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Stockholders Equity (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Weighted-Average Fair Value of Options Granted | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2021 | ​ | 2020
Expected term |  | 6.25 years | ​ | 6.25 years
Expected volatility |  | 83.72% | ​ | 84.30%
Risk-free interest rate |  | 0.63% | ​ | 1.59%
Expected dividend yield |  | 0% | ​ | 0%
Stock-Based Compensation Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2021 | ​ | 2020
Research and development expense | ​ | $ | 688,972 | ​ | $ | 736,030
General and administrative expense | ​ |  | 925,213 | ​ |  | 1,086,118
Total stock-based compensation expense | ​ | $ | 1,614,185 | ​ | $ | 1,822,148
2003 Stock Incentive Plan |
Company's Stock Option Activity | A summary of the Company’s stock option activity under the 2003 Plan for the three months ended March 31, 2021 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, 2020 | ​ | 97,250 | ​ | $ | 1.96 |  | 1.3 | ​ | ​ | ​
Options exercised | ​ | (3,785) | ​ |  | 1.12 | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | — | ​ |  | — | ​ | ​ | ​ | ​ | ​
Outstanding, Vested and Exercisable as of March 31, 2021 | ​ | 93,465 | ​ |  | 2.00 |  | 1.0 | ​ | $ | 95
2013 Equity Incentive Plan |
Company's Stock Option Activity | A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2021 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, 2020 | ​ | 5,753,211 | ​ | $ | 8.93 | ​ | 6.6 | ​ | ​ | ​
Options granted | ​ | 823,400 | ​ | ​ | 3.80 | ​ | ​ | ​ | ​ | ​
Options exercised | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (253,817) | ​ | ​ | 7.33 | ​ | ​ | ​ | ​ | ​
Outstanding as of March 31, 2021 | ​ | 6,322,794 | ​ | ​ | 8.34 | ​ | 6.4 | ​ | $ | 2
Vested or expected to vest as of March 31, 2021 | ​ | 6,322,794 | ​ | ​ | 8.34 | ​ | 6.4 | ​ | ​ | 2
Exercisable as of March 31, 2021 | ​ | 4,038,025 | ​ | ​ | 9.50 | ​ | 5.0 | ​ | ​ | —
Summary of RSU Activity | ​ The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted-Average |
​ | ​ | Number of Shares | ​ | Grant Date |
​ | ​ | Underlying RSUs |  | Fair Value |
Unvested at December 31, 2020 | ​ | 192,533 | ​ | $ | 4.53 | ​
Granted | ​ | 413,113 | ​ |  | 3.82 | ​
Forfeited | ​ | (34,500) | ​ |  | 3.81 | ​
Vested | ​ | — | ​ |  | — | ​
Unvested at March 31, 2021 | ​ | 571,146 | ​ |  | 4.06 | ​
Inducement Plan |
Company's Stock Option Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | WEIGHTED- | ​ | AGGREGATE
​ |  | ​ | ​ | WEIGHTED- | ​ | AVERAGE | ​ | INTRINSIC
​ |  | ​ | ​ | AVERAGE | ​ | REMAINING | ​ | VALUE
​ |  | OUTSTANDING | ​ | EXERCISE | ​ | CONTRACTUAL | ​ | (IN
​ |  | OPTIONS |  | PRICE |  | TERM (YEARS) |  | THOUSANDS)
Outstanding as of December 31, 2020 | ​ | 100,600 | ​ | $ | 3.09 | ​ | 9.5 | ​ | ​ | ​
Options granted | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Options exercised | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Outstanding as of March 31, 2021 | ​ | 100,600 | ​ | ​ | 3.09 | ​ | 9.2 | ​ | $ | 39
Vested or expected to vest as of March 31, 2021 | ​ | 100,600 | ​ | ​ | 3.09 | ​ | 9.2 | ​ | ​ | 39
Exercisable as of March 31, 2021 | ​ | 1,500 | ​ | ​ | 2.06 | ​ | 9.0 | ​ | ​ | 1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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