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Stockholders Equity (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Weighted-Average Fair Value of Options Granted | ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 | ​ | 2021
Expected term |  | 6.25 years | ​ | 6.25 years
Expected volatility |  | 84.66% | ​ | 84.17%
Risk-free interest rate |  | 1.90% | ​ | 0.75%
Expected dividend yield |  | 0% | ​ | 0%
Stock-Based Compensation Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
​ |  | 2022 | ​ | 2021 |  | 2022 | ​ | 2021 |
Research and development expense | ​ | $ | 242,627 | ​ | $ | 586,001 | ​ | $ | 831,502 | ​ | $ | 1,884,294 | ​
General and administrative expense | ​ |  | 671,352 | ​ |  | 1,004,858 | ​ |  | 2,126,877 | ​ |  | 2,882,911 | ​
Total stock-based compensation expense | ​ | $ | 913,979 | ​ | $ | 1,590,859 | ​ | $ | 2,958,379 | ​ | $ | 4,767,205 | ​
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, 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 forfeited | ​ | (92,465) | ​ |  | 1.98 | ​ | ​ | ​ | ​ | ​
Outstanding, Vested and Exercisable as of September 30, 2022 | ​ | 1,000 | ​ |  | 3.73 |  | 0.1 | ​ | $ | —
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, 2021 | ​ | 5,655,457 | ​ | $ | 8.30 | ​ | 6.0 | ​ | ​ | ​
Options granted | ​ | 2,020,800 | ​ | ​ | 1.06 | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (747,359) | ​ | ​ | 6.07 | ​ | ​ | ​ | ​ | ​
Outstanding as of September 30, 2022 | ​ | 6,928,898 | ​ | ​ | 6.42 | ​ | 6.2 | ​ | $ | —
Vested or expected to vest as of September 30, 2022 | ​ | 6,739,298 | ​ | ​ | 6.57 | ​ | 6.1 | ​ | ​ | —
Exercisable as of September 30, 2022 | ​ | 4,509,213 | ​ | ​ | 8.81 | ​ | 4.7 | ​ | ​ | —
Summary of RSU Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted-Average |
​ | ​ | Number of Shares | ​ | Grant Date |
​ | ​ | Underlying RSUs |  | Fair Value |
Unvested at December 31, 2021 | ​ | 345,600 | ​ | $ | 3.70 | ​
Forfeited | ​ | (30,147) | ​ |  | 3.81 | ​
Vested | ​ | (110,050) | ​ |  | 3.45 | ​
Unvested at September 30, 2022 | ​ | 205,403 | ​ |  | 3.81 | ​
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 | ​ | 535,000 | ​ | ​ | 0.98 | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (12,200) | ​ | ​ | 3.69 | ​ | ​ | ​ | ​ | ​
Outstanding as of September 30, 2022 | ​ | 2,336,400 | ​ | ​ | 1.82 | ​ | 9.0 | ​ | $ | —
Vested or expected to vest as of September 30, 2022 | ​ | 1,752,200 | ​ | ​ | 1.77 | ​ | 9.0 | ​ | ​ | —
Exercisable as of September 30, 2022 | ​ | 326,383 | ​ | ​ | 2.17 | ​ | 8.8 | ​ | ​ | —

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