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Stockholders' Deficit (Tables)
 9 Months Ended
Sep. 30, 2018
Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense of  for the three and nine months ended September 30, 2018 and 2017 as follows: 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Research and development

 

$

43,363

 

 

$

18,564

 

 

$

131,900

 

 

$

162,420

 

General and administrative

 

 

9,762

 

 

 

5,561

 

 

 

28,651

 

 

 

79,551

 

Total stock-based compensation expense

 

$

53,125

 

 

$

24,125

 

 

$

160,551

 

 

$

241,971

 

 
Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Risk-free interest rate

 

 

—

 

 

 

1.8

%

 

 

2.5

%

 

 

2.5

%

Expected volatility

 

 

—

 

 

 

58.0

%

 

 

63.0

%

 

 

58.0

%

Expected term (in years)

 

 

—

 

 

5.3

 

 

 

4.0

 

 

5.1 - 5.3

 

Expected dividend yield

 

 

—

 

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 
Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consist of the following:

 

 

Nine Months

Ended

September 30,

2018

 

Stock options issued and outstanding

 

 

415,137

 

Authorized for future stock awards, option grants, or

   employee stock purchase program

 

 

1,259,285

 

Common Warrants

 

 

4,015,013

 

Total

 

 

5,689,435

 

 
2018 Plan and 2006 Plan  
Summary of Stock Option Activity Under 2018 Plan and 2006 Plan

A summary of the Company’s stock option activity under the 2018 Plan and 2006 Plan is as follows:   

 

 

 

Shares

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2018

 

 

436,341

 

 

$

5.14

 

 

 

9.0

 

 

$

—

 

Granted (unaudited)

 

 

385

 

 

 

6.00

 

 

 

 

 

 

 

—

 

Exercised (unaudited)

 

 

(1,856

)

 

 

1.28

 

 

 

 

 

 

$

4,571

 

Cancelled/Expired (unaudited)

 

 

(19,733

)

 

 

9.65

 

 

 

 

 

 

 

—

 

Outstanding at September 30, 2018 (unaudited)

 

 

415,137

 

 

$

4.99

 

 

 

8.2

 

 

$

2,589,204

 

Vested and expected to vest at September 30, 2018

   (unaudited)

 

 

399,705

 

 

$

5.14

 

 

 

8.2

 

 

$

2,487,288

 

Vested and exercisable at September 30, 2018

   (unaudited)

 

 

261,487

 

 

$

6.73

 

 

 

8.1

 

 

$

1,580,698