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Stockholders Equity (Tables)

9 Months Ended

Sep. 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		84.66%	​	84.17%
Risk-free interest rate		1.90%	​	0.75%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

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Three Months Ended September 30,

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Nine Months Ended September 30,

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​

2022

​

2021

2022

​

2021

Research and development expense

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$

242,627

​

$

586,001

​

$

831,502

​

$

1,884,294

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General and administrative expense

​

671,352

​

1,004,858

​

2,126,877

​

2,882,911

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Total stock-based compensation expense

​

$

913,979

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$

1,590,859

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$

2,958,379

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$

4,767,205

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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 nine months ended September 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 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

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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	​	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

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​	​	​	​	​	​	​
​		​	​	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

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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	​	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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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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