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Stockholders Equity (Tables) | 6 Months Ended
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Jun. 30, 2021
Weighted-Average Fair Value of Options Granted | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ |  | 2021 | ​ | 2020
Expected term |  | 6.25 years | ​ | 6.25 years
Expected volatility |  | 83.75% | ​ | 84.39%
Risk-free interest rate |  | 0.67% | ​ | 1.45%
Expected dividend yield |  | 0% | ​ | 0%
Stock-Based Compensation Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2021 | ​ | 2020 |  | 2021 | ​ | 2020
Research and development expense | ​ | $ | 609,321 | ​ | $ | 747,006 | ​ | $ | 1,298,294 | ​ | $ | 1,483,037
General and administrative expense | ​ |  | 952,840 | ​ |  | 1,014,667 | ​ |  | 1,878,052 | ​ |  | 2,100,785
Total stock-based compensation expense | ​ | $ | 1,562,161 | ​ | $ | 1,761,673 | ​ | $ | 3,176,346 | ​ | $ | 3,583,822
2003 Stock Incentive Plan |
Company's Stock Option Activity | A summary of the Company’s stock option activity under the 2003 Plan for the six months ended June 30, 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 June 30, 2021 | ​ | 93,465 | ​ |  | 2.00 |  | 0.8 | ​ | $ | 31
2013 Equity Incentive Plan |
Company's Stock Option Activity | A summary of the Company’s stock option activity under the 2013 Plan for the six months ended June 30, 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 | ​ | 898,100 | ​ | ​ | 3.70 | ​ | ​ | ​ | ​ | ​
Options exercised | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (815,132) | ​ | ​ | 8.32 | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2021 | ​ | 5,836,179 | ​ | ​ | 8.22 | ​ | 6.8 | ​ | $ | —
Vested or expected to vest as of June 30, 2021 | ​ | 5,836,179 | ​ | ​ | 8.22 | ​ | 6.8 | ​ | ​ | —
Exercisable as of June 30, 2021 | ​ | 4,128,319 | ​ | ​ | 9.17 | ​ | 5.2 | ​ | ​ | —
Summary of RSU Activity | ​ The following is a summary of RSU activity under the 2013 Plan for the six months ended June 30, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted-Average |
​ | ​ | Number of Shares | ​ | Grant Date |
​ | ​ | Underlying RSUs |  | Fair Value |
Unvested at December 31, 2020 | ​ | 192,533 | ​ | $ | 4.53 | ​
Granted | ​ | 444,613 | ​ |  | 3.72 | ​
Forfeited | ​ | (46,492) | ​ |  | 3.83 | ​
Vested | ​ | — | ​ |  | — | ​
Unvested at June 30, 2021 | ​ | 590,654 | ​ |  | 3.98 | ​
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 | ​ | (24,508) | ​ | ​ | 2.06 | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2021 | ​ | 76,092 | ​ | ​ | 3.42 | ​ | 8.1 | ​ | $ | 4
Vested or expected to vest as of June 30, 2021 | ​ | 76,092 | ​ | ​ | 3.42 | ​ | 8.1 | ​ | ​ | 4
Exercisable as of June 30, 2021 | ​ | 11,967 | ​ | ​ | 2.06 | ​ | 1.6 | ​ | ​ | 3

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