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

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2020

A summary of the stock option activity and related information for the Plans for the nine months ended September 30, 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		10,100,250	$	0.81
Exercised		—
Forfeitures or expirations		—

Outstanding at September 30, 2020		10,209,286	$	2.93		9.51	$	681,418
Exercisable at September 30, 2020		148,995	$	130.40		4.92	$	6,180

The assumptions used in the valuation of stock options granted during the nine months ended September 30, 2020 and 2019 were as follows:

	Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Risk-free interest rate		0.36% to 1.25	%		2.30% to 2.54	%
Expected term of option		5.5 to 6 years			5.10 to 10.0 years
Expected stock price volatility		120.62% - 129.29	%		107.12 -109.72	%
Expected dividend yield		0.0			0.0