Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Stock-Based Compensation Expense Related to Stock Options

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(unaudited)				(unaudited)
Stock-Based Compensation
Research and development	$	61,557	$	49,748	$	168,083	$	499,835
General and administrative		68,235		70,458		132,815		2,393,823
Total	$	129,792	$	120,206	$	300,898	$	2,893,658

Assumptions Used to Value Stock Options Granted

The fair value of options granted during the three and nine months ended September 30, 2020 and the three and nine months ended September 30, 2019 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. There were no options granted during the three months ended September 30, 2020.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020			2019
	Weighted Average		Weighted Average			Weighted Average			Weighted Average
	(unaudited)					(unaudited)
Volatility		–		92.22	%		97.00	%		89.88	%
Risk-Free Interest Rate		–		1.49	%		0.38	%		2.33	%
Expected Term in Years		–		6.08			6.07			6.14
Dividend Rate		–		–			–			–
Fair Value of Option on Grant Date	$	–	$	3.50		$	1.10		$	5.30

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, 2019		1,421,797		$	15.95
Granted		319,907			1.43
Exercised		–			–
Forfeited		(84,227	)		41.34
Expired		(17,724	)		4.69
Options outstanding at September 30, 2020		1,639,753		$	11.94		6.92	$	287,063
Vested and expected to vest at September 30, 2020		1,639,753		$	11.94		6.92	$	287,063
Exercisable at September 30, 2020		1,066,601		$	16.54		5.65	$	–