Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.19.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity

Note 6 - Stockholders’ Equity

 

Stock Options

 

The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of March 31, 2019, there were 3,575,852 shares remaining available for issuance under the 2011 Plan.

 

During the three months ended March 31, 2019, the Company granted a stock option award to a board member to purchase 200,000 shares of the Company’s common stock at $3.15 per share. The stock option has a term of ten years and shares subject to the option will vest over a four-year period. The stock option has an aggregate grant date fair value of approximately $439,260.

 

During the three months ended March 31, 2019, stock options to purchase 94,530 shares of common stock were exercised for cash proceeds of $151,601.

 

The Company recorded stock-based compensation in the three months ended March 31, 2019 and 2018 as follows:.

 

    For the Three Months Ended March 31,  
    2019     2018  
Research and development   $ 272,811     $ 773,659  
General and administrative     490,848       205,049  
Total   $ 763,659     $ 978,708  

  

The following table represents stock option activity for the three months ended March 31, 2019:

 

                Weighted Average        
    Stock Options     Exercise Price     Fair Value     Contractual     Aggregate
Intrinsic		  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Value  
Balance – December 31, 2018     5,488,282       4,384,294     $ 2.10     $ 1.32     $ 1.32       5.80     $ -  
Granted     200,000       -       -       -       -       -       -  
Exercised     (94,530 )     -       -       -       -       -       -  
Cancelled     -       -       -       -       -       -       -  
Balance – March 31, 2019     5,593,752       4,528,900     $ 2.15     $ 1.39     $ 1.39       5.80     $ 8,962,676  

 

The following table summarizes information on stock options outstanding and exercisable as of March 31, 2019:

 

Grant Price     Weighted Average     Total     Number     Weighted Average
Remaining
From     To     Exercise Price     Outstanding     Exercisable     Contractual Term
$ 0.05     $ 2.02     $ 0.89       3,438,752       3,376,876      4.25 years
$ 2.40     $ 4.60     $ 2.91       1,402,000       767,500      8.38 years
$ 5.30     $ 8.86     $ 6.52       753,000       384,524      9.10 years
                  Totals       5,593,752       4,528,900      

 

Warrants

 

During the three months ended March 31, 2019, warrants to purchase 50,000 shares of the Company’s common stock were exercised for aggregate cash proceeds of $57,500.

 

          Weighted Average        
    Warrants     Exercise Price     Fair Value     Contractual     Aggregate
Intrinsic		  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Value  
Balance – December 31, 2018     4,964,205       4,907,223     $ 2.39     $ 2.39     $ 1.14       2.27     $ -  
Granted     -       -       -       -       -       -       -  
Exercised     (50,000 )     -       -       -       -       -       -  
Cancelled     (6,982 )     -       -       -       -       -       -  
Balance – March 31, 2019     4,907,223       4,907,223     $ 2.40     $ 2.40     $ 1.11       2.05     $ 5,807,620  

 

 

During the three months ended March 31, 2019, warrants to purchase 6,982 shares of the Company’s common stock expired and were cancelled.