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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2020

Weighted-Average Fair Value of Options Granted

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​	​	​	​	​
​	​	Nine Months Ended September 30,
​		2020	​	2019
Expected term		6.25 years	​	6.25 years
Expected volatility		84.40%	​	71.15%
Risk-free interest rate		1.41%	​	2.54%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

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Three Months Ended September 30,

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Nine Months Ended September 30,

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​

2020

​

2019

2020

​

2019

Research and development expense

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$

763,081

​

$

610,506

​

$

2,246,118

​

$

1,697,171

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General and administrative expense

​

927,270

​

976,641

​

3,028,055

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2,791,814

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Total stock-based compensation expense

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$

1,690,351

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$

1,587,147

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$

5,274,173

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$

4,488,985

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2003 Stock Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2003 Plan for the nine months ended September 30, 2020 is as follows:

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​	​	​	​	​	​	​	​	​	​	​
​		​	​	​	​	​	WEIGHTED-	​	AGGREGATE
​		​	​	WEIGHTED-		​	AVERAGE	​	INTRINSIC
​		​	​	AVERAGE		​	REMAINING	​	VALUE
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	(IN
​	​	OPTIONS		PRICE			TERM (YEARS)		THOUSANDS)
Outstanding as of December 31, 2019	​	382,337	​	$	1.33		1.3	​	​	​
Options exercised	​	(121,056)	​		1.12	​	​	​	​	​
Options forfeited	​	—	​		—	​	​	​	​	​
Outstanding, Vested and Exercisable as of September 30, 2020	​	261,281	​		1.43		0.7	​	$	428

2013 Equity Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2013 Plan for the nine months ended September 30, 2020 is as follows:

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	WEIGHTED-	​	AGGREGATE
​		​	​	WEIGHTED-		​	AVERAGE	​	INTRINSIC
​		​	​	AVERAGE		​	REMAINING	​	VALUE
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	(IN
​		OPTIONS		PRICE			TERM (YEARS)		THOUSANDS)
Outstanding as of December 31, 2019	​	4,399,606	​	$	10.43	​	6.8	​	​	​
Options granted	​	1,473,100	​	​	4.49	​	​	​	​	​
Options exercised	​	—	​	​	—	​	​	​	​	​
Options forfeited	​	(68,089)	​	​	9.62	​	​	​	​	​
Outstanding as of September 30, 2020	​	5,804,617	​	​	8.93	​	6.9	​	$	10
Vested or expected to vest as of September 30, 2020	​	5,804,617	​	​	8.93	​	6.9	​	$	10
Exercisable as of September 30, 2020	​	3,456,330	​	​	9.79	​	5.5	​	$	—

Summary of RSU Activity

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The following is a summary of RSU activity under the 2013 Plan for the nine months ended September 30, 2020:

​	​	​	​	​	​	​
​		​	​	​
​		​	​	Weighted-Average
​	​	Number of Shares	​	Grant Date
​	​	Underlying RSUs		Fair Value
Unvested at December 31, 2019	​	324,550	​	$	4.53	​
Granted	​	—	​		—	​
Forfeited	​	(12,382)	​		4.53	​
Vested	​	(104,100)	​		4.53	​
Unvested at September 30, 2020	​	208,068	​		4.53	​

Inducement Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the Inducement Plan for the nine months ended September 30, 2020 is as follows:

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	WEIGHTED-	​	AGGREGATE
​		​	​	WEIGHTED-		​	AVERAGE	​	INTRINSIC
​		​	​	AVERAGE		​	REMAINING	​	VALUE
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	(IN
​		OPTIONS		PRICE			TERM (YEARS)		THOUSANDS)
Outstanding as of December 31, 2019	​	—	​	$	—	​	—	​	​	​
Options granted	​	100,600	​	​	3.09	​	​	​	​	​
Options exercised	​	—	​	​	—	​	​	​	​	​
Options forfeited	​	—	​	​	—	​	​	​	​	​
Outstanding as of September 30, 2020	​	100,600	​	​	3.09	​	9.7	​	$	41
Vested or expected to vest as of September 30, 2020	​	100,600	​	​	3.09	​	9.7	​	$	41
Exercisable as of September 30, 2020	​	—	​	​	—	​	—	​	$	—
​	​	​	​	​	​	​	​	​	​	​

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