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Stockholders Equity (Tables)

12 Months Ended

Dec. 31, 2021

Weighted-Average Fair Value of Options Granted

​

​	​	​	​	​	​	​
​		2021	​	2020	​	2019
Expected term		6.25 years	​	6.25 years	​	6.25 years
Expected volatility		84.19%	​	84.40%	​	71.15%
Risk-free interest rate		0.78%	​	1.41%	​	2.54%
Expected dividend yield		0%	​	0%	​	0%

Stock-Based Compensation Expense

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​		​	​		​	​
​			2021			2020			2019
Research and development expense	​	​	$	2,214,848	​	$	2,946,952	​	$	2,402,242
General and administrative expense	​	​		3,872,438	​		3,954,806	​		3,812,848
Total stock-based compensation expense	​	​	$	6,087,286	​	$	6,901,758	​	$	6,215,090

2003 Stock Incentive 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	​	97,250	​	$	1.96		1.3	​	​	​
Options exercised	​	(3,785)	​		1.12	​	​	​	​	​
Options forfeited	​	—	​		—	​	​	​	​	​
Outstanding, Vested and Exercisable as of December 31, 2021	​	93,465	​		2.00		0.3	​	$	—

2013 Equity Incentive 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	​	5,753,211	​	$	8.93	​	6.6	​	​	​
Options granted	​	898,100	​	​	3.70	​	​	​	​	​
Options exercised	​	—	​	​	—	​	​	​	​	​
Options forfeited	​	(995,854)	​	​	7.89	​	​	​	​	​
Outstanding as of December 31, 2021	​	5,655,457	​	​	8.30	​	6.0	​	$	—
Vested or expected to vest as of December 31, 2021	​	5,655,457	​	​	8.30	​	6.0	​	​	—
Exercisable as of December 31, 2021	​	4,118,394	​	​	9.43	​	5.1	​	​	—

Summary of RSU Activity

The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 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	​	(101,754)	​		3.84	​
Vested	​	(189,792)	​		4.53	​
Unvested at December 31, 2021	​	345,600	​		3.70	​

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	​	1,747,600	​	​	2.02	​	​	​	​	​
Options exercised	​	(10,092)	​	​	2.06	​	​	​	​	​
Options forfeited	​	(24,508)	​	​	2.06	​	​	​	​	​
Outstanding as of December 31, 2021	​	1,813,600	​	​	2.08	​	9.6	​	$	—
Vested or expected to vest as of December 31, 2021	​	1,264,400	​	​	2.10	​	9.6	​	​	—
Exercisable as of December 31, 2021	​	22,879	​	​	3.58	​	8.6	​	​	—

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