Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2020

Equity Incentive Plans

Assumptions used in the black-Scholes model

The assumptions used in the Black-Scholes model are presented below:

	Nine Months Ended
	September 30, 2020	September 30, 2019
Risk-free interest rate	0.25% - 1.51%	1.71 to 2.23%
Expected volatility	90.43%	89.26 to 90.43%
Expected term (in years)	5.50 to 7.00	5.75 to 6.25
Expected dividend yield	0%	0%

Allocation of Stock-Based Compensation Expenses

The tables below summarize the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	205,000	$	358,000	$	841,000	$	609,000
General and administrative		458,000		2,140,000		1,772,000		2,615,000
Total stock-based compensation	$	663,000	$	2,498,000	$	2,613,000	$	3,224,000

Summary of Stock Option Activity

Stock option transactions during the nine months ended September 30, 2020 are presented below:

	Options Outstanding
				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
		Exercise		Term	Intrinsic
	Shares	Price		(Years)	Value
Outstanding at December 31, 2019	1,275,380	$	7.61	8.81		—
Granted	301,066		3.57	—		—
Exercised	(27,382)		3.15	—		14,000
Forfeited/Cancelled	(102,450)		6.35	—		—
Outstanding at September 30, 2020	1,446,614	$	6.79	8.30	$	47,000
Vested and expected to vest at September 30, 2020	1,446,614	$	6.79	8.30	$	47,000
Exercisable at September 30, 2020	425,114	$	15.18	6.94	$	11,000

Schedule of restricted stock awards

Restricted stock award transactions under the Assumed 2016 Plan during the nine months ended September 30, 2020 are presented below:

		Weighted Avg
		Grant Date
	Shares	Fair Value
Outstanding at December 31, 2019	343,493	$	21.83
Forfeited/Cancelled	(4,010)		16.02
Issued as Common Stock	(76,925)		15.50
Outstanding at September 30, 2020	262,558	$	23.76

Shares Reserved for Future Issuance

As of September 30, 2020, the Company had reserved shares of its common stock for future issuance as follows:

	Shares Reserved
Stock options outstanding	1,446,614
Employee stock purchase plan	7,605
Available for future grants under the 2016 Plan	361,132
Warrants outstanding	10,547,618
Total shares reserved	12,362,969