Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity for Amended 2014 Plan and Related Information

The table below summarizes stock option activity under the Amended 2014 Plan, and related information for the three months ended March 31, 2019. The exercise price of all options granted during the three months ended March 31, 2019 was equal to the market value of the Company’s common stock on the date of the grant. As of March 31, 2019, unamortized stock-based compensation expense of $1,343,624 will be amortized over a weighted average period of 3.3 years.



	Number of Shares		Weighted Average Exercise Price
Outstanding at December 31, 2018 (1)	1,635,790		$	11.08
Granted	563,000		0.76
Exercised	—		—
Canceled/forfeited	(8,360	)	17.81
Expired	(70	)	59.48
Outstanding at March 31, 2019 (unaudited) (1)	2,190,360		$	8.40
Exercisable at March 31, 2019 (unaudited)	650,151		$	25.97

(1)Includes 10,149 shares subject to options granted under the 2015 Private Daré Plan assumed in connection with the Cerulean/Private Daré stock purchase transaction.

Summary of Recognized Stock-Based Compensation Expense Related to Stock Options Granted to Employees and Directors

Total stock-based compensation expense related to stock options granted to employees and directors recognized in the consolidated statement of operations is as follows:



	Three Months Ended March 31,
	2019		2018
Research and development	$	24,703	$	—
General and administrative	73,265		9,124
Total	$	97,968	$	9,124

Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees and Directors

The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees and to directors in respect of board services during the three months ended March 31, 2019 are as follows:



		Three Months Ended March 31, 2019
Expected life in years		10.0
Risk-free interest rate		2.70%
Expected volatility		120%
Forfeiture rate		0.0%
Dividend yield		0.0%
Weighted-average fair value of options granted		$0.72