| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The range of assumptions used in estimating the fair value of the options granted or re-measured under the Amended Omnibus Plan using the Black-Scholes option pricing model for the periods presented were as follows: | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2019 | | 2019 | Expected dividend yield | | 0% | | 0% | Expected stock-price volatility | | 70% | | 68% – 72% | Risk-free interest rate | | 2.0% – 2.2% | | 2.0% – 2.7% | Expected term of options | | 5.7 | | 5.4 – 10.0 |
The range of assumptions used in estimating the fair value of the options granted or re-measured under the Private Innovate Plan using the Black-Scholes option pricing model for the periods presented were as follows: | | | | | | | | | | Three Months Ended
June 30, | Six Months Ended
June 30, | | | 2019 | 2018 | 2019 | | 2018 | Expected dividend yield | | 0% | 0% | 0% | | 0% | Expected stock-price volatility | | —% | 67% - 68% | 67% | | 67% - 72% | Risk-free interest rate | | —% | 2.8% - 2.9% | 2.6% | | 2.7% - 2.9% | Expected term of options | | 0 | 8.7 - 9.3 | 8.2 - 8.7 | | 8.7 - 9.5 |
|
| Share-based Compensation, Activity |
The following table summarizes stock option activity under the Private Innovate Plan: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted-Average Exercise Price | | Aggregate Intrinsic Value | | Weighted-Average Remaining Contractual Life (in years) | Outstanding at December 31, 2018 | | 6,340,871 |
| | $ | 1.53 |
| | $ | 4,978,205 |
| | 7.7 | Options granted | | — |
| | — |
| | — |
| |
| Options forfeited | | — |
| | — |
| | — |
| |
| Options exercised | | (100,079 | ) | | 0.30 |
| | — |
| |
| Outstanding at June 30, 2019 | | 6,240,792 |
| | 1.55 |
| | 1,662,932 |
| | 5.9 | Exercisable at June 30, 2019 | | 5,659,872 |
| | 1.49 |
| | 1,662,932 |
| | 5.7 | Vested and expected to vest at June 30, 2019 | | 6,217,132 |
| | $ | 1.54 |
| | $ | 1,662,932 |
| | 5.9 |
The following table summarizes stock option activity under the Amended Omnibus Plan: | | | | | | | | | | | | | | | | | Number of Shares | | Weighted-Average Exercise Price | | Aggregate Intrinsic Value | | Weighted-Average Remaining Contractual Life (in years) | Outstanding at December 31, 2018 | | 776,131 |
| | $ | 5.79 |
| | $ | — |
| | 7.4 | Options granted | | 665,000 |
| | 1.63 |
| | — |
| |
| Options forfeited | | (174,585 | ) | | 6.02 |
| | — |
| |
| Options exercised | | — |
| | — |
| | — |
| |
| Outstanding at June 30, 2019 | | 1,266,546 |
| | 3.58 |
| | — |
| | 9.5 | Exercisable at June 30, 2019 | | 418,741 |
| | 4.25 |
| | — |
| | 9.2 | Vested and expected to vest at June 30, 2019 | | 1,201,929 |
| | $ | 3.61 |
| | $ | — |
| | 9.5 |
|
| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
hare-based compensation expense recognized in the accompanying statements of operations was as follows: | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2019 | | 2018 | | 2019 | | 2018 | Research and development | | $ | 351,000 |
| | $ | (334,000 | ) | | $ | 443,000 |
| | $ | 5,417,000 |
| General and administrative | | 501,000 |
| | 150,000 |
| | 935,000 |
| | 1,573,000 |
| Total share-based compensation | | $ | 852,000 |
| | $ | (184,000 | ) | | $ | 1,378,000 |
|
| $ | 6,990,000 |
| | | | | | | | | |
|