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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | NOTE 6 – STOCK-BASED COMPENSATION The following table summarizes stock option-based compensation for the three months ended March 31, 2021 and 2020: SCHEDULE OF STOCK BASED COMPENSATION
|  | For the three months ended March 31, |
|  | 2021 |  |  | 2020 |
Research and development |  | $ | 609,000 |  |  | $ | 744,000 |
General and administrative |  |  | 474,000 |  |  |  | 512,000 |
Stock option-based compensation expense included in operating expense |  |  | 1,083,000 |  |  |  | 1,256,000 |
Total stock option-based compensation expense |  |  | 1,083,000 |  |  |  | 1,256,000 |
Tax benefit |  |  | - |  |  |  | - |
Stock option-based compensation expense, net of tax |  | $ | 1,083,000 |  |  | $ | 1,256,000 |
Stock Options: We estimate the fair value of each option award on the date of grant using the Black-Scholes option valuation model. We then recognize the grant date fair value of each option as compensation expense ratably using the straight-line attribution method over the service period (generally the vesting period). The Black-Scholes model incorporates the following assumptions:
| ● | Expected volatility - we estimate the volatility of our share price at the date of grant using a “look-back” period which coincides with the expected term, defined below. We believe using a “look-back” period which coincides with the expected term is the most appropriate measure for determining expected volatility.
| ● | Expected term - we estimate the expected term using the “simplified” method, as outlined in Staff Accounting Bulletin No. 107, “Share-Based Payment.”
| ● | Risk-free interest rate - we estimate the risk-free interest rate using the U.S. Treasury yield curve for periods equal to the expected term of the options in effect at the time of grant.
| ● | Dividends - we use an expected dividend yield of zero because we have not declared or paid a cash dividend, nor do we have any plans to declare a dividend.
We used the following weighted-average assumptions to estimate the fair value of the options granted for the periods indicated: SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED
|  | For the three months ended March 31, |
|  | 2021 |  |  | 2020 |
Expected volatility |  |  | 99% |  |  |  | 111% |
Expected term |  |  | 6.08 years |  |  |  | 6.25 years |
Risk-free interest rate |  |  | 1.00% |  |  |  | 0.43% |
Expected dividend yield |  |  | 0% |  |  |  | 0% |
The following table summarizes the options granted for the periods indicated: SCHEDULE OF OPTIONS ACTIVITY
|  | For the three months ended March 31, |
|  | 2021 |  |  | 2020 |
Options granted |  |  | 2,149,500 |  |  |  | 1,175,927 |
Weighted-average: |  |  |  |  |  |  |  |
Exercise price |  | $ | 2.29 |  |  | $ | 1.45 |
Grant date fair value |  | $ | 1.80 |  |  | $ | 1.21 |
Restricted Common Stock: The following table summarizes restricted common stock compensation expense for the three months ended March 31, 2021 and 2020: SCHEDULE OF STOCK BASED COMPENSATION
|  | For the three months ended March 31, |
|  | 2021 |  |  | 2020 |
Research and development |  | $ | 546,000 |  |  | $ | 325,000 |
General and administrative |  |  | 321,000 |  |  |  | 139,000 |
Restricted stock-based compensation expense included in operating expense |  |  | 867,000 |  |  |  | 464,000 |
Total restricted stock-based compensation expense |  |  | 867,000 |  |  |  | 464,000 |
Tax benefit |  |  | - |  |  |  | - |
Restricted stock-based compensation expense, net of tax |  | $ | 867,000 |  |  | $ | 464,000 |
We granted 840,727 shares of restricted common stock, net of cancellations, during the three months ended March 31, 2021. We did not grant shares of restricted common stock during the three months ended March 31, 2020.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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