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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2021

Weighted-Average Fair Value of Options Granted

​

​	​	​	​	​
​	​	Nine Months Ended September 30,
​		2021	​	2020
Expected term		6.25 years	​	6.25 years
Expected volatility		84.17%	​	84.40%
Risk-free interest rate		0.75%	​	1.41%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
​		2021		​	2020			2021		​	2020
Research and development expense	​	$	586,001	​	$	763,081	​	$	1,884,295	​	$	2,246,118
General and administrative expense	​		1,004,859	​		927,270	​		2,882,911	​		3,028,055
Total stock-based compensation expense	​	$	1,590,860	​	$	1,690,351	​	$	4,767,206	​	$	5,274,173

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, 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 September 30, 2021	​	93,465	​		2.00		0.5	​	$	19

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, 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	​	(829,149)	​	​	8.32	​	​	​	​	​
Outstanding as of September 30, 2021	​	5,822,162	​	​	8.22	​	6.4	​	$	—
Vested or expected to vest as of September 30, 2021	​	5,822,162	​	​	8.22	​	6.4	​	​	—
Exercisable as of September 30, 2021	​	3,954,324	​	​	9.40	​	5.5	​	​	—

Summary of RSU Activity

​

The following is a summary of RSU activity under the 2013 Plan for the nine months ended September 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	​	(49,754)	​		3.85	​
Vested	​	(189,792)	​		4.53	​
Unvested at September 30, 2021	​	397,600	​		3.71	​

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	​	1,647,600	​	​	2.03	​	​	​	​	​
Options exercised	​	(10,092)	​	​	2.06	​	​	​	​	​
Options forfeited	​	(24,508)	​	​	2.06	​	​	​	​	​
Outstanding as of September 30, 2021	​	1,713,600	​	​	2.09	​	9.8	​	$	264
Vested or expected to vest as of September 30, 2021	​	1,164,400	​	​	2.12	​	9.8	​	​	177
Exercisable as of September 30, 2021	​	18,754	​	​	3.57	​	8.8	​	​	—

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