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

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2019

A summary of the stock option activity and related information for the Plans for the nine months ended September 30, 2019 is as follows:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2018		13,740		$	1,430.90		8.14	$
Grants		95,517		$	21.74			$
Exercised		—
Forfeitures or expirations		(221	)		359.86
Outstanding at September 30, 2019		109,036		$	199.57		8.86	$	—

Vested and expected to vest at September 30, 2019		109,036		$	199.57		8.86	$	—
Exercisable at September 30, 2019		16,723		$	1,045.31		5.17	$	—

The assumptions used in the valuation of stock options granted during the nine months ended September 30, 2019 and 2018 were as follows:

	Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2018
Risk-free interest rate		2.30% to 2.54%		2.54% to 2.81%
Expected term of option		5.10 to 10.00 years		4.50 to 7.00 years
Expected stock price volatility		107.12% to 109.72%		99.65% to 109.22%
Expected dividend yield		0.0%		0.0%