                                 | 5,000   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|VP, R&D                       |  |                                                                 | 5,000   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 8,240   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 6,288   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 4,351   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,055   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 2,864   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,169   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 5,018   |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 100,000 |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     
|                              |  |                                                                 | 43,750  |  |                                                                   |  | —      |                                                                                         |  |  | —                     |  |  | $                     



(1) The shares underlying this option vest in equal
quarterly installments over a three year period.  The first installment of 12,500 shares vested on June 26, 2014 and
the remainder vests quarterly thereafter.



(2) The shares underlying this option vest in equal
quarterly installments over a three year period.  The first installment of 417 shares vested on April 16, 2014 and the
remainder vests annually thereafter.



-13-







(3) The shares underlying this option vest in equal
annual installments over a three year period.  The first installment of 10,000 shares vest on February 5, 2016 and the
remainder vests quarterly thereafter.



(4) The shares underlying this option vest in equal
quarterly installments over a three year period.  The first installment of 8,333 shares vested on June 26, 2013 and the
remainder vests quarterly thereafter.



(5) The shares underlying this option vest in equal
quarterly installments over a three year period.  The first installment of 8,333 shares vested on May 5, 2013 and the
remainder vests quarterly thereafter.



(6) The shares underlying this option vest in equal
annual installments over a three year period.  The first installment of 3,333 shares vest on January 28, 2016 and the
remainder vests annually thereafter.



Options Exercised and Stock Vested



None of our named executive
officers exercised any of their exercisable options during fiscal 2015 nor did any of our named executive officers receive or vest
in any stock awards during fiscal 2015.



Post-Employment Compensation



Mr. Podolski’s
employment agreement provides for a fixed term of employment until June 15, 2018, with the result that his compensation and benefits
will be paid through such date if he is terminated without cause prior thereto. Any unvested options held by Mr. Podolski will
also become fully exercisable in the event he is terminated without cause, and he will be entitled to a two (2) year period post
termination of employment in which to exercise all options regardless of the reason from termination (unless due to cause).



In addition, Mr. Podolski’s
employment agreement provides for the following in the event of Mr. Podolski’s termination by the Company without Cause or
his resignation for Good Reason (both as defined in the Agreement), and upon his execution, and nonrevocation, of a prescribed
release: (1) payment of a severance payment equal to an amount equal to three times the amount that results from (x) the sum of
(i) Mr. Podolski’s annual base salary (at the rate in effect immediately before the date of termination) and target bonus
for the fiscal year in which the termination occurs, (ii) Mr. Podolski’s annual base salary for each of the two calendar
years immediately prior to the calendar year in which the termination date occurs and (iii) the annual bonus that was actually
earned and paid to Mr. Podolski for the two fiscal years that immediately precede the fiscal year in which the termination date
occurs, divided by (y) three. In addition, Mr. Podolski is eligible for reimbursement of amounts paid for COBRA coverage for the
eighteen (18) month period following the date of termination for Mr. Podolski, his spouse and his eligible dependents, less the
amount that he would be required to contribute for medical and dental coverage if he remained an active employee of the Company.
Further, all outstanding stock options held by Mr. Podolski that are not vested and exercisable as of the date of termination will
become fully vested and exercisable on the date of termination and all outstanding stock options held by Mr. Podolski on his date
of termination will remain exercisable for the shorter of (x) a period of two (2) years from the date of termination or (y) the
remaining term of the option.



Ms. Anderson’s
employment agreement expires in August 2016 with automatic annual renewals unless otherwise terminated by either party. If
terminated for reasons other than cause or if Ms. Anderson resigns for good reason, Ms. Anderson is entitled to salary and certain
employment benefits for six (6) months following termination.



Dr. Thompson, is also entitled to severance
payments equal to six (6) months of her base salary in the aggregate and certain employment benefits, in the event she is terminated
without Cause or resigns for Good Reason (both as defined in the agreement). Dr. Thompson’s employment agreement expires
in March 2017, with automatic annual renewals unless otherwise terminated.



Compensation and Option Committee Report



The compensation and
option committee has reviewed and discussed the Compensation Discussion and Analysis for the year ended December 31, 2015 with
management, and based on such reviews and discussions, the compensation and option committee recommended to the board, and the
board has approved, that the Compensation Discussion and Analysis be included in this Form 10-K/A for filing with the SEC.



The foregoing report
is given by the following members of the compensation and option committee:



Nola E. Masterson,
Chair

Saira Ramasastry

Daniel F. Cain



The report of the compensation
and option committee shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy
statement into any filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate this
information by reference, and shall not otherwise be deemed filed under the Securities Act or the Exchange Act.



-14-







Director Compensation



The following table presents summary information
for the year ended December 31, 2015 regarding the compensation of the non-employee members of our board of directors.



|                       |  |           |        |  |        |  |   |           |  |   |                |  |  | Change in        |   |  |              |  |   |       | 
|---------------------- |  | --------- | ------ |  | ------ |  | - | --------- |  | - | -------------- |  |  | ---------------- | - |  | ------------ |  | - | ----- | 
|                       |  |           |        |  |        |  |   |           |  |   |                |  |  | Pension Value    |   |  |              |  |   |       | 
|                       |  | Fees      |        |  |        |  |   |           |  |   |                |  |  | and Nonqualified |   |  |              |  |   |       | 
|                       |  | Earned or |        |  |        |  |   |           |  |   | Non-Equity     |  |  | Deferred         |   |  |              |  |   |       | 
|                       |  | Paid in   |        |  | Stock  |  |   | Option    |  |   | Incentive Plan |  |  | Compensation     |   |  | All Other    |  |   |       | 
|Name                   |  | Cash(1)   |        |  | Awards |  |   | Awards(2) |  |   | Compensation   |  |  | Earnings         |   |  | Compensation |  |   | Total | 
|                       |  |           |        |  |        |  |   |           |  |   |                |  |  |                  |   |  |              |  |   |       | 
|Daniel F. Cain         |  | $         | 53,000 |  |        |  | — |           |  | $ | 230,750        |  |  |                  | — |  |              |  | — |       | 
|                       |  |           |        |  |        |  |   |           |  |   |                |  |  |                  |   |  |              |  |   |       | 
|Nola Masterson         |  | $         | 75,000 |  |        |  | — |           |  | $ | 230,750        |  |  |                  | — |  |              |  | — |       | 
|                       |  |           |        |  |        |  |   |           |  |   |                |  |  |                  |   |  |              |  |   |       | 
|Saira Ramasastry       |  | $         | 49,000 |  |        |  | — |           |  | $ | 230,750        |  |  |                  | — |  |              |  | — |       | 
|                       |  |           |        |  |        |  |   |           |  |   |                |  |  |                  |   |  |              |  |   |       | 
|Michael Suesserman (3) |  | $         | 33,000 |  |        |  | — |           |  | $ | 230,750        |  |  |                  | — |  |              |  | — |       | 
|                       |  |           |        |  |        |  |   |           |  |   |                |  |  |                  |   |  |              |  |   |       | 
|Michael Wyllie         |  | $         | 33,000 |  |        |  | — |           |  | $ | 230,750        |  |  |                  | — |  |              |  | — |       | 



(1)    Except as otherwise indicated, all
of the amounts in this column reflect cash fees paid to or earned by our non-employee directors for attending board or committee
meetings during fiscal 2015.



(2)    The amounts set forth in this column
reflect the value attributed to the option awards granted to our non-employee directors during 2015.  On February 5, 2015,
all of our non-employee directors, which included Ms. Masterson, Mr. Cain, Ms. Ramasastry, Mr. Suesserman and Dr. Wyllie, received
a grant of an option to purchase 30,000 shares of our common stock. Additionally, at our annual meeting held on May 28, 2015, all
of our non-employee directors received a grant of an option to purchase 5,000 shares of our common stock. The following table reflects
the aggregate number of outstanding options (including unexercisable options) held by our current (and former) non-employee directors
as of December 31, 2015:



|Director              |  | Number of shares underlying outstanding options |       
|--------------------- |  | ----------------------------------------------- | ------
|                      |  |                                                 |       
|Daniel F. Cain        |  |                                                 | 35,000
|                      |  |                                                 |       
|Nola Masterson        |  |                                                 | 35,000
|                      |  |                                                 |       
|Saira Ramasastry      |  |                                                 | 35,000
|                      |  |                                                 |       
|Michael Suesserman(3) |  |                                                 | 35,000
|                      |  |                                                 |       
|Michael Wyllie        |  |                                                 | 35,000



(3)    Mr. Suesserman resigned from the board of directors effective
November 12, 2015. Upon his resignation, 32,915 options granted in 2015 were cancelled.



(4)    In February 2015, we entered into a consulting arrangement
with Dr. Wyllie pursuant to which he shall receive, effective as of February 2015 and for so long as Dr. Wyllie continues to provide
specified services to the Company, a monthly consulting fee of approximately $5,600.



-15-







Overview of Compensation and Procedures



We periodically review
the level of compensation paid to our non-employee directors.  In determining the level of compensation for our non-employee
directors, we have obtained data from a number of different sources, including:



| | · | Publicly available peer group information; and
| | - | ----------------------------------------------



| | · | Independent private surveys of non-executive director compensation in the biotechnology community.
| | - | --------------------------------------------------------------------------------------------------



Employee directors
do not receive additional compensation for service on the board of directors or its committees.  We reimburse each non-employee
director for travel expenses incurred in connection with attendance at board meetings.  Additionally, employee directors
and non-employee directors are eligible to participate in the 2011 Equity Incentive Plan. The following table represents the compensation
paid to non-employee directors for their service on the Board, or on a committee, or as chair of a committee:



|Position                                                 |  | Compensation |       
|-------------------------------------------------------- |  | ------------ | ------
|Service on Board as a Director                           |  | $            | 25,000
|Chair of the Board                                       |  | $            | 20,000
|Service on Audit Committee                               |  | $            | 12,000
|Service on Compensation Committee                        |  | $            | 8,000 
|Service on Nominating and Corporate Governance Committee |  | $            | 4,000 
|Chair of Audit Committee                                 |  | $            | 8,000 
|Chair of Compensation Committee                          |  | $            | 6,000 
|Chair of Nominating and Corporate Governance Committee   |  | $            | 4,000 



Pursuant to
this policy, during 2015, we paid an aggregate of $243,000 in cash to our non-employee directors.



Our policies regarding
granting awards under the 2011 Equity Incentive Plan are as follows: (i) each non-employee director who is first elected to the
board is entitled to receive an option to purchase 40,000 shares of common stock on the date on which he or she first becomes a
non-employee director, vesting quarterly over three (3) years, and (ii) each non-employee director in office immediately after
each subsequent annual meeting of stockholders will receive an option to purchase 5,000 shares of common stock, vesting over twelve
(12) months, effective on such date. During 2015, options to purchase an aggregate of 175,000 shares of common stock were granted
to non-employee directors.



In addition, in February
2015 we entered into a consulting arrangement with Dr. Wyllie pursuant to which he shall receive, effective as of February 2015
and for so long as Dr. Wyllie continues to provide specified services to the Company, a monthly consulting fee of approximately
$5,600.



-16-







ITEM
12. SECURITY OWNERSHOP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS



Security Ownership
of Certain Beneficial Owners and Management



The following table presents
certain information regarding the beneficial ownership of our common stock as of April 22, 2016 by:



| | · | each person who is known by us to own beneficially more than 5% of the outstanding shares of common
stock;
| | - | ----------------------------------------------------------------------------------------------------------



| | · | each director and nominee for director;
| | - | ---------------------------------------



| | · | each executive officer named in the Summary Compensation Table under the heading “Executive
Compensation”; and
| | - | --------------------------------------------------------------------------------------------------------------



| | · | all directors and executive officers as a group.
| | - | ------------------------------------------------



|Name of Beneficial Owner                                    |  | Amount andNature ofBeneficialOwnership ofCommon Stock(1) |           |          | Percentage ofClass(2) | 
|----------------------------------------------------------- |  | -------------------------------------------------------- | --------- | -------- | --------------------- | 
|                                                            |  |                                                          |           |          |                       | 
|Katherine A. Anderson, C.P.A.                               |  |                                                          | 247,628   | (3)      |                       | 
|Daniel F. Cain                                              |  |                                                          | 97,250    | (4)      |                       | 
|Nola E. Masterson                                           |  |                                                          | 91,305    | (5)      |                       | 
|Joseph S. Podolski                                          |  |                                                          | 813,113   | (6)      |                       | 
|Saira Ramasastry                                            |  |                                                          | 65,000    | (7)      |                       | 
|Jaye Thompson, Ph.D.                                        |  |                                                          | 161,250   | (8)      |                       | 
|Joachim F. Wernicke, Ph.D., M.D.                            |  |                                                          | 113,333   | (9)      |                       | 
|Ronald Wiehle, Ph.D., V.P. R&D                              |  |                                                          | 196,239   | (10)     |                       | 
|Michael G. Wyllie, Ph.D., DSC                               |  |                                                          | 86,027    | (11)     |                       | 
|All directors and executive officers as a group (8 persons) |  |                                                          | 1,871,145 | (3)-(11) |                       | 
|                                                            |  |                                                          |           |          |                       | 
|FMR, LLC                                                    |  |                                                          | 2,286,602 | (12)     |                       | 










| | * | Does not exceed 1%.
| | - | -------------------

| | (1) | Unless otherwise noted, we believe that all persons named in the table have sole voting and investment power with respect to
all shares of common stock beneficially owned by such persons.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | In accordance with the rules of the Securities and Exchange Commission, or SEC, each beneficial owner’s percentage ownership
assumes the exercise of all options held by such person that are exercisable within 60 days after April 22, 2016.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | Includes 223,753 shares of common stock issuable upon exercise of options.
| | --- | --------------------------------------------------------------------------

| | (4) | Includes 86,250shares of common stock issuable upon exercise of options.
| | --- | ------------------------------------------------------------------------

| | (5) | Includes (i) 88,000 shares of common stock issuable upon exercise of options and (ii) 3,305 shares of common stock held by
Science Futures Management Co. LLC. As managing director of Science Futures Management Co. LLC, Ms. Masterson may be deemed to
beneficially own such shares.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (6) | Includes (i) 75 shares of common stock which are held by certain of Mr. Podolski’s family members and (ii) 725,691 shares
of common stock issuable upon exercise of options. Mr. Podolski disclaims beneficial ownership of the shares owned by his family
members.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (7) | Includes 65,000 shares of common stock issuable upon exercise
of options.
| | --- | -------------------------------------------------------------------------

| | (8) | Includes 161,250 shares of common stock issuable upon exercise
of options.
| | --- | --------------------------------------------------------------------------

| | (9) | Includes 103,333 shares of common stock issuable upon exercise of options.
| | --- | --------------------------------------------------------------------------

| | (10) | Includes 190,735 shares of common stock issuable upon exercise
of options.
| | ---- | --------------------------------------------------------------------------

| | (11) | Includes 76,668 shares of common stock issuable upon exercise
of options.
| | ---- | -------------------------------------------------------------------------

| | (12) | Based on a Schedule 13G/A dated April 11, 2016 filed
with the SEC, FMR LLC, a parent holding corporation (“FMR”) may be deemed to be the beneficial owner of these shares,
of which 1,426,348 are owned by the Select Biotechnology Portfolio, an investment company advised by Fidelity Management &
Research Company (“FMR Co.”), a wholly owned subsidiary of FMR and a registered investment advisor. Edward C. Johnson
3d and Abigail P. Johnson are the predominant owners of FMR. The address of each of these reporting persons is 245 Summer Street,
Boston, Massachusetts 02210.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-17-







Equity Compensation Plan Information



The following table
provides information as of December 31, 2015, regarding compensation plans (including individual compensation arrangements) under
which equity securities are authorized for issuance:



|Plan category                                          |  | Number of securities to be issued upon exercise of outstanding options, warrants and rights |           |  | Weighted-average exercise price of outstanding options, warrants and rights |   |      | Number of securities remaining available for future issuance under equity compensation plans (excluding securities shown in the first column) | 
|------------------------------------------------------ |  | ------------------------------------------------------------------------------------------- | --------- |  | --------------------------------------------------------------------------- | - | ---- | --------------------------------------------------------------------------------------------------------------------------------------------- | 
|Equity compensation plans approved by shareholders(1)  |  |                                                                                             | 2,654,857 |  |                                                                             | $ | 9.09 |                                                                                                                                               | 
|                                                       |  |                                                                                             |           |  |                                                                             |   |      |                                                                                                                                               | 
|Equity compensation plans not approved by shareholders |  |                                                                                             | —         |  |                                                                             |   | —    |                                                                                                                                               | 
|Total                                                  |  |                                                                                             | 2,654,857 |  |                                                                             | $ | 9.09 |                                                                                                                                               | 



(1) Consists of shares
of common stock reserved for issuance under our 2011 Equity Incentive Plan and the following former equity incentive plans: our
2000 Non-Employee Directors’ Stock Option Plan and our 2004 Stock Option Plan.



(2) Consists of 686,635
shares remaining available for issuance under our 2011 Equity Incentive Plan.



-18-







ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE



Certain Relationships and Related Transactions



The written charter
of the Audit Committee sets forth the Company’s policy that related-party transactions between the Company and management
be approved by the Audit Committee. The Audit Committee considers whether to ratify or approve a related party transaction on a
case-by-case basis, rather than pursuant to a written policy.



Director Independence



Our operations are
managed under the broad supervision of the board of directors, which has ultimate responsibility for the establishment and implementation
of our general operating philosophy, objectives, goals and policies. The positions of chair of the board of directors and the chief
executive officer of the Company are currently held by different individuals, Nola E. Masterson and Joseph Podolski, respectively.
The Company believes that this structure provides the Company with the appropriate level of risk oversight. Our board of directors
is currently comprised of a majority of independent directors. The board of directors has determined that Mr. Cain, Ms. Masterson,
Ms. Ramasastry and Dr. Wyllie are all “independent” as independence is defined under the listing standards for The
NASDAQ Stock Market. The board based these determinations primarily on a review of the responses our directors provided to questions
regarding employment and compensation history, affiliations and family and other relationships. During 2015, the board of directors
convened on five occasions. All directors attended 100% of the meetings held by the board and any committee of the board on which
he or she served during his or her tenure in 2015. Our current policy is to have our directors attend our annual meeting of stockholders,
and each of our directors attended our 2015 meeting of stockholders.



-19-







ITEM 14. PRINCIPAL
ACCOUNTANT FEES AND SERVICES



Fees Paid to Registered Independent
Public Accounting Firm



The following table
sets forth the aggregate fees billed to us by our registered independent public accounting firm, PricewaterhouseCoopers LLP, for
fiscal years ended December 31, 2015 and 2014 respectively:



|           |  | 2015 |         |  | 2014 |  
|---------- |  | ---- | ------- |  | ---- | -
|Audit Fees |  | $    | 248,500 |  |      | $
|Tax Fees   |  | $    | 8,500   |  |      | $
|Total Fees |  | $    | 257,000 |  |      | $



Audit fees for 2014
included $11,400 for services related to the filing of Form S-3. The audit committee considered whether the provision of the services
related to the shelf registration statement and those reflected under “Tax Fees” above might have affected PricewaterhouseCoopers’
independence with respect to their audit of our financial statements, and the audit committee believes that such services did not
affect, and were compatible with, PricewaterhouseCoopers’ independence.



Audit Committee Pre-Approval Policies
and Procedures



The audit committee’s
policy provides that our independent registered public accounting firm, or the Audit Firm, may provide only those services pre-approved
by the audit committee or its designated subcommittee. The audit committee annually reviews and pre-approves the audit, review,
attest and permitted non-audit services to be provided during the next audit cycle by the Audit Firm. To the extent practicable,
at the same meeting the audit committee also reviews and approves a budget for each of such services. The term of any such pre-approval
is for the period of the annual audit cycle, unless the audit committee specifically provides for a different period.



Services proposed to
be provided by the Audit Firm that have not been pre-approved during the annual review and the fees for such proposed services
must be pre-approved by the audit committee or its designated representative. Additionally, fees for previously approved services
that are expected to exceed the previously approved budget must also be pre-approved by the audit committee or its designated representative.



All requests or applications
for the Audit Firm to provide services to us must be submitted to the audit committee or its designated representative by the Audit
Firm and the chief financial officer. It is our policy that if any of our employees or any representative of the Audit Firm becomes
aware that any services are being, or have been, provided by the Audit Firm to us without the requisite pre-approval, such individual
must immediately notify the chief financial officer, who must promptly notify the chair of the audit committee and appropriate
members of senior management so that prompt action may be taken to the extent deemed necessary or advisable.



The audit committee
may form and delegate to a subcommittee composed of one or more of its members, the authority to grant specific pre-approvals under
its policy with respect to audit, review, attest and permitted non-audit services, provided that any such grant of pre-approval
shall be reported to the full audit committee no later than its next scheduled meeting. The audit committee may not delegate to
management its responsibilities to pre-approve services performed by the Audit Firm.

-20-







PART
II



| |  | ITEM 15. Exhibits and Financial Statement Schedules
| |  | ---------------------------------------------------



(a)	Documents Filed
as a Part of this Form 10-K.



All financial statement
schedules are omitted because they are not applicable, not required, or because the required information is included in the financial
statements or the notes thereto.



(b)	Exhibits.



Exhibits to the Form
10-K have been included only with the copies of the Form 10-K filed with the SEC. Upon request to the Company and payment of a
reasonable fee, copies of the individual exhibits will be furnished.



|Exhibit Number |  | Identification Of Exhibit                                                                                                                                                                                                                                                         
|-------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1(a)         |  | Restated Certificate of Incorporation. Exhibit 3.3 to the Company's Registration Statement on Form SB-2 (No. 33-57728-FW), as amended (the "Registration Statement"), is incorporated herein by reference.                                                                        
|               |  |                                                                                                                                                                                                                                                                                   
|3.1(b)         |  | Certificate of Amendment to the Company's Restated Certificate of Incorporation, dated as of May 2, 2006.  Exhibit 3.1 to the Company's Current Report on Form 8-K as filed with the Commission on May 2, 2006 is incorporated herein by reference.                               
|               |  |                                                                                                                                                                                                                                                                                   
|3.1(d)         |  | Certificate of Amendment to Restated Certificate of Incorporation, dated as of December 16, 2008.  Exhibit 3.1(d) to the Company’s Current Report on Form 8-K as filed with the Commission on December 23, 2008 is incorporated herein by reference.                              
|               |  |                                                                                                                                                                                                                                                                                   
|3.1(e)         |  | Certificate of Amendment to Restated Certificate of Incorporation, dated as of November 18, 2009. Exhibit 3.1(e) to the Company’s Current Report on Form 8-K dated November 19, 2009 is incorporated herein by reference.                                                         
|               |  |                                                                                                                                                                                                                                                                                   
|3.1(f)         |  | Certificate of Amendment to Restated Certificate of Incorporation, dated October 14, 2010. Exhibit 3.1(f) to the Company’s Current Report on Form 8-K dated October 14, 2010 is incorporated herein by reference.                                                                 
|               |  |                                                                                                                                                                                                                                                                                   
|3.2            |  | Restated Bylaws of the Company. Exhibit 3.4 to the Registration Statement is incorporated herein by reference.                                                                                                                                                                    
|               |  |                                                                                                                                                                                                                                                                                   
|4.1            |  | Specimen Certificate of Common Stock, $.001 par value, of the Company. Exhibit 4.1 to the Registration Statement is incorporated herein by reference.                                                                                                                             
|               |  |                                                                                                                                                                                                                                                                                   
|10.1+          |  | 1994 Employee and Consultant Stock Option Plan. Exhibit 4.2 to the Company's Registration Statement on Form S-8 (File No. 033-83406) as filed with the Commission on August 29, 1994 is incorporated herein by reference.                                                         
|               |  |                                                                                                                                                                                                                                                                                   
|10.2+          |  | 2000 Non-Employee Directors' Stock Option Plan. Appendix B to the Company's Definitive Proxy Statement filed on April 26, 2000 is incorporated herein by reference.                                                                                                               
|               |  |                                                                                                                                                                                                                                                                                   
|10.3+          |  | First Amendment to the Repros Therapeutics Inc. 2000 Non-Employee Directors' Stock Option Plan. Exhibit 10.21 to the 2000 Form 10-K is incorporated herein by reference.                                                                                                          
|               |  |                                                                                                                                                                                                                                                                                   
|10.4+          |  | Second Amendment to 2000 Non-Employee Directors' Stock Option Plan. Exhibit 10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 (the "2002 Form 10-K") is incorporated herein by reference.                                                     
|               |  |                                                                                                                                                                                                                                                                                   
|10.5+          |  | Repros Therapeutics Inc. 2004 Stock Option Plan.  Exhibit 10.17 to the Company's Registration Statement on Form S-1 (No. 333-119861), as amended, is incorporated herein by reference.                                                                                            
|               |  |                                                                                                                                                                                                                                                                                   
|10.6+          |  | Employment Agreement, dated June 16, 2014, between the Company and Joseph S. Podolski. Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the Commission on June 20, 2014.                                                                                    
|               |  |                                                                                                                                                                                                                                                                                   
|10.7           |  | Lease Agreement dated May 11, 2004 between the Company and Sealy Woodlands, L.P.  Exhibit 10.14 to the Company's Annual Report on Form 10-K for the year ended December 31, 2004 is incorporated herein by reference.                                                             
|               |  |                                                                                                                                                                                                                                                                                   
|10.8           |  | Amendment to Lease Agreement between the Company and Sealy Woodlands, L.P., dated May 17, 2006.  Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2006 is incorporated herein by reference.                                     
|               |  |                                                                                                                                                                                                                                                                                   
|10.9           |  | Second Amendment to Lease, effective as of July 1, 2010, between the Company and Columbia Texas 2408 Timberloch Industrial, L.P.  Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2010 is incorporated herein by reference.



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|10.10++ |  | Letter Agreement dated July 15, 2002 between the Company, Schering Plough Ltd. and Schering-Plough Corporation. Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2002 is incorporated herein by reference.                                                                                                                 
|------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.11++ |  | PHS Patent License Agreement dated April 16, 1999 between the Company and certain agencies of the United States Public Health Service within the Department of Health and Human Services, with amendments. Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2003 is incorporated herein by reference.                 
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.12   |  | Waiver to PHS Patent License Agreement, as amended, dated March 8, 2007 between the Company and certain agencies of the United States Public Health Service within the Department of Health and Human Services.  Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the Commission on March 19, 2007 is incorporated herein by reference.               
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.13++ |  | Sixth Amendment to PHS Patent License Agreement, as amended, dated July 7, 2009 between the Company and certain agencies of the United States Public Health Service within the Department of Health and Human Services.  Exhibit 10.1 to the Company’s Current Report on Form 8-K/A as filed with the Commission on December 22, 2009 is incorporated herein by reference.  
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.14++ |  | Seventh Amendment to PHS Patent License Agreement, as amended, dated October 28, 2009 between the Company and certain agencies of the United States Public Health Service within the Department of Health and Human Services.  Exhibit 10.21 to the Company’s Annual Report on Form 10-K as filed with the Commission on March 15, 2010 is incorporated herein by reference.
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.15   |  | Form of Indemnification Agreement entered into between the Company and each of its directors.  Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on May 20, 2009 is incorporated herein by reference.                                                                                                                                   
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.16+  |  | Employment Agreement dated August 1, 2011 by and between the Company and Katherine A. Anderson. Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on August 4, 2011 is incorporated herein by reference.                                                                                                                                
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.17+  |  | 2011 Equity Incentive Plan (Exhibit
4.1 to the Company's Registration Statement on Form S-8 (No. 333-200370) as filed with the Commission on November 19, 2014 is
incorporated herein by reference.                                                                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.18+  |  | Offer Letter dated February 5, 2013, by and between the Company and Joachim F. Wernicke, Ph.D., M.D. Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on February 8, 2013 is incorporated herein by reference.                                                                                                                         
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.19+  |  | Employment Agreement dated March 25, 2013 (but effective March 26, 2013), by and between the Company and Jaye Thompson, Ph.D. Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on April 1, 2013 is incorporated herein by reference.                                                                                                   
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.20   |  | Eighth Amendment to PHS License Agreement, as amended, dated April 20, 2010 between the Company and certain agencies of the United States Public Health Service within the Department of Health and Human Services.  Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on June 17, 2013 is incorporated herein by reference.            
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.21   |  | Ninth Amendment to PHS License Agreement, as amended, dated June 14, 2013 between the Company and certain agencies of the United States Public Health Service within the Department of Health and Human Services.  Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the Commission on June 17, 2013 is incorporated herein by reference.              
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|10.22   |  | Third Amendment to Lease Agreement, dated as of April 23, 2015, between the Company and Columbia Texas 2408 Timberloch Industrial, L.P.  Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2015 is incorporated herein by reference.                                                                                        
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|31.1*   |  | Certification Pursuant to Rule 13(a)-14(a) or 15(d)-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Principal Executive Officer)                                                                                                                                                                                           
|        |  |                                                                                                                                                                                                                                                                                                                                                                             
|31.2*   |  | Certification Pursuant to Rule 13(a)-14(a) or 15(d)-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Principal Financial Officer)                                                                                                                                                                                           



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| | * | Filed herewith.
| | - | ---------------



| | + | Management contract or compensatory plan.
| | - | -----------------------------------------



| | ++ | Portions of this exhibit have been omitted based on a request for confidential treatment pursuant
to Rule 24b-2 of the Exchange Act. Such omitted portions have been filed separately with the Commission.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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SIGNATURES



Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.



|                      | REPROS THERAPEUTICS INC.             
|--------------------- | -------------------------------------
|                      |                                      
|Dated: April 29, 2016 | By:                                  
|                      | Joseph S. Podolski                   
|                      | President and Chief Executive Officer
|                      |                                      
|Dated: April 29, 2016 | By:                                  
|                      | Katherine A. Anderson                
|                      | Chief Financial Officer              



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