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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [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 nine months ended September 30, 2020. The exercise price of all options granted during the nine months ended September 30, 2020 was equal to the market value of the Company’s common stock on the date of grant. As of September 30, 2020, unamortized stock-based compensation expense of $1,493,686 will be amortized over a weighted average period of 2.37 years. At September 30, 2020, 507,516 shares of common stock were reserved for future awards granted under the Amended 2014 Plan.
| Number of Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2019 | 1,889,775 |  |  | $ | 1.21 |
Granted | 903,965 |  |  | 1.06 |
Exercised | (10,149) |  |  | 0.01 |
Canceled/forfeited | — |  |  | — |
Expired | — |  |  | — |
Outstanding at September 30, 2020 | 2,783,591 |  |  | $ | 1.16 |
Exercisable at September 30, 2020 | 1,038,659 |  |  | $ | 1.48 |
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 September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Research and development | $ | 60,546 |  |  | $ | 27,081 |  |  | $ | 166,639 |  |  | $ | 78,780 |
General and administrative | $ | 134,336 |  |  | $ | 108,312 |  |  | $ | 375,943 |  |  | $ | 265,932 |
Total | $ | 194,882 |  |  | $ | 135,393 |  |  | $ | 542,582 |  |  | $ | 344,712 |
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 and nine months ended September 30, 2020 are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Expected life in years |  | 10.0 |  | 10.0
Risk-free interest rate |  | 0.71% |  | 0.82%
Expected volatility |  | 119% |  | 120%
Forfeiture rate |  | 0.0% |  | 0.0%
Dividend yield |  | 0.0% |  | 0.0%
Weighted-average fair value of options granted |  | $1.10 |  | $1.00

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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