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Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Stock-based Compensation [Abstract]  
Assumptions used in the black-Scholes model

 

 

 

 

 

Year ended

 

    

December 31, 2019

Risk-free interest rate

 

1.50 to 2.23%

Expected volatility

 

89.26 to 90.43%

Expected term (in years)

 

5.50 to 6.25

Expected dividend yield

 

0

 

Allocation of Stock-Based Compensation Expenses

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

    

2019

    

2018

    

 

 

 

 

 

 

 

 

Research and development

 

$

872,000

 

$

8,000

 

General and administrative

 

 

3,398,000

 

 

38,000

 

Total stock-based compensation

 

$

4,270,000

 

$

46,000

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 

 

    

2019

    

2018

Expense related to RSA's issued prior to Merger and vesting beginning on Merger closing date

 

$

2,152,000

 

$

 —

Acceleration of RSA expense in connection with executive severance

 

 

1,244,000

 

 

 —

Expense related to vesting of stock options issued under the Company's stock plans

 

 

874,000

 

 

46,000

Total stock-based compensation expense

 

$

4,270,000

 

$

46,000

 

Summary of Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

Options Outstanding

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Weighted

 

Remaining

 

 

 

 

 

 

 

Average

 

Contractual

 

Aggregate

 

 

 

 

Exercise

 

Term

 

Intrinsic

 

    

Shares

    

Price

    

(Years)

    

Value

Outstanding at December 31, 2018

 

136,463

 

$

36.31

 

5.02

 

 

 —

Assumed in the Merger

 

52,602

 

 

56.60

 

 

 

 

 —

Granted

 

1,207,208

 

 

3.18

 

  

 

 

1,569,000

Forfeited/Cancelled

 

(120,893)

 

 

15.83

 

  

 

 

92,000

Outstanding at December 31, 2019

 

1,275,380

 

$

7.61

 

8.81

 

 

1,476,000

Vested and expected to vest at December 31, 2019

 

1,275,380

 

$

7.61

 

8.81

 

$

1,476,000

Exercisable at December 31, 2019

 

147,097

 

$

40.54

 

4.34

 

$

 —

 

Schedule of restricted stock awards

 

 

 

 

 

 

 

 

 

 

Weighted Avg

 

 

 

 

Grant Date

 

    

Shares

    

Fair Value

Outstanding at December 31, 2018

 

416,856

 

$

1.88

Granted

 

 —

 

 

 —

Forfeited/Cancelled

 

(44,255)

 

 

1.29

Issued as Common Stock

 

(29,108)

 

 

1.95

Outstanding at December 31, 2019

 

343,493

 

$

1.42

 

Shares Reserved for Future Issuance

 

 

 

 

    

Shares Reserved

Stock options outstanding

 

1,275,380

Employee stock purchase plan

 

5,462

Available for future grants under the 2016 Plan

 

67,065

Warrants outstanding

 

1,854,007

Total shares reserved

 

3,201,914