Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The Company’s stock-based compensation expense was recognized in operating expense as follows:

	Three Months Ended March 31,
	2019		2018
	(unaudited)
Stock-Based Compensation
Research and development	$	440,700	$	3,219
General and administrative		2,314,171		3,796
Total	$	2,754,871	$	7,015

Assumptions Used to Value Stock Options Granted

The fair value of options and warrants granted during the three months ended March 31, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Three Months Ended March 31,
	2019			2018
	Weighted Average			Weighted Average
	(unaudited)
Volatility		83.00	%		0.00	%
Risk-Free Interest Rate		2.49	%		0.00	%
Expected Term in Years		6.25			–
Dividend Rate		0.00	%		0.00	%
Fair Value of Option on Grant Date	$	6.54		$	–

Stock Option Activity

The following table summarizes the number of options outstanding and the weighted average exercise price:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Options outstanding at December 31, 2018		541,117		$	7.20
Assumed in connection with Merger		347,697			121.52
Granted		389,707			9.04
Exercised		–			–
Forfeited		(55,521	)		5.01
Options outstanding at March 31, 2019		1,223,000		$	40.39		6.52	$	357,168
Vested and expected to vest at March 31, 2019		1,223,000		$	40.39		6.52	$	357,168
Exercisable at March 31, 2019		1,223,000		$	40.39		6.52	$	357,168