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Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2022

Weighted-Average Fair Value of Options Granted

​

​	​	​	​	​
​		2022	​	2021
Expected term		6.25 years	​	6.25 years
Expected volatility		84.51%	​	83.72%
Risk-free interest rate		1.66%	​	0.63%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022		​	2021
Research and development expense	​	$	318,825	​	$	688,972
General and administrative expense	​		761,817	​		925,213
Total stock-based compensation expense	​	$	1,080,642	​	$	1,614,185

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, 2022 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, 2021	​	93,465	​	$	2.00		0.3	​	​	​
Options exercised	​	—	​		—	​	​	​	​	​
Options forfeited	​	(73,859)	​		1.98	​	​	​	​	​
Outstanding, Vested and Exercisable as of March 31, 2022	​	19,606	​		2.07		0.3	​	$	—

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, 2022 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, 2021	​	5,655,457	​	$	8.30	​	6.0	​	​	​
Options granted	​	1,825,100	​	​	1.11	​	​	​	​	​
Options exercised	​	—	​	​	—	​	​	​	​	​
Options forfeited	​	(125,980)	​	​	11.13	​	​	​	​	​
Outstanding as of March 31, 2022	​	7,354,577	​	​	6.46	​	6.8	​	$	55
Vested or expected to vest as of March 31, 2022	​	7,140,377	​	​	6.62	​	6.8	​	​	48
Exercisable as of March 31, 2022	​	4,367,434	​	​	9.11	​	5.2	​	​	—

Summary of RSU Activity

​

The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2022:

​

​	​	​	​	​	​	​
​		​	​	Weighted-Average
​	​	Number of Shares	​	Grant Date
​	​	Underlying RSUs		Fair Value
Unvested at December 31, 2021	​	345,600	​	$	3.70	​
Granted	​	—	​		—	​
Forfeited	​	—	​		—	​
Vested	​	(78,550)	​		3.81	​
Unvested at March 31, 2022	​	267,050	​		3.66	​

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, 2021	​	1,813,600	​	$	2.08	​	9.6	​	​	​
Options granted	​	335,000	​	​	1.13	​	​	​	​	​
Options exercised	​	—	​	​	—	​	​	​	​	​
Options forfeited	​	—	​	​	—	​	​	​	​	​
Outstanding as of March 31, 2022	​	2,148,600	​	​	1.93	​	9.4	​	$	16
Vested or expected to vest as of March 31, 2022	​	1,564,400	​	​	1.91	​	9.4	​	​	14
Exercisable as of March 31, 2022	​	27,004	​	​	3.59	​	8.3	​	​	—

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