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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity

Schedule of employee service share-based compensation, allocation of recognized period costs

Stock-based compensation cost that has been expensed in the statements of operations amounted to $58,000 and $244,000, respectively, for the three months ended September 30, 2019 and 2018 and $781,000 and $1.1 million, respectively, for the nine months ended September 30, 2019 and 2018, is allocated as follows:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2019			2018			2019			2018
Research and development		$	27,072		$	151,580		$	313,247		$	451,662
General and administrative			31,041			91,956			468,143			673,308
		$	58,113		$	243,536		$	781,390		$	1,124,970

Schedule of key assumption of fair value of stock options granted

Key assumptions used in the determination of the fair value of stock options granted are as follows:

		2019				2018
Expected term		5.67		years		5.50		years
Risk-free interest rate		1.82	%			2.72	%
Expected dividend yield		—				—
Expected volatility		80.38	%			77.29	%

Schedule of stock options roll forward

A summary of stock option activity is as follows:

		Outstanding stock options
		Number of		Weighted average
		shares		exercise price
Balance at December 31, 2018		2,424,617		$	5.00
Options granted		79,000			1.84
Options exercised		(20,000)			2.81
Options forfeited		(21,221)			2.17
Options cancelled		(151,911)			6.93
Balance at September 30, 2019		2,310,485			4.81
Options exercisable at September 30, 2019		1,752,657			5.69

Schedule of share-based compensation of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at September 30, 2019:

Options outstanding

Options exercisable

Weighted

Weighted

average

average

remaining

Weighted

remaining

Weighted

contractual

average

Aggregate

contractual

average

Aggregate

Number

life

exercise

intrinsic

Number

life

exercise

intrinsic

outstanding

(Years)

price

value

exerciseable

(Years)

price

value

2,310,485

6.29

$

4.81

$

747,653

1,752,657

5.45

$

5.69

$

181,143

Schedule of nonvested restricted stock units activity

A summary of restricted stock unit activity is as follows:

		Number of
		unvested restricted
		shares
Balance at December 31, 2017		682,124
Granted		50,000
Vested		—
Cancelled		(53,437)
Balance at September 30, 2018		678,687

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