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Stockholders Equity (Tables)

6 Months Ended

Jun. 30, 2022

Weighted-Average Fair Value of Options Granted

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​	​	​	​	​
​		2022	​	2021
Expected term		6.25 years	​	6.25 years
Expected volatility		84.54%	​	83.75%
Risk-free interest rate		1.74%	​	0.67%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

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Three Months Ended June 30,

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Six Months Ended June 30,

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​

2022

​

2021

2022

​

2021

Research and development expense

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$

270,050

​

$

609,321

​

$

588,875

​

$

1,298,294

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General and administrative expense

​

693,708

​

952,840

​

1,455,525

​

1,878,052

​

Total stock-based compensation expense

​

$

963,758

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$

1,562,161

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$

2,044,400

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$

3,176,346

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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, 2022 is as follows:

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​	​	​	​	​	​	​	​	​	​	​
​		​	​	​	​	​	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 June 30, 2022	​	19,606	​		2.07		0.1	​	$	—

2013 Equity Incentive Plan

Company's Stock Option Activity

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	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	​	1,980,800	​	​	1.07	​	​	​	​	​
Options exercised	​	—	​	​	—	​	​	​	​	​
Options forfeited	​	(385,434)	​	​	5.43	​	​	​	​	​
Outstanding as of June 30, 2022	​	7,250,823	​	​	6.47	​	6.4	​	$	—
Vested or expected to vest as of June 30, 2022	​	7,048,223	​	​	6.63	​	6.3	​	​	—
Exercisable as of June 30, 2022	​	4,585,123	​	​	8.93	​	4.8	​	​	—

Summary of RSU Activity

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The following is a summary of RSU activity under the 2013 Plan for the six months ended June 30, 2022:

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​	​	​	​	​	​	​
​		​	​	Weighted-Average
​	​	Number of Shares	​	Grant Date
​	​	Underlying RSUs		Fair Value
Unvested at December 31, 2021	​	345,600	​	$	3.70	​
Granted	​	—	​		—	​
Forfeited	​	(19,572)	​		3.81	​
Vested	​	(110,050)	​		3.45	​
Unvested at June 30, 2022	​	215,978	​		3.81	​

Inducement Plan

Company's Stock Option Activity

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	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	​	(7,116)	​	​	3.69	​	​	​	​	​
Outstanding as of June 30, 2022	​	2,141,484	​	​	1.92	​	9.2	​	$	—
Vested or expected to vest as of June 30, 2022	​	1,557,284	​	​	1.91	​	9.2	​	​	—
Exercisable as of June 30, 2022	​	29,501	​	​	3.59	​	6.7	​	​	—

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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