Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 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.

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 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

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 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