Stock Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

5. Stock Based Compensation

The Company has a 2000 Long-Term Incentive Plan, which expired on August 6, 2010. As of March 31, 2020, there were 14,018 shares subject to outstanding stock options under this plan. No further shares are available for future grant under this plan.

The Company also has a 2008 Stock Incentive Plan under which 5 million shares of common stock are reserved for issuance. As of March 31, 2020, there were approximately 2.4 million shares subject to outstanding stock options and approximately 0.8 million shares outstanding related to restricted stock grants issued from the 2008 Plan. This plan expired on November 20, 2018 and thus no further shares are available for future grant under this plan.

In 2019, the Company adopted a 2019 Stock Incentive Plan under which 5.4 million shares of common stock are reserved for issuance. As of March 31, 2020, there were 5.4 million shares subject to outstanding stock options. This Plan expires on November 14, 2029.

The following table sets forth the total stock-based compensation expense resulting from stock options, restricted stock and warrants included in our Condensed Consolidated Statements of Operations:

	Three Months Ended March 31,
	2020		2019
Research and development — employee	$	—	$	—
General and administrative — employee		86,662		213,174
Total employee stock-based compensation	$	86,662	$	213,174

Options

There were no options granted in either periods ended March 31, 2020 and March 31, 2019.

Presented below is our stock option activity:

	Three Months Ended March 31, 2020
	Number of Options (Employees)		Number of Options (Non-Employees)		Total Number of Options		Weighted-Average Exercise Price
Outstanding at January 1, 2020		7,126,340		615,000		7,741,340	$	3.32
Granted		—		—		—		—
Forfeited or expired		—		—		—		—
Outstanding at March 31, 2020		7,126,340		615,000		7,741,340	$	3.32
Exercisable at March 31, 2020		7,056,458		615,000		7,671,458	$	3.34

The following table summarizes significant ranges of outstanding stock options under our plans at March 31, 2020:

Range of Exercise Prices		Number of Options		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price		Number of Options Exercisable		Weighted-Average Remaining Contractual Life (years)		Weighted-Average Exercise Price
$	0.26 - $1.00		5,400,000		9.71	$	0.26		5,400,000		9.71	$	0.26
$	1.01 – $3.00		1,050,673		7.36	$	2.04		980,791		7.24	$	2.06
$	3.01 – $15.00		852,360		4.72	$	12.56		852,360		4.72	$	12.56
$	15.01 –$42.42		438,309		3.66	$	26.19		438,309		3.66	$	26.19
			7,741,340		8.50	$	3.32		7,671,458		8.46	$	3.34

During the periods ended March 31, 2020 and 2019, the Company recognized stock compensation costs of $30,395 and $75,408 relating to the vesting of these options. As of March 31, 2020, there remained approximately $0.1 million of unrecognized compensation expense related to unvested stock options granted to current employees, which we expect will be recognized over a weighted-average period of 0.45 years. The aggregate intrinsic value of the outstanding options and options vested as of March 31, 2020 was $648,000.

At March 31, 2020 and December 31, 2019, there were warrants outstanding to purchase 193,196, at a weighted-average exercise price of $8.60, in each period.

Restricted Stock

In December 2017, the Company granted to Steven Kriegsman, Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $679,000. In December 2016, the Company granted to Steven Kriegsman, Chief Executive Officer, 387,597 shares of restricted common stock, pursuant to the 2008 Plan. This restricted stock vests in equal annual instalments over three years. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted stock on the grant date was $1,000,000. The Company recorded an employee stock-based compensation expense for restricted stock of $56,267 and $137,766 respectively, for the quarters ended March 31, 2020 and 2019. As of March 31, 2020, there remained approximately $160,000 of unrecognized compensation expense related to the vesting of these shares.