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Stock-Based Compensation (Tables)

9 Months Ended

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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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.

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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.

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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.

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