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Note 8 - Stock-based Compensation | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 8. Stock-Based Compensation 2015 Equity Plan The Diffusion Pharmaceuticals Inc. 2015 Equity Incentive Plan, as amended (the "2015 Equity Plan"), provides for increases to the number of shares reserved for issuance thereunder each January 1 equal to 4.0% of the total shares of the Company’s common stock outstanding as of the immediately preceding December 31, unless a lesser amount is stipulated by the Compensation Committee of the Company's board of directors. Accordingly, 1,339,215 shares were added to the reserve as of January 1, 2020, which shares may be issued in connection with the grant of stock-based awards, including stock options, restricted stock, restricted stock units, stock appreciation rights and other types of awards as deemed appropriate, in each case, in accordance with the terms of the 2015 Equity Plan. As of December 31, 2019, there were 19,740 shares of common stock available for future issuance under the 2015 Equity Incentive Plan. Generally, the options have a ten ( 10 ) year contractual term and vest in equal monthly installments over three ( 3 ) years. The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations for the periods indicated:
|  | Year ended December 31, |
|  | 2019 |  |  | 2018 |
Research and development |  | $ | 54,155 |  |  | $ | 62,161 |
General and administrative |  |  | 461,607 |  |  |  | 1,159,430 |
Total stock-based compensation expense |  | $ | 515,762 |  |  | $ | 1,221,591 |
The following table summarizes the activity related to all stock option:
|  | Number of Options |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual life (in years) |  |  | Aggregate Intrinsic Value |
Balance at January 1, 2018 |  |  | 170,461 |  |  | $ | 109.74 |  |  |  |  |  |  |  |  |
Granted |  |  | 44,005 |  |  |  | 15.37 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (10,583 | ) |  |  | 131.25 |  |  |  |  |  |  |  |  |
Expired |  |  | (147 | ) |  |  | 256.50 |  |  |  |  |  |  |  |  |
Balance at January 1, 2019 |  |  | 203,736 |  |  | $ | 88.14 |  |  |  | 6.70 |  |  | $ | 143 |
Granted |  |  | 117,270 |  |  |  | 2.62 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (11,583 | ) |  |  | 83.81 |  |  |  |  |  |  |  |  |
Expired |  |  | (147 | ) |  |  | 276.00 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 309,276 |  |  | $ | 55.78 |  |  |  | 6.98 |  |  | $ | — |
Exercisable at December 31, 2019 |  |  | 235,415 |  |  | $ | 71.75 |  |  |  | 6.34 |  |  | $ | — |
Vested and expected to vest at December 31, 2019 |  |  | 309,276 |  |  | $ | 55.78 |  |  |  | 6.98 |  |  | $ | — |
The weighted average grant date fair value of stock option awards granted was $2.16 and $12.63 during the years ended December 31, 2019 and 2018, respectively. The total fair value of options vested during the years ended December 31, 2019 and 2018 were $0.6 million and $1.2 million, respectively. No options were exercised during any of the periods presented. At December 31, 2019, there was $0.3 million of unrecognized compensation cost related to unvested options that will be recognized as expense over a weighted-average period of 1.06 years. The grant date fair value of employee stock options is determined using the Black-Scholes model. The following assumptions were used during the years ended December 31, 2019 and 2018:
|  | 2019 |  |  | 2018 |
Expected term (in years) |  |  | 5.25 |  |  |  | — |  |  |  | 5.77 |  |  |  | 5.27 |  |  |  | — |  |  |  | 5.66 |
Risk-free interest rate |  |  | 1.9 | % |  |  | — |  |  |  | 2.5 | % |  |  | 2.3 | % |  |  | — |  |  |  | 2.8 | %
Expected volatility |  |  | 112.4 | % |  |  | — |  |  |  | 114.4 | % |  |  | 113.6 | % |  |  | — |  |  |  | 115.0 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |

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