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

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

A summary of the stock option activity and related information for the Plans for the three months ended March 31, 2020 is as follows:

	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2019		109,036	$	199.57		8.60	$	—
Grants		556,500	$	0.44
Exercised		—
Forfeitures or expirations		—

Outstanding at March 31, 2020		665,536	$	33.06		9.65	$	151,035
Exercisable at March 31, 2020		21,812	$	828.58		5.59	$	—

The assumptions used in the valuation of stock options granted during the three months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Risk-free interest rate		0.49% to 1.25	%		2.48% to 2.54	%
Expected term of option		5.50 to 6.00 years			3.00 to 6.00 years
Expected stock price volatility		124.11% to 127.83	%		109.71	%
Expected dividend yield		0.0			0.0