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Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2023

Weighted-Average Fair Value of Options Granted

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​	​	​	​	​
​	​	Nine Months Ended September 30,
​		2023	​	2022
Expected term		6.25 years	​	6.25 years
Expected volatility		78.12%	​	84.66%
Risk-free interest rate		3.57%	​	1.90%
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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​

2023

​

2022

2023

​

2022

Research and development expense

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$

211,047

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$

242,627

​

$

678,400

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$

831,502

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General and administrative expense

​

676,790

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671,352

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1,937,705

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2,126,877

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Total stock-based compensation expense

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$

887,837

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$

913,979

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$

2,616,105

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$

2,958,379

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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, 2022	​	6,774,792	​	$	6.37	​	6.1	​	​	​
Options granted	​	2,451,050	​	​	2.55	​	​	​	​	​
Options exercised	​	(100,060)	​	​	1.15	​	​	​	​	​
Options forfeited	​	(896,882)	​	​	6.16	​	​	​	​	​
Outstanding as of September 30, 2023	​	8,228,900	​	​	5.32	​	6.4	​	$	655
Vested or expected to vest as of September 30, 2023	​	8,087,000	​	​	5.39	​	6.4	​	​	599
Exercisable as of September 30, 2023	​	4,849,652	​	​	7.43	​	4.6	​	​	307

Summary of RSU Activity

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​	​	​	​	​	​	​
​		​	​	Weighted-Average
​	​	Number of Shares	​	Grant Date
​	​	Underlying RSUs		Fair Value
Unvested at December 31, 2022	​	204,785	​	$	3.81	​
Forfeited	​	(19,573)	​		3.81	​
Vested	​	(68,055)	​		3.81	​
Unvested at September 30, 2023	​	117,157	​		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, 2022	​	2,333,525	​	$	1.82	​	8.7	​	​	​
Options granted	​	360,000	​	​	2.76	​	​	​	​	​
Options forfeited	​	(67,708)	​	​	1.38	​	​	​	​	​
Outstanding as of September 30, 2023	​	2,625,817	​	​	1.96	​	8.1	​	$	262
Vested or expected to vest as of September 30, 2023	​	2,041,617	​	​	1.95	​	8.2	​	​	247
Exercisable as of September 30, 2023	​	820,225	​	​	1.89	​	7.6	​	​	80

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