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Stock-based Compensation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Weighted-Average Fair Value of Options Granted | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | 2023
Expected term |  | 6.25 years | ​ | 6.25 years
Expected volatility |  | 90.37% | ​ | 79.56%
Risk-free interest rate |  | 3.89% | ​ | 3.52%
Expected dividend yield |  | 0% | ​ | 0%
Stock-Based Compensation Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2024 | ​ | 2023
Research and development expense | ​ | $ | 348,242 | ​ | $ | 237,931
General and administrative expense | ​ |  | 843,838 | ​ |  | 632,249
Total stock-based compensation expense | ​ | $ | 1,192,080 | ​ | $ | 870,180
​
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, 2024 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | WEIGHTED- | ​ | ​ | ​
​ |  | ​ | ​ | WEIGHTED- | ​ | AVERAGE | ​ | ​ | AGGEGATE
​ |  | ​ | ​ | AVERAGE | ​ | REMAINING | ​ | ​ | INTRINSIC
​ |  | OUTSTANDING | ​ | EXERCISE | ​ | CONTRACTUAL | ​ | ​ | VALUE
​ |  | OPTIONS |  | PRICE |  | TERM (YEARS) |  | ​ | (IN THOUSANDS)
Outstanding as of December 31, 2023 | ​ | 8,273,800 | ​ | $ | 5.29 | ​ | 6.3 | ​ | ​ | ​
Options granted | ​ | 3,094,500 | ​ | ​ | 3.10 | ​ | ​ | ​ | ​ | ​
Options exercised | ​ | (2,800) | ​ | ​ | 1.75 | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (597,642) | ​ | ​ | 8.21 | ​ | ​ | ​ | ​ | ​
Outstanding as of March 31, 2024 | ​ | 10,767,858 | ​ | ​ | 4.50 | ​ | 7.5 | ​ | $ | 4,028
Vested or expected to vest as of March 31, 2024 | ​ | 10,615,958 | ​ | ​ | 4.55 | ​ | 7.6 | ​ | ​ | 3,756
Exercisable as of March 31, 2024 | ​ | 5,118,477 | ​ | ​ | 6.52 | ​ | 5.3 | ​ | ​ | 1,758
Summary of RSU Activity | ​ The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted-Average |
​ | ​ | Number of Shares | ​ | Grant Date |
​ | ​ | Underlying RSUs |  | Fair Value |
Unvested at December 31, 2023 | ​ | 117,157 | ​ | $ | 3.81 | ​
Vested | ​ | (58,581) | ​ |  | 3.81 | ​
Unvested at March 31, 2024 | ​ | 58,576 | ​ |  | 3.81 | ​
Inducement Plan |
Company's Stock Option Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | WEIGHTED- | ​ | ​
​ |  | ​ | ​ | WEIGHTED- | ​ | AVERAGE | ​ | ​ | AGGEGATE
​ |  | ​ | ​ | AVERAGE | ​ | REMAINING | ​ | ​ | INTRINSIC
​ |  | OUTSTANDING | ​ | EXERCISE | ​ | CONTRACTUAL | ​ | ​ | VALUE
​ |  | OPTIONS |  | PRICE |  | TERM (YEARS) |  | ​ | (IN THOUSANDS)
Outstanding as of December 31, 2023 | ​ | 2,590,400 | ​ | $ | 1.97 | ​ | 8.0 | ​ | ​ | ​
Options granted | ​ | 130,000 | ​ | ​ | 3.20 | ​ | ​ | ​ | ​ | ​
Outstanding as of March 31, 2024 | ​ | 2,720,400 | ​ | ​ | 2.03 | ​ | 7.8 | ​ | $ | 2,784
Vested or expected to vest as of March 31, 2024 | ​ | 2,136,200 | ​ | ​ | 2.04 | ​ | 7.9 | ​ | ​ | 2,184
Exercisable as of March 31, 2024 | ​ | 1,060,375 | ​ | ​ | 1.98 | ​ | 7.5 | ​ | ​ | 1,135

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