Equity Incentive Plan (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Equity Incentive Plan |
|
| Schedule of stock option activity |
The following is a summary of stock option activity for the nine months ended September 30, 2020 and 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
Number of
|
|
Weighted- Average
|
|
Contractual Life
|
|
|
|
Options
|
|
Exercise Price
|
|
(In Years)
|
|
Outstanding at December 31, 2019
|
|
174,175
|
|
$
|
27.42
|
|
6.22
|
|
Granted
|
|
93,165
|
|
|
6.31
|
|
|
|
Expired
|
|
(17,114)
|
|
|
10.59
|
|
|
|
Forfeited
|
|
(3,333)
|
|
|
7.20
|
|
|
|
Outstanding at September 30, 2020
|
|
246,893
|
|
$
|
20.90
|
|
7.46
|
|
Exercisable at September 30, 2020
|
|
138,317
|
|
$
|
32.22
|
|
6.05
|
|
Vested at September 30, 2020
|
|
246,893
|
|
$
|
20.90
|
|
7.46
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2018
|
|
138,324
|
|
$
|
34.17
|
|
6.51
|
|
Granted
|
|
49,994
|
|
|
7.20
|
|
|
|
Forfeited
|
|
(4,869)
|
|
|
9.19
|
|
|
|
Expired
|
|
(3,237)
|
|
|
16.25
|
|
|
|
Outstanding at September 30, 2019
|
|
180,212
|
|
$
|
27.68
|
|
6.57
|
|
Exercisable at September 30, 2019
|
|
120,527
|
|
$
|
37.25
|
|
5.32
|
|
Vested and Expected to Vest at September 30, 2019
|
|
180,212
|
|
$
|
27.68
|
|
6.57
|
|
| Schedule of weighted average assumptions |
For the nine months ended September 30, 2020 and 2019, the fair value of each option grant has been estimated on the date of grant using the Black-Scholes Option Pricing Model with the following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
|
Risk-Free Interest Rate
|
|
1.82
|
%
|
1.82
|
%
|
|
Expected Life
|
|
5.00
|
years
|
5.00
|
years
|
|
Expected Volatility
|
|
153
|
%
|
152
|
%
|
|
Expected Dividend Yield
|
|
0
|
%
|
0
|
%
|
|
| Schedule of restricted stock activity |
The following is a summary of restricted stock activity for the nine months ended September 30, 2020 and September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- Average
|
|
|
|
Number of
|
|
Weighted- Average
|
|
Remaining
|
|
|
|
Shares
|
|
Grant Date Fair Value
|
|
Recognition Period
|
|
Non-vested Outstanding at December 31, 2019
|
|
50,187
|
|
$
|
8.64
|
|
1.49
|
|
Awarded
|
|
49,000
|
|
|
6.55
|
|
|
|
Vested
|
|
(23,889)
|
|
|
8.73
|
|
|
|
Non-vested Outstanding at September 30, 2020
|
|
75,298
|
|
$
|
7.25
|
|
1.78
|
|
Non-vested Outstanding at December 31, 2018
|
|
121,478
|
|
$
|
8.84
|
|
2.25
|
|
Vested
|
|
(55,335)
|
|
|
8.94
|
|
|
|
Forfeited
|
|
(7,659)
|
|
|
8.86
|
|
|
|
Non-vested Outstanding at September 30, 2019
|
|
58,484
|
|
$
|
8.76
|
|
1.73
|
|
| Schedule of stock-based compensation expense |
The total stock-based compensation expense for employees and non-employees is included in the accompanying Condensed Consolidated Statements of Operations and as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Research and Development
|
|
$
|
49,267
|
|
$
|
42,062
|
|
$
|
148,588
|
|
$
|
165,213
|
|
General and Administrative
|
|
|
138,466
|
|
|
137,660
|
|
|
382,116
|
|
|
483,605
|
|
Total Stock-Based Compensation Expense
|
|
$
|
187,733
|
|
$
|
179,722
|
|
$
|
530,704
|
|
$
|
648,818
|
|