Tonix Pharmaceuticals Holding Corp. Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2019

A summary of the stock option activity and related information for the Plans for the three months ended March 31, 2019 is as follows:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2019		137,145		$	143.09		8.14	$	—
Grants		113,400		$	2.06
Exercised		—
Forfeitures or expirations		(2,201	)	$	35.42

Outstanding at March 31, 2019		248,344		$	79.65		8.69	$	39,829
Vested and expected to vest at March 31, 2019		248,344		$	79.65		8.69	$	39,829
Exercisable at March 31, 2019		70,581		$	229.28		6.54	$	—

The assumptions used in the valuation of stock options granted during the three months ended March 31, 2019 and 2018 were as follows:

	Three Months Ended March 31, 2019		Three Months Ended March 31, 2018
Risk-free interest rate		2.48% to 2.54%		2.54% to 2.79%
Expected term of option		3.00 to 6.00 years		4.50 to 7.00 years
Expected stock price volatility		109.71%		101.74% to 102.00%
Expected dividend yield		0.0		0.0