SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The range of assumptions used in estimating the fair value of the options granted or re-measured under the Omnibus Plan using the Black-Scholes option pricing model for the periods presented were as follows:

	Year Ended December 31,
	2019	2018
Expected dividend yield	0%	0%
Expected stock-price volatility	67% - 72%	65% - 73%
Risk-free interest rate	1.5% - 2.7%	2.7% - 3.1%
Expected term of options (in years)	5.0 - 10.0	5.0 - 10.0

The range of assumptions used in estimating the fair value of the options granted or re-measured under the Private Innovate Plan using the Black-Scholes option pricing model for the periods presented were as follows:

	Year Ended December 31,
	2019	2018
Expected dividend yield	0%	0%
Expected stock-price volatility	67%	66% - 72%
Risk-free interest rate	2.6%	2.6% - 3.1%
Expected term of options (in years)	8.2 - 8.7	8.2 - 9.9

Share-based Compensation, Activity

The following table summarizes stock option activity under the Private Innovate Plan:

	Number of Shares		Weighted-Average Exercise Price		Aggregate Intrinsic Value		Weighted-Average Remaining Contractual Life (in years)
Outstanding at December 31, 2018	6,340,871		$	1.53	$	4,978,205	7.7
Options granted	—		—				—
Options forfeited	(177,047	)	2.08				—
Options exercised	(100,079	)	0.30				—
Outstanding at December 31, 2019	6,063,745		1.53		496,275		5.4
Exercisable at December 31, 2019	5,672,827		1.49		496,275		5.3
Vested and expected to vest at December 31, 2019	6,052,384		$	1.53	$	496,275	5.4

The following table summarizes stock option activity under the Omnibus Plan:

	Number of Shares		Weighted-Average Exercise Price		Aggregate Intrinsic Value		Weighted-Average Remaining Contractual Life (in years)
Outstanding at December 31, 2018	776,131		$	5.79	$	—	7.40
Options granted	2,366,344		1.33
Options forfeited	(424,605	)	6.02
Options exercised	—		—
Outstanding at December 31, 2019	2,717,870		1.87		—		9.4
Exercisable at December 31, 2019	1,444,501		2.05		—		9.3
Vested and expected to vest at December 31, 2019	2,619,282		$	1.86	$	—	9.4

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

hare-based compensation expense recognized in the accompanying statements of operations and comprehensive loss was as follows:

	Year Ended December 31,
	2019		2018
Research and development	$	908,000	$	2,445,000
General and administrative	1,963,000		1,360,000
Total share-based compensation	$	2,871,000	$	3,805,000