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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-based Compensation | STOCK-BASED COMPENSATION The 2015 Employee, Director and Consultant Equity Incentive Plan Prior to the Cerulean/Private Daré stock purchase transaction, Private Daré maintained the 2015 Employee, Director and Consultant Equity Incentive Plan, or the 2015 Private Daré Plan. Upon closing of the Cerulean/Private Daré stock purchase transaction, the Company assumed the 2015 Private Daré Plan and each then outstanding award granted thereunder, which consisted of options and restricted stock. Based on the exchange ratio for the Cerulean/Private Daré stock purchase transaction and after giving effect to the reverse stock split effected in connection with the closing of that transaction, the outstanding options and restricted stock awards granted under the 2015 Private Daré Plan were replaced with options to purchase 10,149 shares of the Company’s common stock with a correspondingly adjusted exercise price, all of which were outstanding as of June 30, 2019, and 223,295 restricted shares of the Company’s common stock. Those options are fully vested and expire in December 2025. No further awards may be granted under the 2015 Private Daré Plan following the closing of the Cerulean/Private Daré stock purchase transaction. 2014 Employee Stock Purchase Plan The Company’s 2014 Employee Stock Purchase Plan, or the ESPP, became effective in April 2014, but no offering period has been initiated thereunder since January 2017 and there was no stock-based compensation related to the ESPP for the six months ended June 30, 2019 or June 30, 2018. Amended and Restated 2014 Stock Incentive Plan The Company maintains the Amended and Restated 2014 Plan, or the Amended 2014 Plan. There were 2,046,885 shares of common stock authorized for issuance under the Amended 2014 Plan when it was approved by the Company's stockholders in July 2018. The number of authorized shares increases annually on the first day of each fiscal year until, and including, the fiscal year ending December 31, 2024 by the least of (i) 2,000,000, (ii) 4% of the number of outstanding shares of common stock on such date, or (iii) an amount determined by the Company’s board of directors. On January 1, 2019, the number of authorized shares increased by 456,886 to 2,503,771, which increase represented 4% of the number of outstanding shares of common stock on such date. Summary of Stock Option Activity The table below summarizes stock option activity under the Amended 2014 Plan, and related information for the six months ended June 30, 2019. The exercise price of all options granted during the six months ended June 30, 2019 was equal to the market value of the Company’s common stock on the date of the grant. As of June 30, 2019, unamortized stock-based compensation expense of $1,348,159 will be amortized over a weighted average period of 2.9 years. At June 30, 2019, 497,032 shares of common stock were reserved for future issuance under the Amended 2014 Plan.
| Number of Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2018 (1) | 1,635,790 |  |  | $ | 11.08 |
Granted | 698,000 |  |  | 0.79 |
Exercised | — |  |  | — |
Canceled/forfeited | (316,832 | ) |  | 24.55 |
Expired | (70 | ) |  | 59.48 |
Outstanding at June 30, 2019 (unaudited) (1) | 2,016,888 |  |  | $ | 5.40 |
Exercisable at June 30, 2019 (unaudited) | 427,702 |  |  | $ | 21.83 |
(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. Compensation Expense 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 June 30, | Six Months Ended June 30,
| 2019 |  | 2018 | 2019 |  | 2018
Research and development | $ | 26,996 |  |  | $ | — |  | $ | 51,699 |  |  | $ | — |
General and administrative | 84,355 |  |  | 9,423 |  | 157,620 |  |  | 18,547 |
Total | $ | 111,351 |  |  | $ | 9,423 |  | $ | 209,319 |  |  | $ | 18,547 |
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 six months ended June 30, 2019 are as follows:
|  | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Expected life in years |  | 10.0 |  | 10.0
Risk-free interest rate |  | 2.09% |  | 2.58%
Expected volatility |  | 123% |  | 121%
Forfeiture rate |  | 0.0% |  | 0.0%
Dividend yield |  | 0.0% |  | 0.0%
Weighted-average fair value of options granted |  | $0.86 |  | $0.75

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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