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Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2020
Equity Incentive Plans [Abstract]  
Assumptions used in the black-Scholes model

The assumptions used in the Black-Scholes model are presented below:

 

 

 

 

 

 

 

Three months ended

 

    

March 31, 2020

 

March 31, 2019

Risk-free interest rate

 

1.48% - 1.51%

 

 —

Expected volatility

 
90.43%

 

 —

Expected term (in years)

 

5.75 - 6.25

 

 —

Expected dividend yield

 
0

 
0

 

Allocation of Stock-Based Compensation Expenses

 

The tables below summarize the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2020

    

2019

    

 

 

 

 

 

 

 

 

Research and development

 

$

337,000

 

$

 —

 

General and administrative

 

 

707,000

 

 

 —

 

Total stock-based compensation

 

$

1,044,000

 

$

 —

 

 

Summary of Stock Option Activity

Stock option transactions during the three months ended March 31, 2020 are presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Weighted

 

Remaining

 

 

 

 

 

 

 

Average

 

Contractual

 

Aggregate

 

 

 

 

Exercise

 

Term

 

Intrinsic

 

    

Shares

    

Price

    

(Years)

    

Value

Outstanding at December 31, 2019

 

1,275,380

 

$

7.61

 

8.81

 

 

 —

Granted

 

129,766

 

 

3.85

 

 —

 

 

 —

Forfeited/Cancelled

 

(39,382)

 

 

8.29

 

 —

 

 

 —

Outstanding at March 31, 2020

 

1,365,764

 

$

7.08

 

8.48

 

 

 —

Vested and expected to vest at March 31, 2020

 

1,365,764

 

$

7.08

 

8.48

 

$

 —

Exercisable at March 31, 2020

 

169,558

 

$

33.83

 

3.27

 

$

 —

 

Schedule of restricted stock awards

Restricted stock award transactions under the Assumed 2016 Plan during the three months ended March 31, 2020 are presented below:

 

 

 

 

 

 

 

 

 

 

 

Weighted Avg

 

 

 

 

Grant Date

 

    

Shares

    

Fair Value

Outstanding at December 31, 2019

 

343,493

 

$

21.83

Forfeited/Cancelled

 

(3,329)

 

 

16.14

Outstanding at March 31, 2020

 

340,164

 

$

21.91

 

Shares Reserved for Future Issuance

As of March 31, 2020, the Company had reserved shares of its common stock for future issuance as follows:

 

 

 

 

 

    

Shares Reserved

Stock options outstanding

 

1,365,764

Employee stock purchase plan

 

7,605

Available for future grants under the 2016 Plan

 

469,433

Warrants outstanding

 

10,547,363

Total shares reserved

 

12,390,165