Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(unaudited)				(unaudited)
Stock-Based Compensation
Research and development	$	9,387	$	43,997	$	450,087	$	47,216
General and administrative		9,193		630		2,323,364		4,426
Total	$	18,580	$	44,627	$	2,773,451	$	51,642

Assumptions Used to Value Stock Options Granted

The fair value of options granted during the three and six months ended June 30, 2019 and the six months ended June 30, 2018 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. There were no options granted during the three and six months ended June 30, 2018.

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	Weighted Average			Weighted Average			Weighted Average			Weighted Average
	(unaudited)						(unaudited)
Volatility		94.43	%		0.00	%		88.87	%		0.00	%
Risk-Free Interest Rate		2.19	%		0.00	%		2.34	%		0.00	%
Expected Term in Years		6.08			-			6.17			-
Dividend Rate		0.00	%		0.00	%		0.00	%		0.00	%
Fair Value of Option on Grant Date	$	4.77		$	-		$	5.31		$	-

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		800,137			7.57
Exercised		–			–
Forfeited		(270,650	)		99.13
Options outstanding at June 30, 2019		1,418,301		$	17.90		7.49	$	24,059
Vested and expected to vest at June 30, 2019		1,418,301		$	17.90		7.49	$	24,059
Exercisable at June 30, 2019		1,007,871		$	22.67		6.47	$	24,059