Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2019 and 2018:

	Year Ended December 31,
	2019			2018
Research and development		$	550,605		$	46,383
General and administrative			2,588,448			205,564
Total		$	3,139,053		$	251,947

Stock Option Activity

The following table summarizes the stock option activity for the Company’ stock option plans for the year ended December 31, 2019:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at January 1, 2019		541,117		$	7.20		4.29	$	–
Assumed in connection with merger		347,697		$	121.52		5.67	$	–
Granted		828,637		$	7.43		9.35	$	–
Exercised		–		$	–		–	$	–
Forfeited		(295,654	)	$	99.27		–	$	–
Options outstanding at December 31, 2019		1,421,797		$	15.95		7.09	$	–
Vested and expected to vest at December 31, 2019		1,421,797		$	15.95		7.09	$	–
Exercisable at December 31, 2019		1,000,367		$	20.15		6.03	$	–

Assumptions Used to Value Stock Options Granted

The fair value of options granted during the year ended December 31, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Year Ended
	December 31, 2019
	Weighted Average
Volatility		85% - 94%
Risk-Free Interest Rate		1.49% - 2.43%
Expected Term in Years		5.54 years
Dividend Rate		–