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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Stock-Based Compensation [Abstract]  
Stock-Based Compensation Expense
The Company’s stock-based compensation expense related to stock options was recognized in operating expense as follows:

 
 
Three Months Ended September 30,
  
Nine Months Ended September 30,
 
 
 
2019
  
2018
  
2019
  
2018
 
 
 
(unaudited)
  
(unaudited)
 
Stock-Based Compensation
            
Research and development
 
$
49,748
  
$
21,582
  
$
499,835
  
$
24,801
 
General and administrative
  
70,458
   
20,109
   
2,393,823
   
24,535
 
Total
 
$
120,206
  
$
41,691
  
$
2,893,658
  
$
49,336
 
Assumptions Used to Value Stock Options Granted
The fair value of options granted during the three and nine months ended September 30, 2019 and 2018 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. For the three and nine months ended September 30, 2018, the Company granted a total of 95,300 options on July 6, 2018.

 
 
Three Months Ended September 30,
  
Nine Months Ended September 30,
 
 
 
2019
  
2018
  
2019
  
2018
 
 
 
Weighted Average
  
Weighted Average
  
Weighted Average
  
Weighted Average
 
 
 
(unaudited)
  
(unaudited)
 
Volatility
  
92.22
%
  
83.60
%
  
89.88
%
  
83.60
%
Risk-Free Interest Rate
  
1.49
%
  
2.75
%
  
2.33
%
  
2.75
%
Expected Term in Years
  
6.08
   
6.25
   
6.14
   
6.25
 
Dividend Rate
  
0.00
%
  
0.00
%
  
0.00
%
  
0.00
%
Fair Value of Option on Grant Date
 
$
3.50
  
$
12.91
  
$
5.30
  
$
12.91
 
Stock Option Activity
The following table summarizes the number of options outstanding and the weighted average exercise price:

  
Number
of Shares
  
Weighted Average
Exercise Price
  
Weighted Average
Remaining Contractual
Life in Years
  
Aggregate
Intrinsic Value
 
Options outstanding at December 31, 2018
  
541,117
  
$
7.20
       
Assumed in connection with Merger
  
347,697
   
121.52
       
Granted
  
806,137
   
7.55
       
Exercised
  
   
       
Forfeited
  
(289,049
)
  
97.80
       
Options outstanding at September 30, 2019
  
1,405,902
  
$
17.05
   
7.20
  
$
 
Vested and expected to vest at September 30, 2019
  
1,405,902
  
$
17.05
   
7.20
  
$
 
Exercisable at September 30, 2019
  
1,006,972
  
$
21.37
   
6.19
  
$