STOCK OPTION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule or Description of Weighted Average Discount Rate

The Black-Scholes option pricing model is used to estimate the fair value of stock options granted under the Company’s share-based compensation plans. The weighted average assumptions used in calculating the fair values of stock options that were granted during the years ended December 31, 2019 and 2018, respectively, were as follows:

	For the Years Ended
	December 31,
	2019			2018
Exercise price	$	4.70		$	8.89
Expected term (years)		6.0			10.0
Expected stock price volatility		126	%		200	%
Risk-free rate of interest		2	%		3	%
Expected dividend rate		0	%		0	%

Schedule of stock-based compensation expenses

The following table sets forth stock-based compensation expenses recorded during the respective periods:

	For the Years Ended
	December 31,
	2019		2018
Stock Compensation expenses:
Research and development	$	2,574,000	$	1,265,000
General and administrative		2,783,000		15,086,000
Total stock compensation expenses	$	5,357,000	$	16,351,000

Exercise of Stock Options

Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity

A summary of the Company’s stock option activity is as follows for stock options:

						Weighted Average
						Remaining
		Weighted Average				Contractual Life (in
	Number of Shares	Exercise Price		Total Intrinsic Value		years)
Outstanding as of January 1, 2018	489,255	$	7.08	$	42,000	8.1
Granted	3,704,855		8.89		—	9.8
Exercised	(10,416)		1.74		—	—
Canceled	(63,226)		6.00		—	—
Outstanding as of December 31, 2018	4,120,468		8.59	$	339,000	9.1
Granted	1,172,500		4.70		—	9.5
Exercised	(11,980)		4.82		—	—
Canceled	(297,974)		8.15		—	—
Outstanding as of December 31, 2019	4,983,314	$	7.79	$	18,000	8.9
Options vested and exercisable	1,281,957	$	8.34	$	18,000	8.6