Tonix Pharmaceuticals Holding Corp. Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

A summary of the stock option activity and related information for the Plans for the years ended December 31, 2019, and 2018 is as follows:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2017		4,034		$	3,998.89		8.35	$	—
Grants		10,206		$	375.15				—
Exercised		—
Forfeitures or expirations		(500	)		388.44
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 December 31, 2019		109,036		$	199.57		8.60	$	—
Vested and expected to vest at December 31, 2019		109,036		$	199.57		8.60	$	—
Exercisable at December 31, 2019		17,396		$	1,019.67		5.04	$	—

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

	2019			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	%