Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense for Options Granted Reflected in the Consolidated Statement of Operations and Comprehensive Loss

Stock-based compensation expense for options granted are reflected in the consolidated statements of operations and comprehensive loss as follows:

	Year Ended December 31,
	2019		2018
General and administrative	$	362,833	$	515,160
Research and development	521,256		559,527
Total	$	884,089	$	1,074,687

Schedule of Weighted Average Assumptions Utilized in Fair Value Calculation

Weighted average assumptions utilized in the fair value calculation for options to purchase common stock as of December 31, 2019 and 2018 are as follows:

	Year Ended December 31,
	2019	2018
Weighted average common stock price	$1.04	$9.72
Expected option term (years)	6.0	6.0 – 10.0
Weighted average expected stock price volatility	109%	85%
Risk-free interest rate	1.5% – 2.4%	2.3% – 3.0%
Expected dividend rate	—%	—%

Schedule of Stock Option Activity

The following table summarizes the stock option activity under the Plans:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Options outstanding at December 31, 2018	632,752	$	5.93	7.9	$	4,801,696
Granted	238,761	$	1.04
Cancelled	(140,324)	$	4.58
Options outstanding at December 31, 2019	731,189	$	4.59	8.0	$	24,028
Options exercisable at December 31, 2019	385,841	$	5.15	6.8	$	3,049