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Note 8 - Stock-based Compensation | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 8. Stock-Based Compensation 2015 Equity Plan 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, 2,560,618 shares were added to the reserve as of January 1, 2021, 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, 2020, there were no shares of common stock available for future issuance under the 2015 Equity Plan. Further, the Company granted options to purchase 270,000 shares of common stock to employees during the year ended December 31, 2020 that were granted outside of the 2015 Equity Plan as an inducement material to the employee's acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635 (c)( 4 ). 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, |
|  | 2020 |  |  | 2019 |
Research and development |  | $ | 164,791 |  |  | $ | 54,155 |
General and administrative |  |  | 571,328 |  |  |  | 461,607 |
Total stock-based compensation expense |  | $ | 736,119 |  |  | $ | 515,762 |
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, 2019 |  |  | 203,736 |  |  | $ | 88.14 |  |  |  |  |  |  |  |  |
Granted |  |  | 117,270 |  |  |  | 2.62 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (11,583 | ) |  |  | 83.81 |  |  |  |  |  |  |  |  |
Expired |  |  | (147 | ) |  |  | 276.00 |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  |  | 309,276 |  |  | $ | 55.78 |  |  |  | 6.98 |  |  |  | — |
Granted |  |  | 1,931,100 |  |  |  | 0.68 |  |  |  |  |  |  |  |  |
Expired |  |  | (172 | ) |  |  | 142.50 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 2,240,204 |  |  | $ | 8.28 |  |  |  | 8.90 |  |  | $ | 289,067 |
Exercisable at December 31, 2020 |  |  | 1,129,733 |  |  | $ | 15.64 |  |  |  | 8.28 |  |  | $ | 219,010 |
Vested and expected to vest at December 31, 2020 |  |  | 2,240,204 |  |  | $ | 8.28 |  |  |  | 8.90 |  |  | $ | 289,067 |
The weighted average grant date fair value of stock option awards granted was $0.64 and $2.16 during the years ended December 31, 2020 and 2019, respectively. The total fair value of options vested during the years ended December 31, 2020 and 2019 were $0.7 million and $0.6 million, respectively. No options were exercised during any of the periods presented. At December 31, 2020, there was $0.8 million of unrecognized compensation cost related to unvested options that will be recognized as expense over a weighted-average period of 2.2 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, 2020 and 2019:
|  | 2020 |  | 2019
Expected term (in years) |  | 5.31 | — | 10.00 |  | 5.25 | — | 5.77
Risk-free interest rate |  | 0.4% | — | 1.7% |  | 1.9% | — | 2.5%
Expected volatility |  | 113.4% | — | 124.8% |  | 112.4% | — | 114.4%
Dividend yield |  | — | — | — |  | — | — | —
Restricted Stock Unit Awards During the year ended December 31, 2020, the Company granted 153,000 restricted stock units to members of the board of directors of the Company. The weighted average grant date fair value of the restricted stock units granted during the year ended December 31, 2020 was $0.65. The shares begin to vest 18 months after the grant date. The Company recognized approximately $18,000 in expense related to these units during the year ended December 31, 2020. At December 31, 2020, there was approximately $82,000 of unrecognized compensation cost that will be recognized over a weighted average period of 2.4 years.

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