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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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