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

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

A summary of the stock option activity and related information for the Plans for the three months ended March 31, 2021 is as follows:

	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2020		10,209,286	$	2.93		9.26	$	131,558
Grants		12,774,310	$	1.34
Exercised		—		—
Forfeitures or expirations		(243)		2,937.37

Outstanding at March 31, 2021		22,983,353	$	2.02		9.51	$	5,198,480
Exercisable at March 31, 2021		362,874	$	54.08		7.04	$	210,218

The assumptions used in the valuation of stock options granted during the three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
Risk-free interest rate		1.00% to 1.34	%		0.49% to 1.25	%
Expected term of option		6.00 years			5.50 to 6.00 years
Expected stock price volatility		132.23% to 132.78	%		124.11% to 127.83	%
Expected dividend yield		0.0			0.0