Share-Based Compensation	6 Months Ended
Jun. 30, 2020
Share-Based Compensation
Share-Based Compensation	(10) Share-Based Compensation Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous plan (see Note 1). Under the 2019 Plan, 1,000,000 shares are authorized to be issued, and no new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. As of June 30, 2020, 401,283 stock options were available for future grants. During the three and six months ended June 30, 2020, the Company granted options to purchase 600,000 shares of common stock at an exercise price of $3.13 per share to the executive officers of the Company. Under the grant agreements, 550,000 of the options were vested and exercisable upon grant and 50,000 of the options vest after one year, provided the executive officer is employed by the Company at such time. These options have a 10-year term. There were no options issued during the three and six months ended June 30, 2019. The options granted during the three and six months ended June 30, 2020 were valued using the Black Scholes option pricing model using the following weighted average assumptions: expected term of 5.0 years; risk free interest rate of 0.4%; expected volatility of 80.0%; and dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the three months ended June 30, 2020 was $1.99 per share. Share‑based compensation expense for the three months ended June 30, 2020 and 2019 was $1,111,272 and $0, respectively, and for the six months ended June 30, 2020 and 2019 was $1,111,272 and $8,859, respectively. As of June 30, 2020, there were 903,847 options outstanding, of which 853,847 were vested and exercisable. As of December 31, 2019, there were 352,282 options outstanding, all of which were vested and exercisable.

(10) Share-Based Compensation

Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous plan (see Note 1). Under the 2019 Plan, 1,000,000 shares are authorized to be issued, and no new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. As of June 30, 2020, 401,283 stock options were available for future grants.

During the three and six months ended June 30, 2020, the Company granted options to purchase 600,000 shares of common stock at an exercise price of $3.13 per share to the executive officers of the Company. Under the grant agreements, 550,000 of the options were vested and exercisable upon grant and 50,000 of the options vest after one year, provided the executive officer is employed by the Company at such time. These options have a 10-year term. There were no options issued during the three and six months ended June 30, 2019.

The options granted during the three and six months ended June 30, 2020 were valued using the Black Scholes option pricing model using the following weighted average assumptions: expected term of 5.0 years; risk free interest rate of 0.4%; expected volatility of 80.0%; and dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the three months ended June 30, 2020 was $1.99 per share.

Share‑based compensation expense for the three months ended June 30, 2020 and 2019 was $1,111,272 and $0, respectively, and for the six months ended June 30, 2020 and 2019 was $1,111,272 and $8,859, respectively.

As of June 30, 2020, there were 903,847 options outstanding, of which 853,847 were vested and exercisable. As of December 31, 2019, there were 352,282 options outstanding, all of which were vested and exercisable.