Stock Options (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The following table summarizes stock option activity for the period ended September 30, 2020:

	Number of Options			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($)
Outstanding at December 31, 2019		2,317,500			2.68		5.68	$	1,460,507
Grants		3,565,570			2.30		-		-
Forfeited		(37,500	)		4.20		-		-
Outstanding at September 30, 2020		5,845,570			2.46		5.38	$	7,200,064
Vested and Exercisable at September 30, 2020		1,402,499			2.07		5.39		2,322,524
Available for grant at September 30, 2020		13,912,695

Summary of assumption of stock option activity

The assumptions for volatility, expected life, dividend yield and risk-free interest rate for the options granted are as follows:

	Nine Months Ended
	September 30, 2020
Risk-free interest rate	0.21%	-	1.67%
Expected life in years	3.25	-	6.00
Expected Volatility	103.56%	-	110.71%
Expected dividend yield		0%

Summary of consolidated statement of operations

As of September 30, 2020, the Company’s unrecognized compensation cost related to unvested stock options was $5,416,522 to be amortized through 2023. Stock-based compensation has been included in the consolidated statement of operations as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Research and development	$	631,876	$	832	$	1,087,047	$	191,275
General and administrative		832,093		-		2,084,953		-
Total	$	1,463,969	$	832	$	3,172,000	$	191,275

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable as of September 30, 2020:

	Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices	Number of Shares Subject to Outstanding Options		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Number of Shares Subject to Options Exercise		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
1.05		55,000		3.50		1.05		55,000		3.50		1.05
1.25		7,500		4.71		1.25		7,500		4.71		1.25
1.34		7,500		4.75		1.34		7,500		4.75		1.34
1.40		1,550,000		5.64		1.40		775,000		5.64		1.40
1.65		200,000		5.67		1.65		100,000		5.67		1.65
1.70		7,500		5.04		1.70		7,500		5.04		1.70
1.96		100,000		5.73		1.96		50,000		5.73		1.96
2.28		7,500		5.80		2.28		7,500		5.80		2.28
4.20		195,000		4.26		4.20		195,000		4.26		4.20
1.98		667,800		5.13		1.98		-		-		-
2.48		667,800		5.13		2.48		-		-		-
3.23		664,400		5.13		3.23		-		-		-
3.23		620,571		5.13		3.23		-		-		-
3.19		1,074,999		5.84		3.19		187,499		5.84		3.19
3.17		20,000		5.84		3.17		10,000		5.84		3.17
Total		5,845,570		5.38	$	2.44		1,402,499		5.39	$	2.07